DUBLIN--(BUSINESS WIRE)--The "Testing, Inspection and Certification Market by Service Type, Sourcing Type, Application, Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
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, registering a CAGR of 5.3% from 2021 to 2030.
Testing, inspection, certification (TIC) are the services ranging from audit and inspection, to testing, verification, quality assurance and certification of the product, equipment, and others. Some of the key TIC services include quality and safety controls through conformity assessments. These help in increasing the efficiency of product and services, and minimize the risk. TIC services are applicable in oil & gas, agro industry, food industry, pharmaceuticals, 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 TIC 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. Furthermore, digital transformation of customer services and rapid adoption of breakthrough technologies are expected to offer lucrative opportunities for the growth of the global TIC market.
The TIC market is segmented on the basis of service type, sourcing type, application, and industry vertical. By service type, the market is divided into testing, inspection, and certification. By sourcing type, the market is bifurcated into in-house, and outsource. By application, the market is divided into quality and safety, production evaluation, industrial inspection, system certification, and others.
Region wise, the testing, inspection and certification market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America dominated the testing, inspection and certification market in 2020, and is projected to register significant growth rate during the forecast period, owing to growth of the food industry sector. However, Asia-Pacific is expected to witnesses significant growth by the end of the forecast period, followed by LAMEA.
Leading testing, inspection and certification market manufacturers such as ALS Global, Intertek, and SGS Group are focusing on their investments on technologically advanced, cost-effective, and more secure products and solutions for various applications.
Key Benefits
- This study comprises analytical depiction of the global testing, inspection and certification market size along with current trends and future estimations to depict imminent investment pockets.
- The overall testing, inspection and certification market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current testing, inspection and certification market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter's five forces analysis illustrates the potency of the buyers and the testing, inspection and certification market share of key vendors.
- The report includes the market trends and the market share of key vendors
Market Dynamics
Drivers
- Increase in focus of manufacturing companies to improve customer retention by offering quality products
- Surge in demand for interoperability testing for connected devices and IoT
Restraint
- High cost of TIC services due to diverse standards and regulations across different geographies
Opportunity
- Digital transformation of customer services
Key Market Segments
By Service Type
- Testing
- Inspection
- Certification
By Sourcing Type
- In House
- Outsource
By Application
- Quality and Safety
- Production Evaluation
- Industrial Inspection
- System Certification
- Other
By Industry Vertical
- Agro Industry
- Food Industry
- Pharmaceuticals
- Chemical Industry
- Oil and Gas
- Other
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- ABS
- ALS Global
- ASTM
- BSI Group
- Bureau Veritas
- DEKRA
- DNV
- Intertek
- ISO
- Lloyds Register
- SAI Global
- SGS Group
- TUV
For more information about this report visit https://www.researchandmarkets.com/r/1p0bc9
