Testing, Inspection and Certification (TIC) Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global testing, inspection, and certification (TIC) market is projected to grow from USD 223.9 billion in 2023 to USD 265.0 billion by 2028, registering a CAGR of 3.4% during the forecast period. Increasing safety norms for oil & gas exploration, and petroleum products, the presence of regulatory standards for safety & quality assurance of electronic components, and Rising investments in electric vehicles and automotive technology are key factors driving the market growth. The rising focus on digitalization is likely to improve further customer experience, which will fuel the growth of the TIC market in the near future.

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The testing services segment is expected to witness the largest market size during the forecast period owing to the increasing need for testing services across various verticals. Various goods are manufactured daily, generating demand for testing services before being shipped/exported for use. Moreover, stringent guidelines on medical devices and components in the pandemic have driven the demand for rising testing services from the healthcare sector for medical & life sciences applications.

The consumer goods and retail application segment is expected to account for the largest share of the testing, inspection, and certification market during the forecast period. The large share of this segment is attributed to the mandatory certification required for manufacturers to get goods certified before commercialization. Moreover, the growing awareness of the benefits of certified goods, such as significant savings on product recalls and maintaining a stable market reputation, has propelled manufacturers to certify products. Third-party quality assessment agencies/laboratories are gaining traction worldwide as it provides the necessary expertise to ensure the quality & safety of products.

Operations conducted by companies offering in-house and outsourced testing, inspection, and certification (TIC) services may vary across applications. Because of the criticality of applications, in-house sourcing is expected to have a larger market share. Industries such as the public sector and mining prefer in-house services rather than outsourced ones.

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During the forecast period, the testing, inspection, and certification market in the Asia Pacific region is expected to grow at the highest CAGR. The expanding consumer electronics market in China, South Korea, and India is acknowledged as the main factor behind the Asia Pacific region's rapid growth. The Asia Pacific market is the largest producer of smartphones, laptops, TVs, and other consumer electronic products, with a large consumer market worldwide. Moreover, the region has emerged as a major manufacturing hub for medical devices and healthcare equipment, likely to supplement market growth in the region for the coming years.

News also Covered: https://www.prnewswire.com/news-releases/testing-inspection-and-certification-tic-market-worth-265-0-billion-by-2028---exclusive-report-by-marketsandmarkets-301784520.html

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This release was published on openPR.