USD 224.92 billion
Report ID:
SQMIG45C2079 |
Region:
Global |
Published Date: June, 2024
Pages:
165
|Tables:
128
|Figures:
77
Testing, Inspection, And Certification (TIC) Market size was valued at USD 228.37 Billion in 2023 and is poised to grow from USD 237.05 Billion in 2024 to USD 296.49 Billion by 2032, growing at a CAGR of 3.8% during the forecast period (2025-2032).
The need for reliable testing, inspection, and certification (TIC) solutions and services in industries and businesses is boosting the TIC market. Such secure and effective practices work effectively to guarantee that companies stick to the best quality, productivity, and efficiency. Through TIC services, the supply chain activities are well handled such that they achieve the individual needs of the companies, hence enhancing business operations. For instance, in January 2022, Temasek, an investment firm specializing in restructuring, growth capital, and divestment transactions based in Singapore, purchased Element Materials Technology, which is a prominent TIC provider. This acquisition is a major development in the TIC industry and remains a key driver in the Group’s growth strategy.
This has shifted the dynamics of the Testing, Inspection and Certification (TIC) business due to the COVID-19 pandemic. The manufacturing and production industries in many parts of the world have been affected, or in some cases shut down completely because of many nations’ governments’-imposed lockdowns. However, TIC practices in the healthcare sector increased rapidly due to heightened demand and need for healthcare services and health related products such as medical equipment. Likewise, the consumer goods sector engaged in TIC during the pandemic to prevent the spread of the virus and to feed the population safe and better-quality food. For instance, in January 2022, DNV— a global certification, assurance, and risk management company – bought MEDCERT, a German-based notified body to strengthen its healthcare and medical device assurance portfolio. It will greatly enhance the capacity of DNV as a company that offers medical device notification services.
The COVID-19 pandemic has significantly disrupted the Testing, Inspection, and Certification (TIC) market. Manufacturing and production activities in several regions have declined due to lockdowns imposed by many national governments. However, the healthcare sector experienced a surge in TIC practices driven by the increased demand for healthcare services and related products, including medical supplies. Similarly, the consumer goods sector adopted TIC practices during the pandemic to meet the growing demand for safe and high-quality food products. For instance, in January 2022, DNV, a global certification, assurance, and risk management company, acquired MEDCERT, a notified body based in Germany, to enhance its healthcare and medical device assurance capabilities. This acquisition significantly boosts DNV's ability to provide medical device notification services.
Furthermore, increase in the global infrastructure and in the renewable energy sectors has promising opportunities for the global TIC market. Urbanization has promoted infrastructure advancement in both the developed and developing world by challenging both planners and decision-makers into adopting TIC solutions that enhance safety and quality of infrastructure projects. Moreover, renewable energy projects, including those based on solar and wind power, depend on unique equipment that must work efficiently. This makes it pertinent that appropriate TIC systems should be put in place to effectively carry out functions of key parts of a machine. For instance, in the year 2022, an international safety certification company by the name of UL LLC stated in October that it was launching a cable fire safety testing laboratory in the industrial city of Abu Dhabi. This facility enables manufacturers / and distributors of optical and electronic cables and busways from across the Middle East to access local fire safety testing facilities.
US Testing, Inspection, And Certification (TIC) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 224.92 billion
Largest Segment
food industry
Fastest Growth
food industry
Growth Rate
5.30% CAGR
To get more reports on the above market click here to Buy The Report
The Global Testing, Inspection, and Certification (TIC) Market is segmented by Service Type, Sourcing Type, Application and region. Based on Service Type, the market is segmented into Testing Services, Inspection Services, Certification Services, and Others. Based on Sourcing Type, the market is segmented into In-house, and Outsourced. Based on Application, the market is segmented into BFSI (Improved Business Performance and Reduced Cost to Boost Demand for Digital Transformation Solutions, Fraud Detection and Prevention, Asset and Investment Management, Customer Service Automation (Chatbots), Personalized Financial Recommendations, Regulatory Compliance Monitoring, and Others), Retail & E-Commerce (Adoption of Digital Transformation Solutions to Boost Business Decision Performance and Profit Margins, Personalized Product Recommendations, Customer Relationship Management, Payment Services Management, Virtual Customer Support, Contactless Payments and Mobile Wallets, and Others), IT/ITES (Digitalizing Business Processes to Meet Growing Customer Demands to Drive Market, Automated Code Generation and Optimization, Automated It Asset Management, IT Ticketing and Support Automation, Intelligent Data Backup and Recovery, Automated Software Testing and Quality