The global testing, inspection, and certification market is fragmented and intensely competitive. New entrants in home markets and lost opportunities from government institution and in-house testing have been compounding incumbents’ challenges.
Market participants have been embracing digital transformation with solutions that can provide real-time safety monitoring, advisories, and remote validation. They also are exploring new revenue streams and business models related to the Internet of Things, 5G, autonomous vehicles, 3-D printing, cybersecurity, and life cycle monitoring and predictive maintenance.
The market had been on a growth trajectory, but the COVID-19 pandemic changed everything when much of the world went into lockdown during Q1 2020. Revenue declines deepened in Q2.
Market participants tried to minimize their losses with innovative knowledge-as-a-service offerings, and remote inspection and certification. Companies initiated sample collection at customer sites to preserve product development timelines, and quickly adapted to the spike in demand for healthcare equipment by offering guidance on regulatory compliance procedures and prioritizing medical device testing, validation, and certifications. Such goodwill initiatives can ensure long-term business relationships.
The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. We analyze hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.