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Unleashed Testing, Inspection, And Certification Market - Exploring Market Dimensions, Responding to Regulatory Trends, Meeting Growing Demand, and Formulating Quality Assurance Strategies
Testing, Inspection, And Certification Global Market Report 2024
The Business Research Company offers in-depth market insights through Testing Inspection And Certification Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The testing, inspection, and certification market size has grown steadily in recent years. It will grow from $225.7 billion in 2023 to $233.13 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to insurance and financial requirements, social responsibility and ethical practices, energy efficiency certification, third-party verification, increased complexity of products..
The testing, inspection, and certification market size is expected to see steady growth in the next few years. It will grow to $275.79 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to increasing demand for certification in electric and autonomous vehicles, global efforts in climate change mitigation, increasing demand for certification in healthcare, increasing focus on cybersecurity testing, growth in e-commerce and supply chain certification.. Major trends in the forecast period include digital transformation in tic, blockchain technology for certification, sustainability and green certification, remote and virtual inspection services, focus on health and safety certification..
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Market Segmentation:
The testing, inspection, and certification market covered in this report is segmented -
1) By Service Type: Testing Service, Inspection Service, Certification Service
2) By Sourcing Type: In-House, Outsourced
3) By Application: Quality And Safety, Production Evaluation, Industrial Inspection, System Certification
4) By End-User: Consumer Goods And Retail, Food And Agriculture, Oil And Gas, Construction And Engineering, Energy And Chemicals, Manufacturing, Transportation, Industrial And Automotive, Other End-Users
Major Driver - Strict Regulatory Standards Drives The Testing, Inspection, And Certification Market
The strict regulatory standards imposed by governments to ensure product safety and environmental protection are expected to propel the growth of the testing, inspection, and certification market. The increased risk to human life and the influence on the environment are the main worries, prompting customers to seek dependable and high-quality products. Safety testing, inspection, and certification services are being implemented by many organizations worldwide to resolve product safety and quality problems by following legislative rules. In April, 2023, according to the European Parliament and the Council passed Regulation (EU) 2023/851, which amends the previously established Regulation (EU) 2019/631. This amendment means that the CO2 emission standards for new passenger cars and light commercial vehicles have been made even more stringent. This change aligns with the European Union's heightened climate goals and impacts the emission standards that new vehicles, like the one you may be driving, must meet. Therefore, the strict regulatory standards imposed by governments will drive the testing, inspection, and certification market growth.
Competitive Landscape:
Major companies operating in the testing, inspection, and certification market report are Bureau Veritas SA, Element Materials Technology, AIM Control Inspection Group, ALS Limited, AMARC Public Co. Ltd, Applus Services SA, AsureQuality Limited, BSI Group, Dekra Certification GmbH, DNV GL Business Assurance USA Inc., Eurofins Scientific SE, FARE Labs Pvt. Ltd, Intertek Group plc, Kiwa NV, Metech, MISTRAS Group Inc., SAI Global Limited, SGS Group, TUV SUD Ltd, UL Group, Cotecna Inspection SA, China Certification, Lloyd's Register Group Limited, Société Générale de Surveillance, Nippon Kaiji Kyokai, Japan Quality Assurance & Inspection Institute, Exova Group PLC, Korea Testing & Certification Agency, Underwriters Laboratories, Apave International
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Top Trend - Advent Of New Technologies Transform The Market
The advent of new technologies in testing, inspection, and certification products and services is a key trend booming the testing, inspection, and certification market. Artificial intelligence is changing corporate operations in practically every sector, including testing, inspection, and certification. Automated inspection is used to satisfy the demands of physically challenging inspection zones. In June 2023, DEKRA, a Germany based leading inspection, verification, testing, and certification company, has launched the first generation of AI Testing and Certification services include AI Advisory and Training, AI Audit, and AI Testing. These services are designed to help companies ensure the safety, security, and trustworthiness of their AI-powered products and services.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Testing Inspection And Certification Market Characteristics
3. Testing Inspection And Certification Market Trends And Strategies
4. Testing Inspection And Certification Market - Macro Economic Scenario
5. Testing Inspection And Certification Market Size And Growth
…..
27. Testing Inspection And Certification Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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