Assurance, and Others), Media & Entertainment (Rising Content Consumption, Digital Entertainment, and Cloud Adoption to Generate Demand for Digital Transformation, Content Recommendation Systems, Content Creation and Generation, Content Copyright Protection, Audience Engagement and Personalization, Personalized Advertising, and Others), Manufacturing (Adoption Of Digital Transformation with New Technologies to Boost Performance and Improve Decision-Making, Predictive Maintenance and Machinery Inspection, Production Planning, Defect Detection and Prevention, Quality Control, Production Line Optimization, Intelligent Inventory Management, and Others), Healthcare, Life Sciences & Pharmaceuticals (Real-Time Decision-Making to Deliver Proper Insights for Patients to Boost Need for Digital Transformation Solutions, Electronic Health Records and Electronic Medical Records (E-Hr & E-Mr), Telemedicine and Remote Patient Monitoring, Health Information Exchange, Medical Imaging and Diagnostics, Health Applications, and Others), Energy & Utilities (Rising Need to Manage Massive Amount of Mission-Critical Material in Real Time to Drive Market, Energy Demand Forecasting, Grid Optimization and Management, Energy Consumption Analytics, Smart Metering and Energy Data Management, Real-Time Energy Monitoring and Control, and Others), Government & Defense (Tax Collection, Safety, Public Interest, And Critical International Data Sharing to Boost Growth, Intelligence Analysis and Data Processing, E-Governance and Digital City Services, Border Security and Surveillance, Digital Identity and Authentication, Command and Control Systems, Tax and Revenue Management, and Others), Telecommunications (Increasing Use of Connected Devices, IOT, and 5g To Help Adoption Of Digital Transformation Solutions, Network Optimization, Network Security, Customer Service and Support, Network Planning and Optimization, Voice and Speech Recognition, and Others), Education (Need For Innovative and Flexible Learning Solutions in Digital Age to Drive Market, Mobile Learning, Learning Management Systems, Adaptive Learning and Assessment, Digital Textbooks and E-Books, E-Learning, Administrative Automation, and Others), Agriculture (Need For Increased Food Production to Drive Digital Transformation Market Growth, Crop Monitoring, Yield Monitoring and Prediction, Irrigation and Water Management, Feeding Management, Weather and Climate Monitoring, Farm Management Systems, and Others), Automotive, Transportation & Logistics (Increasing Demand for Seamless Connectivity, Autonomous Vehicles, And Efficient Logistics to Drive Market, Route Optimization, Traffic Management, Driver Assistance Systems, Fleet Management, Intelligent Parking Systems, and Others), and Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Testing, Inspection, And Certification (TIC) Market Analysis by Service Type
Testing segment held the largest market share in 2023, contributing to over 70% of the total market revenue. This significant share is attributable to the influence of testing practices across various industries, including automotive, energy and utilities, oil and gas manufacturers, and manufacturing. 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. For example, in November 2022, Wallace Instruments, an internationally renowned testing equipment manufacturing company for the rubber industry announced the new WAC11 Mk5 Compression Stress Relaxometer, a new generation of compressional stress relaxometer. The Compression Stress Relaxation (CSR) standard is significant primarily in car making, airplane manufacturing, energy and utility industries, and constructions because the CSR gauges the ability of the elastomer seals to hold up to compression stress in numerous climates for a determined amount of time. Derived from the above information, the WAC11 Mk5 enables the operators to perform a rapid analysis of the CSR characteristics of O-rings, rubber seals, gaskets among other products, helping to determine the long-term sealing behavior and the prediction of service life.
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. Moreover, the consumer goods sector 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; Today, the national governments and international bodies have put in place stringent regulations on the quality of cosmetics, electrical & electronics, sports & athleisure wear, and textiles & footwear. For instance, in October 2022, a testing, inspection, and certification firm known as SGS SA purchased The IDEA TESTS Group, which is a large microbiological, clinical and in-vitro testing, and regulatory service provider for the French personal care and cosmetics sectors. This acquisition is expected to add value to SGS SA’s microbiological, clinical, and in-vitro testing strategies in France, while opening a new range of services in the cosmetics and hygiene fields – the core markets of the company.
Testing, Inspection, And Certification (TIC) Market Analysis by Sourcing Type
The in-house type dominated as the largest revenue generator in 2023, generating more than 55% of the overall revenues. By adopting in-place testing and inspection practices, TIC activities can be efficiently performed because these approaches are readily accessible within the company; Moreover, companies can hire specialized personnel and develop unique practices based on the company’s requirements. Thus, the employment of in-house TIC teams provides enhanced control and a heightened level of appreciation of business processes for an organization and may be beneficial in that regard.
