What is the global market size of Testing, Inspection, And Certification (TIC) Market?

Global Testing, Inspection, and Certification Market is valued at USD 222.43 billion in 2021, and it is anticipated to attain a value of USD 288.82 billion by 2028, at a CAGR of 3.75% over the forecast period (2022-2028). Read More

Global Testing, Inspection, And Certification (TIC) Market Size, Share, Growth Analysis, By Service Type(Testing, Inspection), By Sourcing(In-House, Outsource), By Enterprises Size(Large Enterprises, Small & Medium Enterprises (SMEs)), By Industry Verticals(Medical & Life Science, Consumer Goods & Retail) - Industry Forecast 2024-2031

Report ID: SQMIG45C2025 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 128 | Figures: 77

Global Testing, Inspection, And Certification (TIC) Market Insights

Global Testing, Inspection, and Certification Market size was valued at USD 224.92 billion in 2019 and is poised to grow from USD 236.84 billion in 2023 to USD 358 billion by 2031, growing at a CAGR of 5.30% in the forecast period (2024-2031).

Testing, inspection, and certification services include audits and inspection, as well as testing, verification, quality assurance, and certification of products and equipment, which aid in enhancing manufacturing efficiency and reducing errors by limiting risk. TIC services are used across oil and gas industry, food industry, pharmaceuticals, and chemical industry, among industries.

Covid Impact

During the COVID-19 pandemic, the testing, inspection, and certification market witnessed an explosion in the use of modern technologies across industrial, healthcare, and consumer electronics sectors. Apart from this, the global market experienced development of new services and solutions like as virtual inspections, visual inspection, and remote auditing. TIC services are being used in pharmaceutical, diagnostics, medical devices, clinical research, and digital health applications, which have been in the forefront of the fight against the COVID-19 pandemic. Pharmaceutical firms are working on medications, antidotes, and vaccinations to combat the infection. Companies are even creating new test services to diagnose COVID-19 infection and cure patients. Various governments are investing vast sums on the treatment of their inhabitants as well as vaccine research and development.

US Testing, Inspection, And Certification (TIC) Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Testing, Inspection, And Certification (TIC) Market Report Snapshots

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Global testing, inspection, and certification market has become very competitive, with numerous prominent and local players present across the globe. Despite its fragmentation, the industry is controlled by three major firms namely SGS, Bureau Veritas, and Intertek, which are holding around 23% of the global market. On the other hand, top ten players accounting for less than 38% of the TIC market. Enterprises in fields like as health sciences, utilities, and the public sector continue to rely on in-house TIC services. These businesses are relying on strategic collaboration activities to improve their share and profitability in the testing, inspection, and certification market 'NTS (US)', 'Tüv Rheinland (Germany)', 'Cetecom (Germany)', 'Dekra Se (Germany)', 'Dnv Gl (Norway)', 'Element Materials Technology (UK)', 'Cotecna', 'ALS Limited (Australia)', 'Applus+ (Spain)', 'Ul (US)', 'SGS Group (Switzerland)', 'Bureau Veritas (France)', 'Intertek (UK)', 'TÜV NORD (Germany)', 'TÜV SÜD (Germany)', 'Eurofins Scientific (Luxembourg)', 'Lloyd’s Register Group (UK)', 'Mistras (US)', 'Apave International (France)', 'TWI Ltd'

Rising focus of manufacturing companies on improving customer retention rate through high-quality products. Quality goods not only help businesses achieve customer happiness and retention, but they also assist firms decrease the risk and expenses involved with product recalls. By adhering to quality management standards, businesses get a competitive advantage. Furthermore, key certifications provided by recognised and reliable organizations assist such businesses in improving their commercial creditability and general efficiency. Companies connect with clients through advertisements and marketing techniques that assure them of the quality of their products.

In order to broaden their market reach, key industry companies are pursuing collaborations and acquisitions of start-ups producing new goods. They are actively involved in many types of collaborations, including those with infrastructure developers, service providers, simulation services, governments, and public associations.

Asia Pacific is projected to grow at the fastest CAGR in the global testing, inspection, and certification market on account of high reliance of many European and American countries on APAC-based companies for medical devices, personal protective equipment (PPE) kits, pharmaceuticals, and other necessary equipment. Apart from this, India and China have become hub for increased research and development activities in the field of autonomous and connected cars (new and improved technologies). The growth is further supported by improved lifestyles and increased prevalence of acquired infection. As a result, the regional testing, inspection, and certification market is projected to witness a considerable growth in the investments coming for R&D activities.

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Global Testing, Inspection, And Certification (TIC) Market Insights

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