The global testing, inspection, and certification market is expected to grow at a CAGR of around 4.0% from 2021 to 2028 and expected to reach the market value of around US$ 250.5 Bn by 2028.
|Market||Testing, Inspection, and Certification Market|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Service Type, By Sourcing Type, By Application and By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||SGS SA, Bureau Veritas, DEKRA, Eurofins, Intertek Group PLC., TÜV SÜD, Actis, ALS Global, TÜV Nord Group, and among others|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Testing, Inspection, and Certification (TIC) services a wide range of industry sectors as well as a wide range of standards and legislation. Agriculture, automotive, raw materials, IT and electronics, environmental protection, food testing, and the oil and gas industries are among them. Quality and safety controls are achieved through conformity assessments, which is one of the most important types of testing and certification. Furthermore, third-party TIC is a low-cost assessment method that results in a higher level of compliance. It improves consumer protection by introducing safer products. Furthermore, it assists government agencies in improving their efficiency and leveraging scarce market surveillance resources. Assist manufacturers in lowering their in-house compliance costs and better navigating global market requirements.
Testing, Inspection, and Certification (TIC): A digital boon
The testing, inspection, and certification (TIC) industry is undergoing a wide range of changes as a result of digitalization. The evolution of digital technologies has only recently begun, but it is clear that it will have a long-term impact on the TIC industry. Only companies that make a concerted effort to digitize strategically will be able to succeed. As emerging digital technologies play a larger role in providing TIC services in the coming years, the role of TIC businesses is about to change. It is predicted that digital technologies will affect approximately 40 to 60% of the current TIC market over the next decade. The majority of TIC activities will be performed digitally, and new TIC products will be introduced.
TIC has a positive influence for the growth of circular economy
According to the TIC Council's report, TIC service providers contribute significantly to the growth of the circular economy by providing certification of environmentally safe building materials and products. Because of its extensive expertise in materials and the existing standards against which products can be tested for environmental impact, the TIC industry is well positioned to aid in the diffusion of circular economy. Furthermore, the existing network of large TIC players' specialist laboratories provides assessment capabilities to the supply chain, as well as assistance to manufacturers in meeting applicable regulations. TIC also assesses a product's environmental performance by performing a life cycle assessment against existing ISO standards and provides manufacturers with an Environmental Product Declaration (EPD). EPDs describe a product's environmental footprint throughout its lifecycle and thus commit the product to the circular economy model.
TIC has a positive influence on the developing countries in terms of trade ultimately contributing for the growth of market
When compared to developed countries, developing countries benefit significantly more from the third-party TIC sector. In some cases, TIC companies in developing countries comply with the design and simplification of national standards. In addition, developing countries have benefited from the expertise, resources, and cost-effectiveness of third-party TIC firms in a variety of areas. Apart from that, trade is a critical area in which the independent TIC sector plays a critical role. Many developing countries have experienced phenomenal growth as a result of exporting goods to wealthier countries. TIC firms can provide expertise by lowering the barriers that exporters face in foreign markets.
New players provide cut throat competition to the traditional players of the TIC industry
Traditional TIC players are facing increasing competition from startups that are primarily focused on digitization. Traditional success factors such as accreditation, track record, and reputation will no longer exist in the TIC industry in the coming years. Digital capabilities that are cutting-edge will be essential. AsiaInspection, for example, is quality control and compliance firm that provides product inspection, supplier audit program, and laboratory testing. AsiaInspection's customer interface has been digitized. This is done in such a way that the inspection is completed within 48 hours of scheduling an appointment and a detailed report is available online the same day. On the other hand, some of the largest traditional TIC firms have begun to adopt digital technologies. The top ten pioneers, each with more than US$1 Bn in annual revenue, control 30% of the global market. SGS, Bureau Veritas, and Intertek are three prominent examples of traditional TIC firms.
The global testing, inspection, and certification market is segmented as service type, sourcing type, and application. Service type market is segmented as testing, inspection, and certification. By sourcing type, the market is bifurcated into in-house and outsourced. Application is segmented as consumer goods & retail, chemicals, infrastructure, agriculture & food, energy & power, education, manufacturing, government, healthcare, mining, public sector, oil & gas and petroleum, automotive, aerospace & defense, supply chain & logistics, and others.
Based on service type, the testing segment has previously captured the largest market share and is expected to maintain its dominance throughout the forecast period. As testing is a rigorous process that ensures proper product positioning in accordance with applicable requirements and consumer expectations. This is one of the prominent factors that foster segmental growth ultimately contributing for the growth of global market.
Based on sourcing, the in-house type is expected to account for the largest share of the global TIC market. The in-house type of sourcing is intended for businesses that conduct inspections for their own operations (daily, monthly, and quarterly in-house physical and operational inspections). This provides a more in-depth understanding of businesses, which is beneficial from an organizational standpoint.
According to application, the infrastructure segment has dominated the global TIC market in the past and will continue to do so during the forecast period. Infrastructure development aims to provide a single point of contact for action and collaboration in order to support the expansion of national quality infrastructure in any region. The Quality Infrastructure Council of the Americas (QICA), for example, was formed to strengthen the mutually beneficial activities of standards development, accreditation, and scientific, industrial, and legal metrology as key elements in facilitating trade. Such factors contribute to segmental growth, which is responsible for the overall growth of the TIC market.
Europe holds the dominating share for the TIC market, Asia Pacific to records fastest growing CAGR
Europe will hold the dominating share of the TIC market beginning in 2020 and will continue to do so throughout the forecast period. This is because more conformity assessment services are being outsourced to independent accredited third-party conformity assessment bodies. This is one of the primary reasons for the expansion of the European market.
Asia Pacific, on the other hand, will have the fastest growing CAGR in the TIC market. Rising demand for safe and dependable products, as well as a preference for the utility of independent TIC services, drives the growth of TIC in the Asia Pacific regional market.
The prominent players of the global TIC market involve SGS SA, Bureau Veritas, DEKRA, Eurofins, Intertek Group PLC., TÜV SÜD, Actis, ALS Global, TÜV Nord Group, and among others
Market By Service Type
Market By Sourcing Type
Market By Application
Consumer Goods & Retail
Agriculture & Food
Energy & Power
Oil & Gas and Petroleum
Aerospace & Defense
Supply Chain & Logistics
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Testing, inspection, and certification market is expected to reach a market value of around US$ 250.5 Bn by 2028.
The testing, inspection, and certification market is expected to grow at a CAGR of around 4.0% from 2021 to 2028.
Based on service type, testing system is the leading segment in the overall market.
Rising adoption of digitization is one of the prominent factors that drive the demand for testing, inspection, and certification market.
SGS SA, Bureau Veritas, Intertek Group PLC., DEKRA, Eurofins, TÜV SÜD, TÜV Nord Group, Actis, ALS Global, and among others.
Europe is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years