The outsourced segment is expected to create a high demand in the market and is predicted to register a maximum CAGR during the forecast period. That said, outsourcing TIC services benefits the company because the company can attain cost-efficiency and concentrate on short-term objectives. It also includes the possibilities to apply TIC practices through different engagement models, including the hourly, time and materials, and the dedicated team model, which enhances the system's efficiency. For instance, the food and beverage industry are implementing more benefits of advanced technologies and innovative solutions for production, quality of foods and safety, risk management, and meeting international standards. Further-more, there is advanced Internationalization and urbanization, and this makes the TIC service supply chain complicated and leads to the privatization of laboratories. This trend effectively increases the efficiency of the TIC suppliers and simultaneously creates the demand for outsourcing such services.
To get detailed analysis on other segments, Request For Free Sample Report
Asia Pacific emerged as the largest TIC market in the world with a revenue scale of more than 30%. 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. Also, the development of a robust AI technology hub in Singapore creates a conducive environment for the TIC market since testing and inspection services depend on the growth of this technology.
Europe is expected to witness significant growth during the forecast period. The large and broadly developed automotive industry in Germany and France results in the requirement of effective testing and inspection systems in the companies. Furthermore, the existence of many fashion brands, consumer products, and retail companies in countries such as Italy and the U. K. serves as a catalyst for growth and diversification of the TIC market of the region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Testing, Inspection, and Certification (TIC) Market Driver
Increasing Need for Interoperability Testing Due to Growing IoT Adoption
Strict Rules and Regulations and Rising Demand for Product Standardization
Restraints
Lack of Uniformity in Global TIC Standards
Slower Adoption of Advanced Technologies by Small and Medium-Sized TIC Companies
Request Free Customization of this report to help us to meet your business objectives.
The competitive landscape of the global Testing, Inspection, and Certification (TIC) market is characterized by the presence of several key players striving to maintain their market positions through strategies such as mergers and acquisitions, partnerships, and technological innovations. Major companies with their extensive service offerings spanning various industries including automotive, energy, manufacturing, healthcare, and consumer goods. These industry leaders leverage their strong global presence, diverse service portfolios, and robust quality assurance practices to cater to the evolving needs of clients worldwide. Additionally, emerging players and regional TIC firms are enhancing their market presence by focusing on niche markets, technological advancements, and strategic collaborations to gain a competitive edge in the dynamic TIC landscape.
Testing, Inspection, and Certification Market Top Player's Company Profiles
Testing, Inspection, and Certification Market Recent Developments
Rising Use of Blockchain Technology in TIC Services: Blockchain technology holds significant potential to revolutionize certification processes by enhancing data security, transparency, and efficiency. Its key features—immutability, cryptography, and decentralization—ensure tamper-proof records, secure data access, and resilience against cyber threats. Blockchain can automate workflows, expedite verification processes, and reduce costs, thereby streamlining certification procedures. This is particularly beneficial for applications such as product certifications, organic farming, education, and sustainability. However, challenges like technological maturity, regulatory frameworks, and user adoption need to be addressed for widespread implementation. In the context of Testing, Inspection, and Certification (TIC) services, blockchain enhances data security and privacy through cryptographic techniques and a distributed ledger system, mitigating risks like data breaches and unauthorized access. It ensures transparency by providing tamper-proof transaction records, which is particularly valuable in areas like telecommunications billing. Additionally, blockchain facilitates product lifecycle tracking, ensuring authenticity and compliance, thereby reducing counterfeit risks and improving supply chain efficiency. In telecommunications, it boosts network security and interoperability while supporting innovative models like decentralized communication networks and peer-to-peer data sharing.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global Testing, Inspection, and Certification (TIC) market features a competitive landscape with several leading companies providing a broad spectrum of services across diverse industries such as automotive, energy, manufacturing, healthcare, and consumer goods. These major players leverage extensive global networks and advanced technologies to deliver high-quality, compliant services that adhere to stringent regulatory standards. They maintain their market position through strategic initiatives like mergers and acquisitions, partnerships, and continuous innovation. Additionally, emerging and regional firms enhance the market dynamics by focusing on niche markets and specialized services, contributing to the overall growth and competitiveness of the TIC industry.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 220.1 billion |
Market size value in 2031 | USD 285.64 billion |
Growth Rate | 3.8% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Testing, Inspection, And Certification (TIC) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Testing, Inspection, And Certification (TIC) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Testing, Inspection, And Certification (TIC) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Testing, Inspection, And Certification (TIC) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG45C2079
sales@skyquestt.com
USA +1 351-333-4748