Testing Inspection and Certification (TIC) Market to Reach USD 92.75 Billion, at a 5.60% CAGR By 2032 – Market Research Future (MRFR)
Research Reports
Jul 21, 2023
Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Testing Inspection and Certification (TIC) Market Information by Sourcing Type, Service Type and End-User – Forecast till 2030”, Testing Inspection and Certification (TIC) Market could thrive at a rate of 5.60% between 2022 and 2030. The market size will be reaching around USD 89.68 Billion by the end of the year 2030
Market Synopsis:
Testing Inspection and Certification (TIC) refers to the process of verifying and validating products, systems, and services to ensure compliance with regulatory standards and industry requirements. It involves testing the quality, performance, safety, and reliability of products, inspecting facilities and processes, and providing certification or accreditation. TIC services are essential across various industries, including manufacturing, construction, automotive, healthcare, food and beverages, and aerospace, to ensure that products and processes meet the required standards and regulations.
The main application of Testing Inspection and Certification (TIC) is to safeguard public health and safety, protect the environment, and ensure fair trade practices. TIC services help organizations meet legal and regulatory requirements, demonstrate compliance with industry standards, enhance consumer confidence, and mitigate risks. These services include product testing and certification, quality control inspections, supplier audits, process and system assessments, and compliance verification.
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Market Competitive Landscape:
The affluent companies in the Testing Inspection and Certification (TIC) industry include
- Bureau Veritas SA
- SGS Group
- Dekra Certification GmbH
- ALS Limited
- Intertek Group plc
- ASTM International
- SAI Global Limited
- BSI Group
- UL LLC
- MISTRAS Group Inc.
Industry News (May 2023):
SGS Group launched a new digital platform for remote auditing and inspection services. The platform utilizes advanced technologies such as AI, IoT, and cloud computing to enable virtual audits and inspections, reducing the need for physical presence and enhancing efficiency. This development demonstrates the industry’s adoption of digital transformation and innovative solutions to provide TIC services remotely, addressing the challenges posed by the COVID-19 pandemic.
Market USP Covered:
Market Drivers:
There are three main market driving factors for the Testing Inspection and Certification (TIC) market. Firstly, the increasing complexity of products and systems, coupled with the global expansion of trade, has led to a growing demand for TIC services to ensure compliance with international standards and regulations. Organizations need to demonstrate that their products meet quality, safety, and performance requirements to access global markets and meet customer expectations. Secondly, the rising focus on consumer protection and risk management drives the need for independent verification and certification. TIC services help in building trust and confidence among consumers by assuring the safety, quality, and reliability of products and services. Thirdly, the rapid advancements in technology and the emergence of new industry sectors create opportunities for TIC providers. As new technologies and industries evolve, such as IoT, artificial intelligence, and renewable energy, there is a need for specialized testing, inspection, and certification services.
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Market Restraints:
Market restraints for the Testing Inspection and Certification (TIC) market include cost pressures, regulatory complexities, and the need for skilled workforce. TIC services can be costly, particularly for small and medium-sized enterprises, which may hinder their adoption. Additionally, the regulatory landscape is constantly evolving, with new standards and requirements being introduced, leading to complexities and challenges for organizations in ensuring compliance. Moreover, there is a shortage of skilled professionals in the TIC industry, particularly in specialized areas, which may impact the delivery of high-quality services.
COVID 19 Analysis:
The COVID-19 pandemic had a significant impact on the Testing Inspection and Certification (TIC) market. The pandemic highlighted the importance of health and safety standards, supply chain resilience, and remote service delivery. TIC services played a crucial role in ensuring the quality and safety of medical devices, personal protective equipment, and other essential products. The pandemic also accelerated the adoption of digital solutions in the TIC industry, such as virtual audits and inspections, to minimize physical interactions and maintain business continuity. Post-COVID-19, the TIC market is expected to witness increased demand for services related to health and safety, supply chain resilience, and sustainability.
Market Segmentation:
- By Sourcing Type – The sourcing Type in the market includes Outsourcing, In-house.
- Service Type – The service type in the market includes Testing, Inspection, Certification.
- End-User – The end-user in the market includes Automotive, Textile, Aerospace, Oil & gas, petroleum, Food & Beverage.
Regional Insights:
The European market for TIC services is driven by the region’s robust manufacturing sector, which requires rigorous testing and certification of products. Additionally, the presence of renowned certification bodies and industry associations further supports the growth of the TIC market in Europe.
Asia Pacific is experiencing rapid growth in the Testing Inspection and Certification (TIC) market. The region’s expanding manufacturing and industrial sectors, particularly in countries like China, India, and Japan, are driving the demand for TIC services. The rise in international trade, coupled with increasing awareness of quality and safety standards, has led to a greater need for testing, inspection, and certification. Moreover, the region’s focus on technological advancements, infrastructure development, and regulatory reforms is further fueling the growth of the TIC market in Asia Pacific.
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Each of these regions offers unique opportunities and challenges for the Testing Inspection and Certification (TIC) market. North America’s well-established TIC industry and stringent regulatory environment create a favorable market landscape. Europe’s emphasis on quality control, sustainability, and regulatory compliance drives the demand for TIC services. Asia Pacific’s rapid industrialization, growing consumer awareness, and government initiatives for quality improvement contribute to the expanding TIC market in the region.
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