Meticulous Research® - leading global market research company published a research report titled “Testing, Inspection, and Certification Market by Service, End User (Retail, Agriculture, Oil & Gas, Construction, Chemicals, Machinery, Transportation, Automotive, Government, Marine, and Healthcare), and Region - Forecast to 2027”.
According to this Latest Publication from Meticulous Research®, the Testing, Inspection, and Certification (TIC) Market Is Expected to Reach $143.3 Billion by 2027 at a CAGR of 5.4% from 2020. The growth of the TIC market is majorly attributed to factors, such as the growing global demand for regulation of materials, products, systems, and processes, stringent government regulations, the growing illicit trade of forged and pirated goods, rising awareness among consumers regarding product quality and safety, and the emergence of advanced technologies. Besides, the surge in demand for TIC services globally is also expected to support the growth of this market over the coming years. Moreover, the outsourcing of quality assurance work to third parties is expected to support the long-term expansion of the TIC market. Also, increasing corporate outsourcing of R & D activities is the new trend observed, which is expected to create further opportunities for the growth of this market in the coming years. However, diverse regulations and standards across different regions and the global impact of COVID-19 on several industry verticals have hampered the growth of this market to an extent.
The testing, inspection, and certification market study presents historical market data (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on service, end-user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on Service, the TIC market is segmented into testing, inspection, and certification. The testing segment is estimated to account for the largest share of the testing, inspection, and certification market in 2020. The largest share of the segment is mainly attributed to the diversified product standards across different regions, rapidly transforming medical device standards, and the governments’ increasing focus on improving the quality of various goods. However, the certification segment is expected to register the highest CAGR during the forecast period due to factors such as the rising need to enhance product safety, meet international standards, and improve product value.
Based on End-user, the TIC market is segmented into consumer goods and retail, agriculture and food, oil & gas, construction, chemicals, mining, machinery, transportation, automotive, power generation, government, marine, healthcare, financial institutions, and others. Among these, the agriculture and food segment is estimated to account for the largest share of the overall testing, inspection, and certification market in 2020. The largest share of the segment is mainly attributed to the high need to ensure product quality, the consistently rising demand for organic and processed foods, and the growing need to monitor food items closely and improve productivity. However, the healthcare segment is expected to record the highest CAGR during the forecast period due to factors such as the increasing product safety standards and the rising demand for specialized medical device testing services.
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Geographically, the TIC market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is estimated to account for the largest share of the testing, inspection, and certification market in 2020. The large share of this regional market is mainly attributed to the presence of major players and several emerging start-ups in the region, early adoption of the latest technologies, stringent government regulations related to drone, food, and healthcare testing, and growing trade of consumer products. However, the Asia-Pacific market is expected to witness rapid growth during the forecast period, driven by factors such as the rapidly increasing demand for consumer electronics, growing consumer awareness regarding testing and certification, the transformation of the healthcare sector, and increasing cross-border imports and exports.
The key players operating in the testing, inspection, and certification market are SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), TÜV Süd AG (Germany), Dekra SE (Germany), Eurofins Scientific SE (Luxembourg), TÜV 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.
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