Westford, June 28, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Testing, Inspection and Certification (TIC) market will attain a value of USD 285.64 billion by 2031, with a CAGR of 3.8% during the forecast period (2024-2031). The need for reliable testing, inspection, and certification (TIC) solutions and services in industries and businesses is boosting the TIC market. Through TIC services, the supply chain activities are well handled such that they achieve the individual needs of the companies, hence enhancing business operations. Increase in the global infrastructure and in the renewable energy sectors has promising opportunities for the global TIC market.
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Browse in-depth TOC on "Testing, Inspection and Certification Market"
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Testing, Inspection and Certification Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 228.37 Billion |
| Estimated Value by 2031 | $285.64 Billion |
| Growth Rate | Poised to grow at a CAGR of 3.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type, Sourcing Type, and Application |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Use of Blockchain Technology in TIC Services |
| Key Market Drivers | Increasing Need for Interoperability Testing Due to Growing IoT Adoption |
Testing Segment to Dominate the Market Share Due to Growing Influence of Testing Practices
Testing segment held the largest market share in 2023, contributing to over 70% of the total market revenue. The influence of testing practices across various industries, factors like these helped this segment to achieve this significant market share. This has made organizations achieve higher standards in their products as well as address the required quality to meet their consumers’ demands hence encouraging various industries to enhance their operational budgets on testing apparatus.
Inspection Segment to be the Fastest Growing Segment Due to Growing Supply Chain Activities
The inspection segment has more growth opportunities, specifically due to the growth of supply chain activities in countries which has made the use of inspection more common. The consumer goods sector also drives the expansion of the inspection segment. Some of the potential forces that have created a need for companies to adopt effective inspection systems include harsh regulations on the quality of cosmetics, electrical & electronics, sports & athleisure wear, and textiles & footwear.
Growing Economic Development Leads Asia Pacific to Dominate the TIC Market
With a revenue scale of more than 30%, the Asia Pacific emerged as the largest TIC market. A significantly large proportion contributes to the fact that the economic development in countries such as China, India, Japan and South Korea has grown rapidly. The increase in industrial and manufacturing activities in these nations has led to higher growth in the opportunity for TIC market.
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Testing, Inspection and Certification Market Insights:
Drivers
- Increasing Need for Interoperability Testing Due to Growing IoT Adoption
- Strict Rules and Regulations and Rising Demand for Product Standardization
- Growing Demand in Healthcare and Pharmaceuticals to Ensure Product Quality and Efficacy
Restraints
- Lack of Uniformity in Global TIC Standards
- Slower Adoption of Advanced Technologies by Small and Medium-Sized TIC Companies
- Diverse Cultural Norms and Language Differences Makes the Process More Complicated
Prominent Players in Testing, Inspection and Certification (TIC) Market
The following are the Top Testing, Inspection and Certification (TIC) Companies
- Dekra Certification GmbH
- ALS Limited
- BSI Group
- Kiwa NV
- SAI Global Limited
- SGS SA
- Bureau Veritas
- Intertek Group plc
- Eurofins Scientific
- DEKRA
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Key Questions Answered in Testing, Inspection and Certification Market Report
- What are key trends in the testing, inspection and certification market?
- What drives the testing, inspection and certification market growth?
- What are the challenges faced by the testing, inspection and certification?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of testing, inspection and certification market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the testing, inspection and certification market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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