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Testing, Inspection, and Certification (TIC) Market to Progress at a Striking 3.8% CAGR through 2031

07-10-2024 03:48 PM CET | Associations & Organizations

Press release from: ABNewswire

Skyquest Technology

Skyquest Technology

Testing, Inspection, And Certification (TIC) Market Size, Share, Growth Analysis, By Service Type(Testing Services, Inspection Services, Certification Services, Other Services), Sourcing Type(In-House, Outsourced), Application, and Region - Industry Forecast 2024-2031
Testing, Inspection, and Certification (TIC) Market [] size was valued at USD 220.1 billion in 2022 and is poised to grow from USD 228.37 billion in 2023 to USD 285.64 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031).

Testing, Inspection, and Certification (TIC) market caters to a wide range of industries with different legislation and standards, servicing practically all the economic processes from environmental, consumer, automotive, maritime, industrial, oil & gas, education, petrochemical, and more. Hence, growing adoption of TIC practices from these industries is considerably impacting the market growth.

The TIC companies provide conformity assessment services to a broad range of industries and industry sectors like artificial intelligence and climate change. Conformity assessment could include numerous activities as well like testing and inspection, complete validation and verification, certification, post and pre-market surveillance, or a few combinations like these. The application of this assessment to services, products, and systems improves confidence and trust that desired or needed properties are continuously seen in the domains of safety and welfare, public health, food safety and agriculture, environmental protection, data privacy, consumer protection, and cyber security can allow market to access small- and large-scale businesses. The diverse range of activities offered by the TIC sector can create multiple benefits for the stakeholders and these benefits are naturally tied to the reputation of the sector for consistency, competence, and impartiality.

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Increasing Global Demand and Major Share by Life Sciences to Significantly Impact Market

The increasing global demand for managing materials, systems, products, and processes, ever-growing trade flows, integration of supply chains, and expanded corporate outsourcing of R&D activities along with quality assurance work to 3rd parties have backed long-term development of the market. Despite the constant association activity of bigger players of TIC, the market is still notably fragmented in the long tail. For instance, in Germany, the industry includes abundant accredited labs, of which the majority belong to firms having a workforce less than 100. A major share of assessment labs is performed in-house, by governmental corporations or institutions, backing a prominent share of confined activities in the Testing, Inspection, And Certification market. Experts in environment, life sciences, food and agriculture, and water make up a large portion of the labs. Mainly in life sciences, wherein economies of scale are relatively well, the sector can be captured by big players.

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* October 2023: Intertek, a leader in Total Quality Assurance provider to global industries started the New Mobile Healthcare Project by CEO of Intertek, Andre Lacroix, Tamil Nadu. The company also has a skill development program ongoing in textile technology.
* January 2022: SGS announces association with Microsoft, a technology and multinational corporation company. The association will incorporate cross-industry expertise of Microsoft, improved data services, productivity platforms, and SGS's global leading and network industry proficiency to improve innovative Testing, Inspection and Certification (TIC) solutions for the customers.
* April 2024: An applied safety science firm, UL Solutions planned to spend approximate USD 812 million in Initial Public Offering, with Securities and Exchange Commission filing, giving the likely investors a glance in the company's crucial business metrics.
* December 2023: Bureau Veritas announced the acquiring of Impactiva Group S.A., a forerunner in quality assurance for the apparel and footwear industry. The company offers direction and management to numerous tanneries and factories in Europe, Asia, and Africa, guaranteeing the highest quality levels in production.

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In conclusion, testing, inspection, and certification market players can be independent and autonomous 3rd-party providers, as well as manufacturers' in-house certification and testing sections, or governing bodies. The aim is to build trust among businesses, consumers, and regulatory bodies, hence facilitating industry access and backing trade globally. Overall, TIC plays a key role in assuring the quality, efficiency, and safety of products, aiding companies, consumers, and society broadly.

Related Reports:

Cyber Security Market []

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Company Name: Skyquest Technology
Contact Person: Mr. Jagraj Singh
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Address:1 Apache Way, Westford,
Country: United States

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