Testing, Inspection, And Certification (TIC) Market Size, Share, Growth Analysis, By Service Type(Testing Services, Inspection Services, Certification Services, and Others), By Sourcing Type(In-House, Outsourced), By Application(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)), By Region - Industry Forecast 2024-2031

Global Testing, Inspection, and Certification (TIC) Market size was valued at USD 220.1 billion in 2022 and is poised to grow from USD 228.37 billion in 2023 to USD 285.64 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031). 

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. 'Dekra Certification GmbH (Germany) ', 'ALS Limited (Australia) ', 'BSI Group (UK) ', 'Kiwa NV (Netherlands) ', 'SAI Global Limited (Australia) ', 'SGS SA (Switzerland) ', 'Bureau Veritas (France) ', 'Intertek Group plc (UK) ', 'Eurofins Scientific (Luxembourg) ', 'DEKRA (Germany) ', 'TÜV SÜD (Germany) ', 'DNV GL (Norway) ', 'TÜV RHEINLAND (Germany) ', 'Applus+ (Spain) ', 'ALS (Australia) ', 'TÜV NORD Group (Germany) ', 'Lloyd’s Register Group Services Limited (UK) ', 'MISTRAS Group (USA) ', 'Element Materials Technology (UK) ', 'UL LLC (US)'

The increasing adoption of smart technologies to improve production and output, and the increasing need to assess IoT devices for data and product quality, is becoming the primary growth in the TIC market. Hence, while IoT and smart connected devices provide more opportunities for achieving higher profit margins for the manufacturers and developers they are also associated with large risks and challenges for the same manufacturers and developers given the high incidence of data breaches. To counter these risks, the manufacturers are focusing on providing better protection to the devices and the data of the users. Thus, the TIC industry is already playing a proactive role in the prevention and mitigation of cybersecurity threats by following common standards and regulations like ANSI/UL 2900, IEC 62443, and NIST CSF. The usage of personal IoT devices which include fitness wearables and now emergence of smart home ecosystem devices has changed the dynamics of customer and enterprise and the communication service providers’ interactions. These devices bring automation and flexibility to different business activities, making it important to perform tests that would confirm the secure connection and the ideal performance of these solutions. 

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.