Testing, Inspection, And Certification Market Worth $499.0 Billion by 2030: Grand View Research, Inc.
Key industry Insights & Findings from the report:The certification segment is expected to emerge as the fastest-growing segment over the forecast period. The segmental growth can be attributed to increasing need of companies to certify their business practices use the right talent for specialized work.The outsourced segment is expected to register the highest CAGR over the forecast period owing to the ability to access more affordable TIC products and solutions and decreased operational expenditure.The manufacturing segment is expected to capture the highest growth rate over the forecast period owing to rising industrial activity around the world and development of new machine components which need to be tested and inspected before deployment.Asia Pacific region is expected to dominate the market over the forecast period. This can be attributed to rising economic activity in China and India. The implementation of Bharat Stage 6 in India has led automotive developers to develop new automotive components which have to be tested rigorously to meet international standards.
Read 153-page market research report, "Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report, By Service Type (Testing, Inspection, Certification), By Sourcing Type, By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Testing, Inspection, And Certification Market Growth & Trends
The need to optimize manufacturing processes and end products has resulted in the manufacturing application segment capturing the highest growth rate of 6.4% over the forecast period. For instance, in January 2022, SGS, a Swiss international business that provides inspection, verification, testing, and certification services, has launched a new Vehicle Over the Air (OTA) performance testing laboratory in Suzhou, China. The lab will assist automotive manufacturers in helping them test, validate, and comply with evolving wireless standards and regulations. It fully integrates beneficial resources in automobile, communication, electronics, and reliability testing to provide commercial customers with technical verification, quality improvement product certification, and technology development services.
The integration of cloud technology with the TIC market is one of the significant market drivers. The need to access data instantly, automate certification, and issue reports on a real-time basis highlights the importance of storing essential TIC-related data in the cloud. Moreover, cybersecurity concerns such as increasing instances of cyberattack and data privacy threats further highlight the importance of a safe cloud architecture to safeguard data from people with malicious intent.
This is expected to help in general data regulation, security certifications, and software testing. For instance, in February 2022, Intertek Group plc, one of the prominent providers in connectivity testing and cybersecurity, established its Acucert, the first ISO/IEC certified cybersecurity testing lab in Mumbai, India. Acucert has significant expertise in IT system and software testing while meeting stringent quality control standards. Further opening a new testing lab would help them promote internationally and nationally.
The gradual acceptance of big data analytics with the TIC-based technology model is also expected to offer an impetus to the TIC market. The adoption of big data analytics technology by service providers is expected to diversify their service offerings, such as data-based services and predictive maintenance data and enable service providers to offer better solutions to their customers.
In September 2021, TÜV SÜD, a safety, security, and sustainability solutions provider, offered wind turbine certification for areas affected by tropical storms. Within the scope of type certification, the company has designed a computer framework to analyze the data of the areas and check compatibility for these regions based on the worldwide IEC 61400 standard. The computer model allows for the simulation of even the most extreme wind conditions in tropical cyclone-prone areas and the use of this simulation to determine if a wind turbine is suited for such places.
Asia Pacific is expected to capture the highest growth rate over the forecast period. Rapid industrialization and rising infrastructure development in Australia, South Korea, and India facilitate deploying proficient TIC solutions. Furthermore, the emerging technology ecosystem in countries such as Japan and China have resulted in several companies outsourcing their software and product development tasks. The ability to gain high-performance products at affordable rates from these countries promotes companies to access TIC solutions and services related to specific needs and requirements, thereby offering an impetus to market growth.
In December 2021, Eurofins Scientific, a global scientific leader in bioanalytical testing and a clinical diagnostic testing leader with Transgenic Inc., announced the acquisition of GeneticLab Co., Ltd., a molecular biology-based testing vendor. This acquisition will assist the company in strengthening its position in the Japanese market. It would further expand the company's global presence in Asia, specializing in advanced genetic testing.
Testing, Inspection, And Certification Market Segmentation
Grand View Research has segmented the global testing, inspection, and certification market report based on service type, sourcing type, application, and region:
Testing, Inspection, And Certification Market - Service Type Outlook (Revenue, USD Billion, 2017 - 2030)TestingInspectionCertification
Testing, Inspection, And Certification Market - Sourcing Type Outlook (Revenue, USD Billion, 2017 - 2030)In-houseOutsourced
Testing, Inspection, And Certification Market - Application Outlook (Revenue, USD Billion, 2017 - 2030)Consumer Goods & RetailAgriculture & FoodChemicalsInfrastructureEnergy & PowerEducationGovernmentManufacturingHealthcareMiningOil & Gas And PetroleumPublic SectorAutomotiveAerospace & DefenseSupply Chain & LogisticsOthers
Testing, Inspection, And Certification Regional Outlook (Revenue, USD Billion, 2017 - 2030)North AmericaU.S.CanadaMexicoEuropeU.K.GermanyFranceItalyRussiaAsia PacificChinaJapanIndiaSouth KoreaAustraliaSouth AmericaBrazilArgentinaMiddle East and Africa (MEA)Saudi ArabiaUAE
List of Key Players of Testing, Inspection, And Certification (TIC) MarketALS LimitedApplus+Bureau Veritas SADEKRA SEDNV GLElement Materials TechnologyEurofins ScientificIntertek Group plcMISTRAS Group, Inc.SGS SATÜV NORD GROUPTÜV RheinlandTÜV SÜDUL LLC.
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