Report Scope & Overview:
The Testing, Inspection, and Certification (TIC) Market size was valued at USD 351.28 billion in 2022 and is projected to reach USD 477.07 billion by 2030, with a growing CAGR of 3.9% Over the Forecast Period 2023-2030.
Testing, Inspection, and Certification (TIC) is a simple procedure adopted by the end-user sector to ensure security and safety. Safety, as well as consumer quality and products, are offered in the TIC market. The TIC market plays an important role in helping to grow the product by meeting the product quality with international standards and guidelines. In recent years health control, quality, and safety standards have almost become a major issue to consider. These factors have an impact on the national import and export business. Developing countries and regional sales must go through rigorous testing and quality inspection procedures otherwise the product is automatically rejected.
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Rising demand for interoperability testing.
High costs associated with Testing, Inspection and Certification.
During a pandemic, there is a greater emphasis on food safety testing.
Small and medium-sized testing, inspection, and certification firms embrace sophisticated technologies at a slower pace.
IMPACT OF COVID-19:
COVID-19 has had a severe impact on the global economy as well as all industries. To stop the plague from spreading, governments in several countries have established borders. The initial phase of the epidemic's global shutdown in many countries has had a significant influence on people's lives and quality of life. As a result, the global supply chain has been shattered. The global economy has shrunk as commodity demand has decreased considerably. Due to the outbreak, which has caused a lack of immature materials, production in all industries has been slowed. Productivity declines are caused by variables such as depreciation and supply chain disruption.
The COVID-19 epidemic has severely disrupted the TIC market. COVID-19 has reduced manufacturing and production in a few regions due to the implementation of land closures by many national governments. However, the health care sector has identified significant processes for TIC due to the growing need for access to health care services and related products, including medical supplies. Consumer goods sector has embraced TIC processes during the epidemic due to the growing need for people to find safe and affordable food products.
Based on Application, the increase in infrastructure activities in countries such as China, India, and several European countries facilitates higher levels of access to TIC services and products in their regions, providing impetus to market growth. In addition, consumer goods and services, agriculture and food, chemicals, energy and power, education, government, manufacturing, health care, mining, oil and gas, petrol, public sector, automotive, aerospace and defense, supply chain, and logistics, etc.
The consumer and retail sector has received a significant budget due to the increase in exploration activities performed by companies in the sector. Good consumer companies must adhere to quality rules and regulations in order to provide their customers with quality products. This eliminates the need to use highly efficient and comprehensive testing systems, thus providing opportunities for market growth. In addition, companies from the retail sector should also ensure that customers have access to high quality products and customer information, which develops and integrates TIC services and technologies, thus allowing for market growth.
Based on Type, the domestic model accounted for more than 50% of revenue. Using internal testing methods and testing methods enables companies to perform real TIC tasks as there is local availability and talent for hiring talent and establishing custom practices. according to the need and wishes of the company. In addition, the deployment of internal TIC teams provides better control and a deeper understanding of business processes, which may benefit the organization's vision.
The external sector is expected to provide significant opportunities for market growth. The segment is expected to register the highest CAGR at the time of forecasting. The job creation component promises companies that they will practice cost-effectiveness and focus on short-term commitments. It also helps companies implement TIC processes using different communication models such as hourly model, time model and building materials, and a dedicated team model, thereby improving system efficiency. In addition, the growth of global trade and the growth of urban areas has led to the complex provision of TIC services, which in turn has led to the commercialization of laboratories, increased efficiency and ultimately increased demand for outsourced TIC services.
KEY MARKET SEGMENTATION
BY SERVICE TYPE
Construction & Infrastructure
Medical & Life Science
Sports & Entertainment
Supply Chain & Logistics
Consumer Goods & Retail
Industrial & Manufacturing
IT & Telecommunication
Oil & Gas and Petroleum
Agriculture & Food
Energy & Power
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Based on region TIC market is divided into North America, Europe, Asia Pacific, and the rest of the world. The reason is that North America will dominate the global market for testing, inspection and certification. North America includes the largest market share due to factors such as the presence of the e-commerce sector, the increase in global trade, software growth, security and the aviation industry. The European region is expected to show the second largest market growth. Following the North American region, the influential factors in the testing, inspection, and certification market are the ever-evolving category of high technology, comprehensive vehicle testing, and testing services, automotive product availability, and growing automotive industry. The reason the Pacific is promising is therefore showing some growth soon. This is due to the high demand for services, strict government regulations to ensure better health and security, the emergence of countries like China in India, and the categories of end users including fuel.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The key players in the Testing, Inspection and Certification Market are SGS Group, Bureau Veritas, Eurofins Scientific, Apave International, IRClass, TIC Sera, Element Materials Technology, UL LLC, QR Testing, Hohenstein, Dekra Certification, ALS Limited, Intertek Group plc, SAI Global Limited, MISTRAS Group, Inc and Other.
Bureau Veritas-Company Financial Analysis
|Market Size in 2022
|US$ 351.28 Billion
|Market Size by 2030
|US$ 477.07 Billion
|CAGR of 3.9% From 2023 to 2030
|Report Scope & Coverage
|Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
|• By Service Type (Testing, Inspection, Certification)
• By Sourcing (In-House Sourcing, Outsourced)
• By Application (Construction & Infrastructure, Medical & Life Science, Sports & Entertainment, Supply Chain & Logistics, Consumer Goods & Retail, Industrial & Manufacturing, IT & Telecommunication, Oil & Gas And Petroleum, Agriculture & Food, Energy & Power, Public Sector, Automotive, Aerospace, Marine, Chemical, Mining, Rail)
|North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|SGS Group, Bureau Veritas, Eurofins Scientific, Apave International, IRClass, TIC Sera, Element Materials Technology, UL LLC, QR Testing, Hohenstein, Dekra Certification, ALS Limited, Intertek Group plc, SAI Global Limited, MISTRAS Group, Inc and Other.
|• Rising demand for interoperability testing.
|• High costs associated with Testing, Inspection and Certification.
The Testing, Inspection, and Certification Market size was valued at 441 billion in 2021 at a CAGR of 3.9%.
The North American region is expected to dominate the Testing, Inspection, and Certification Market.
Small and medium-sized testing, inspection, and certification firms embrace sophisticated technologies at a slower pace are limiting the Testing, Inspection, and Certification Market's expansion.
Yes, and they are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, End-use industries.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
184.108.40.206 United Kingdom
220.127.116.11 South Korea
18.104.22.168 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Testing, Inspection, and Certification Market Segmentation, by Service Type
9. Global Testing, Inspection, and Certification Market Segmentation, by Sourcing Type
9.2 In-House Sourcing
10. Global Testing, Inspection, and Certification Market Segmentation, By Application
10.2 Construction & Infrastructure
10.3 Medical & Life Science
10.4 Sports & Entertainment
10.5 Supply Chain & Logistics
10.6 Consumer Goods & Retail
10.7 Industrial & Manufacturing
10.8 IT & Telecommunication
10.9 Oil & Gas and Petroleum
10.10 Agriculture & Food
10.11 Energy & Power
10.12 Public Sector
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 SAI Global Limited
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 SGS Group
12.3 Bureau Veritas
12.4 Eurofins Scientific
12.5 Apave International
12.7 TIC Sera
12.8 Element Materials Technology
12.9 UL LLC
12.10 QR Testing
12.12 Dekra Certification
12.13 ALS Limited
12.14 Intertek Group plc
12.15 MISTRAS Group, Inc
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
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