Testing, Inspection, and Certification (TIC) Market to Surpass USD 358 Billion by 2031 | SkyQuest Technology
Westford, USA, May 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Testing, Inspection, And Certification (TIC) Market will attain a value of USD 358 billion by 2031, with a CAGR of 5.30% during the forecast period (2024-2031). Testing, inspection, and certification, or TIC, refers to a range of services that include auditing, inspection, product and equipment certification, testing, verification, and quality assurance. By lowering risk, these aid in boosting production efficiency and lowering mistake. The oil and gas, food, pharmaceutical, chemical, and other industries can all benefit from TIC services.
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*Browse in-depth TOC on the " Testing, Inspection, And Certification (TIC) Market " *
· Pages - 165
· Tables - 128
· Figures – 77
*Testing, Inspection, And Certification (TIC) Market Overview:*
*Report Coverage* *Details*
Market Revenue in 2023 $236.84 billion
Estimated Value by 2031 $358 billion
Growth Rate Poised to grow at a CAGR of 5.30%
Forecast Period 2024–2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Service Type, Sourcing, Enterprize and Industry Verticals
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights Successful collaboration in this market leading to better R&D and implementation
Key Market Opportunities Use of Blockchain Technology in TIC Services
Key Market Drivers Increasing Need for Interoperability Testing Owing to Growing Adoption of IoT
*Driving Force Behind the Industrial Vertical is Surge in TIC Services to Ensure Adherence*
Tight regulatory requirements are the reason for the oil and gas industry vertical's dominance in the global testing, inspection, and certification (TIC) market. Businesses must invest heavily in TIC services to guarantee adherence to the increasingly strict safety and compliance rules in the oil and gas industry. The industry's requirement to uphold operational integrity and comply with regulations is directly responsible for the increased need for testing, inspection, and certification services.
*Surge in Specialized Testing Service to Promote Service Type Growth*
Increasing technical complexity is the reason for the dominance of testing service types in the global testing, inspection, and certification (TIC) market. Specialised testing services are becoming more and more necessary as companies develop and adopt new technology. This is so that safety, dependability, and regulatory compliance may be guaranteed in the case of complicated technologies, which call for extensive and exact testing. Thus, the need for thorough testing methodologies is driven by the ongoing growth and sophistication of industrial processes and products, which in turn drives demand for testing services.
*Asia Pacific is Dominant Due to Mature Ecosystem of Government Agencies*
Due to the heavy reliance of many European and American countries on APAC-based companies for medical devices, personal protective equipment (PPE) kits, pharmaceuticals, and other necessary equipment, Asia Pacific is predicted to grow at the fastest CAGR in the global testing, inspection, and certification market. Aside from this, China and India are now the centre of heightened R&D efforts in linked and autonomous vehicles (new and enhanced technology).
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*Testing, Inspection, and Certification (TIC) Market Insight*
Drivers:
1. Increasing Need for Interoperability Testing Owing to Adoption of IoT
2. Regulatory Compliance for Building and Construction
3. Globalization Drives Construction TIC Standards
Restraints:
1. Slower Adoption of Advanced Technologies by Small and Medium Sized TIC Companies
2. Cost and Budget Constraints Hinder Construction
3. Limited Awareness Among Stakeholders
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*Prominent Players in Global Testing, Inspection, And Certification (TIC) Market*
· 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)
*Key Questions Answered in Global Testing, Inspection, And Certification (TIC) Market Report*
· Which major areas are covered in the Global Testing, Inspection, and Certification (TIC) Market study, and what role do they play in the thorough analysis that it provides?
· What effect does the rise in specialized testing services have on the demand for testing services, and how does it correspond with the growing technical complexity of industrial processes and products?
· What aspects of the global TIC market are dominated by the oil and gas industry vertically, and how is the need for testing, inspection, and certification services in this industry shaped by strict regulations?
*This report provides the following insights:*
· Analysis of key drivers (Rising focus of manufacturing companies on high quality products, risk and expenses involved with product recall, many business to experience competitive advantage and commercial creditability & general efficiency), restraints (High cost due to various local norms & standardization hurdle, impeding market expansion and variations in regulatory requirements across various regions), opportunities (Blockchain technology offers has the transform certification processes, resilience against cyber threats and transparency by providing tamper-proof transaction records), and challenges (Impact on operations & professional activities and TIC poses challenges for new entrants and smaller players) influencing the growth of testing, inspection, and certification (TIC) market
· Market Penetration: Comprehensive information on the product portfolios offered by the top players in the testing, inspection, and certification (TIC) market
· Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the testing, inspection, and certification (TIC) market
· Market Development: Comprehensive information on lucrative emerging regions
· Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
· Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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