SAN FRANCISCO, Dec. 12, 2019 /PRNewswire/ -- The global testing, inspection, and certification market size is expected to reach USD 404.7 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 5.2% from 2019 to 2025. Testing, inspection, and certification (TIC) services are being adopted rapidly due to the strict implementation of testing, inspection, and certification regulations. The market incumbents cater to various range of industries and sectors across the globe with a variety of legislation and standards.
Key suggestions from the report:
- The rise in manufacturing, construction, and infrastructure sectors provides a higher number of growth opportunities for the testing, inspection, and certification (TIC) market
- The increase in the outsourcing of testing, inspection, and certification services by major industries operating in the automotive, manufacturing, and consumer goods, is projected to boost the market growth
- The government of different countries in APAC are promoting various development plans. For instance, the 13th Five Year Plan of China stated the development of green transportation solutions for the advancement of the transportation sector in China
- Key market players are considering partnerships and acquisition of startups providing innovative products to expand their outreach in the market
- The key competitors in the TIC market are ALS Limited; Applus+; Bureau Veritas SA; UL LLC; DNV GL; Eurofins Scientific; Element Materials Technology; Intertek Group plc; SGS SA; TÜV NORD GROUP; MISTRAS Group, Inc.; TÜV Rheinland; TÜV SÜD; and DEKRA SE.
Read 100 page research report with ToC on "Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report By Service Type, By Sourcing Type, By Application (Consumer Goods & Retail, Agriculture & Food), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/testing-inspection-certification-market
Owing to the increasing presence of international players in growing economies, such as India and China, governments are taking the help of these industry participants for regulating the quality of various products and services through third-party inspection services. Furthermore, with the gradual development of these economies, issues concerning food safety standards and environmental protection are anticipated to emerge over the forecast period. Consumer concerns related to health and safety issues arising from the use of consumer electronics, as well as the quality of consumer goods, has necessitated governments to regulate the quality of the products manufactured domestically.
Also, an upsurge in the volume of traded goods has a direct impact on the number of certifications and inspecting services. With globalization, supply chains are increasingly becoming more complex. Increasing end-user quality expectations and outsourcing have led to a rise in the demand for independent TIC services. Organizations are aiming to ensure that processes, infrastructures, and products meet the required regulations and standards in terms of social responsibility, environmental protection, health and safety, and quality, thus reducing the risk of accidents and failure. This includes services such as the inspection and testing of bulk carriers that might be carrying different types of commodities, such as livestock, grains, or petroleum.
The Asia Pacific regional TIC market is expected to witness steady growth over the forecast period, owing to the growing economic and regulatory factors. The governments of several countries in the region are promoting various development plans in multiple application areas such as manufacturing, infrastructure, automotive, agriculture, and food. Also, the role of TIC is expected to change with the emergence of digital technologies such as connected devices, connected vehicles, mobile payments, and artificial intelligence. With the penetration of such technologies in this region, the inspection and testing of software and software-based service would gain importance similar to that of hardware testing and inspection.
Grand View Research has segmented the global TIC market based on service type, sourcing type, application, and region:
- Testing, Inspection, and Certification Service Type Outlook (Revenue, USD Billion, 2014 - 2025)
- Testing, Inspection, and Certification Sourcing Type Outlook (Revenue, USD Billion, 2014 - 2025)
- Testing, Inspection, and Certification Application Outlook (Revenue, USD Billion, 2014 - 2025)
- Consumer Goods & Retail
- Agriculture & Food
- Energy & Power
- Oil & Gas and Petroleum
- Public Sector
- Aerospace & Defense
- Supply Chain & Logistics
- Testing, Inspection, and Certification Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- South America
- Middle East & Africa
- Saudi Arabia
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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