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 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.