Hyderabad, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Testing, Inspection, and Certification Market Report (2023-2028),” the market is estimated at USD 236.72 billion in 2023. It is expected to register a CAGR of 6.79% during the forecast period.
The TIC industry significantly contributes to the global economy as it helps improve the quality of products used across industries by various end users. TIC services reduce yield recalls and maintain compliance with regulatory authorities and standards governing distinctive sectors. TIC services foster the safe development and adoption of technologies while maintaining compliance. They also provide the required certifications as specific industries, including healthcare and pharmaceuticals, food and beverage, automotive, and industrial manufacturing, necessitate internationally certified products and technologies.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 236.72 billion |
| Market Size (2028) | USD 328.76 billion |
| CAGR (2023-2028) | 6.79% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Introduction of advanced technologies across various sectors. |
| High demand for inspection and testing at regular intervals across a few industries. |
Who are the Top Companies in the Testing, Inspection, and Certification Market?
The global TIC market is anticipated to witness intense competitive rivalry. With high consolidation expected over the next few years, the competitive rivalry in the market is expected to increase further.
The noteworthy players holding the global TIC market are:
- Intertek Group PLC
- SGS SA
- Bureau Veritas SA
- UL Group
- DNV GL
- Eurofins Scientific SE
- Dekra Certification GmbH
- ALS Limited
- BSI Group
- SAI Global Limited
- MISTRAS Group Inc.
- Element Metech (Exova Group PLC)
- TUV SUD Ltd
- Applus Services SA
- Kiwa NV
Other Reports That Might Be of Your Interest:
- Americas Testing, Inspection, and Certification Market Report - The Americas testing, inspection, and certification market size is estimated at USD 40.99 billion in 2023 and is expected to reach USD 58.60 billion by 2028 at a CAGR of 7.41% during the forecast period (2023-2028).
- Europe Testing, Inspection, and Certification Market Report - The European testing, inspection, and certification market size is estimated at USD 55.48 billion in 2023 and is expected to reach USD 69.27 billion by 2028 at a CAGR of 4.54% during the forecast period (2023-2028).
Key Highlights from the Testing, Inspection, and Certification Market Report:
Food and Agriculture Segment to Dominate the Market
- Consumer awareness of food quality and safety problems is increasing, predominantly as a result of debates around recent food recalls and the pandemic's increasing concern for cleanliness and safety. In the public and commercial food sectors, this awareness has created several standards for food safety and quality easier.
- With the increased incidences of adulteration and substance mixing in food products, a reliable TIC system is needed. Furthermore, consumers are becoming more informed about hazards and fraud. Techniques for testing, certifying, and inspecting products ensure their quality, safety, and confidence.
APAC Region Anticipated to Dominate the Market
- Asia-Pacific is expected to hold a noteworthy market share due to emerging markets in countries such as China, India, Japan, and South Korea, which have become attractive through the expansion of indigenous industries and subsequent acceleration in exports, the launch of stringent standards, and rapid urbanization.
- Emerging Asian markets have become attractive spots through developing indigenous industries and subsequent acceleration in exports, the introduction of stringent standards, and rapid urbanization.
What are the Latest Developments in the Testing, Inspection, and Certification Market?
- In May 2023, UL Solutions inaugurated its new office in Riyadh to serve clients in Saudi Arabia and the Middle East. Customers will now utilize fire safety, security, and sustainability services from this facility due to access to vital data and software products, tested theories, and tested science.
- In January 2022, Bureau Veritas acquired PreScience, a US-based project management/construction management services leader for transportation infrastructure projects. PreScience’s service offering will spread out Bureau Veritas’ existing Buildings & Infrastructure portfolio of services.
Mordor Intelligence has Segmented the Testing, Inspection, and Certification Market Based on Service Type, Sourcing Type, End-user Vertical, and Geography:
- By Service Type
- Testing and Inspection Service
- Certification Service
- By Sourcing Type
- Outsourced
- In-house
- By End-user Vertical
- Consumer Goods and Retail
- Food and Agriculture
- Oil and Gas
- Construction and Engineering
- Energy and Chemicals
- Manufacturing of Industrial Goods
- Transportation (Rail and Aerospace)
- Industrial and Automotive
- Other End-user Verticals
- By Geography
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Norway
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Mexico
- Rest of South America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Qatar
- Turkey
- Nigeria
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Testing, Inspection, and Certification Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Germany Testing, Inspection & Certification Report - The German testing, inspection & certification market was estimated at USD 10.06 billion in the previous year. The market is expected to reach USD 13.31 billion over the forecast period at a Compound Annual Growth Rate (CAGR) of 5.13%.
- APAC Testing, Inspection, and Certification (TIC) Market Report – The APAC testing, inspection, and certification (TIC) market size is expected to grow from USD 71.68 billion in 2023 to USD 93.68 billion by 2028 at a CAGR of 5.50% during the forecast period (2023-2028).
- South Africa ICT Market Report - The South African ICT market is expected to register a CAGR of 9.3% for the forecast period.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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