Press release
Testing, Inspection and Certification Market (TIC) is Expected to Reach $349.27 Billion by 2030 to reach CAGR of 5.3%
The global testing, inspection and certification market size was valued at $213.60 billion in 2020, and is projected to reach $349.27 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030
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Testing, inspection, certification (TIC) are the services ranging from auditing and inspection, to testing, verification, quality assurance and certification of the product, equipment and more. These help in increasing efficiency of production to reduce error by minimizing risk. TIC services are applicable in oil & gas, food industry, pharmaceuticals, chemical industry, and other sectors.
Increasing focus of manufacturing companies to improve customer retention by offering quality products and surging demand for interoperability testing for connected devices and IoT drive the growth of the testing, inspection and certification market. However, high cost of TIC services due to diverse standards and regulations across different geographies is expected to pose major threats for the TIC market.
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Competitive Analysis:
The competitive environment of the testing, inspection and certification industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, testing, inspection and certification market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Some of the major key players of the testing, inspection and certification industry include:
• Bureau Veritas S.A
• TuV Sud AGSGS S.A.
• Intertek Group Plc.
• TuV Rheinland AG Group
• Mistras Group
• Dekra SE
• Eurofins Scientific SE
• Lloyd's Register Group Limited
Top Impacting Factors:
Notable factors positively affecting the testing, inspection, certification market include the Increasing focus of manufacturing companies to improve customer retention by offering quality products and surging demand for interoperability testing for connected devices and IoT. However, High cost of TIC services due to diverse standards and regulations across different geographies hamper the growth of the market. Furthermore, digital transformation of customer services and rapid adoption of breakthrough technologies is expected to offer lucrative opportunities for the market growth in the coming years.
The research report presents a complete judgment of the testing, inspection and certification market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. Also, these research report provides accurate economic, global, and country-level predictions and analysis, size and share analysis, market dynamics, segmental analysis, top investment pockets, competition landscape, market drivers, restraints, and opportunities
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Key Benefits for Stakeholders:
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the testing, inspection and certification market analysis from 2022 to 2032 to identify the prevailing testing, inspection and certification market opportunities.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and
strengthen their supplier-buyer network.
• In-depth analysis of the testing, inspection and certification market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global testing, inspection and certification market trends, key players, market segments, application areas, and market growth strategies.
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