Testing, Inspection, and Certification Market by Service, End User (Retail, Agriculture, Oil & Gas, Construction, Chemicals, Machinery, Transportation, Automotive, Government, Marine, Healthcare), and Region?Forecast to 2027
The research report titled “Testing, Inspection, and Certification Market by Service, End User (Retail, Agriculture, Oil & Gas, Construction, Chemicals, Machinery, Transportation, Automotive, Government, Marine, Healthcare), and Region?Forecast to 2027” provides an in-depth analysis of the testing, inspection, and certification market in five major geographies and emphasizes on the current market trends, market size, market shares, recent developments, and forecast to 2027. The testing, inspection, and certification market is expected to reach $105.99 billion by 2027, at a CAGR of 2.4% during the forecast period, 2020–2027.
The growth of this market is mainly attributed to the rise in the illicit trade of forged & pirated goods, strict regulatory standards imposed by governments, and the utilization of advanced technologies for new TIC processes. In addition, the rising awareness among consumers regarding product quality & safety and the growing significance of TIC services across various industry verticals are also expected to support the growth of the testing, inspection, and certification market in the coming years. However, concerns regarding the reliability of new service providers and an uncertain regulatory environment are expected to pose challenges to the growth of the testing, inspection, and certification market in the coming years.
The study offers a comprehensive analysis of the TIC market with respect to services, end users, and geographies. The testing, inspection, and certification market is segmented by service (testing, inspection, and certification), end user (consumer goods and retail, agriculture and food, oil & gas, construction, chemicals, mining, machinery, transportation, automotive, power generation, government, marine, healthcare, financial institutions, and others). The study also evaluates industry competitors and analyzes the market at the country level.
By service, the testing segment accounted for the largest in terms of market share in 2020. The largest share of this segment is primarily driven by the presence of different product standards across different regions, increasing product diversity, the rise of globalization, a surge in brand protection policies, and supportive government initiatives to improve the quality of various goods. However, the certification segment is slated to register the highest CAGR due to factors such as supportive government initiatives, the organizations’ increasing need to enhance product value, increase safety, protect the environment, fulfill social responsibilities, and improve performance.
By end user, the agriculture and food segment accounted for the largest in terms of market share in 2020. The largest share of this segment is mainly attributed to the increased need to ensure quality, closely monitor food items, and improve productivity and the growing demand for organic and processed foods. However, the healthcare sector is slated to grow at the fastest pace during the forecast period due to the growing favorability of the regulatory environment, the acceptance of the ’quality by design’ (QbD) approach in pharmaceutical research and manufacture, rising demand for specialized testing services, and increase in the number of clinical trials.
By geography, the testing, inspection, and certification market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the testing, inspection, and certification market in 2020. The largest share of this segment is mainly attributed to rapid economic development, the presence of major TIC players and several emerging start-ups in the region, highly developed IT infrastructure, stringent government regulations related to food testing, consumer product testing, and drone testing, and growing trade of consumer products. In addition, the growing demand for organic and processed foods and the organizations’ increasing focus on meeting regulatory and compliance requirements are supporting the growth of the testing, inspection, and certification market in the region.
Moreover, high investment opportunities owing to favorable government policies, growing consumer awareness about the importance of certification, testing, and inspection, an upsurge in food safety audits, growing investments by private and public players, and increasing demand for consumer electronics are expected to further support the growth of this regional market. The high adoption of advanced technologies and growing consumer awareness regarding quality are also expected to support the fastest growth of the Asia-Pacific market over the forecast period.
The key players operating in the TIC market are SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), T?V S?d AG (Germany), Dekra SE (Germany), Eurofins Scientific SE (Luxembourg), T?V Rheinland AG Group (U.S.), Element Materials Technology Ltd. (U.K.), Lloyd’s Register Group Limited (U.K.), APPLUS+ (Spain), AsureQuality (New Zealand), DNV GL (Norway), ALS Ltd. (Australia), Mistras Group (U.S.), and UL LLC (U.S.), among others
Key Questions Answered in the Report-
- Which are the high-growth market segments in terms of service, end user, and geography?
- What is the historical market size of the testing, inspection, and certification (TIC) market?
- What are the market forecasts and estimates for the period 2020–2027?
- What are the major drivers, restraints, opportunities, and trends in the testing, inspection, and certification market?
- Who are the major players in the testing, inspection, and certification market, and what shares of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the testing, inspection, and certification market?
- What are the various strategies adopted by the major players in the testing, inspection, and certification market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the testing, inspection, and certification market, and how do they compete with the other players?
Scope of the Report:
TIC Market, by Service
- Testing Services
- Inspection Services
- Certification Services
TIC Market, by End User
- Consumer Goods and Retail
- Agriculture and Food
- Oil & Gas
- Power Generation
- Financial Institutions
TIC Market, by Geography:
- North America
o Rest of Europe
o Rest of Asia-Pacific
- Latin America
- Middle East & Africa