Testing, Inspection, and Certification (TIC) Market to Reach $105.9 Billion by 2027 - Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®
Testing, Inspection, and Certification Market by Service, End User (Retail, Agriculture, Oil and Gas, Construction, Chemicals, Machinery, Transportation, Automotive, Government, Marine, Healthcare), and Region - Forecast to 2027
London, Dec. 09, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled, *“Testing, Inspection, and Certification Market by Service, End User (Retail, Agriculture, Oil & Gas, Construction, Chemicals, Machinery, Transportation, Automotive, Government, Marine, and Healthcare), and Region—Forecast to 2027”, *by Meticulous Research®, the testing, inspection, and certification (TIC) market is expected to register a CAGR of 2.4% from 2020 to 2027 to reach $105.9 billion by 2027.
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A surge in brand protection policies and product diversity, rising illegal trade of counterfeit and pirated goods, increasing stringent government regulations for ensuring safety and security, and the emergence of advanced technologies for automation, remotely-performed services, and enhanced digitization are expected to drive the growth of the testing, inspection, and certification market. Besides, the increasing demand for TIC services and growing awareness among consumers regarding safety and product quality are the key factors driving the growth of this market. The outsourcing of testing, inspection, and certification services to achieve higher product quality is a new trend in the testing, inspection, and certification market. However, the global impact of COVID-19 on most industry verticals, including automotive, manufacturing, consumer goods and retail, and construction, and diverse regulations and standards across different regions may restrain the growth of this market in the coming years.
*The Impact of COVID-19 on the Testing, Inspection, and Certification Market*
As the COVID-19 pandemic continues to spread, the world is still facing an unprecedented crisis. The outbreak has significantly affected the world economy and several industry verticals, including manufacturing and automotive. The impact of COVID-19 has varied depending upon each industry’s level of resilience. Industry verticals, such as manufacturing, retail, and healthcare, are using TIC services amid the COVID-19 pandemic using advanced technologies to maintain the continuity of operations, and conduct audits, damage assessments, and certification procedures. Subsequently, organizations are using remote technological channels and digital testing to ensure the proper delivery of their services and safety of industrial facilities, hospitals, and power grids and conduct the necessary testing required for upholding the quality of essential products and the functioning of critical equipment.
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Organizations operating in the TIC market are strengthening their IT infrastructures and developing business continuity plans, indicating that the testing, inspection, and certification market still holds considerable potential to bounce back from the decline caused by the COVID-19 pandemic. Post-COVID-19, several organizations might consider downsizing by cutting non-critical business lines. With economic and industrial activities largely on hold, it is expected that there will be a severe demand-side impact leading to a sharp decline in market growth. However, TIC services will become increasingly important due to their capabilities of enabling trade, protecting brands, and verifying the safety of products. Thus, these services will be in high demand after the COVID-19 pandemic subsides.
Many leading TIC players are also eying this crisis as a new opportunity for restructuring and revisiting their existing strategies and enhancing their product portfolios. TIC providers are focused on new services and delivery models to smartly access the latent demand for increased automation, remotely-performed services, and enhanced digitization. For instance, in April 2020, Bureau Veritas launched specialized digital tools for various sectors to support remote operations and enable the continuity of business activities such as teleworking, remote inspections, and certification audits. In 2020, Intertek Group Plc launched its new innovative Total Sustainability Assurance program in India to provide an industry-leading, independent quality assurance solution to the companies. Similarly, in 2020, DEKRA SE and Telefónica opened a new 5G research & development laboratory in Málaga, Spain, to provide a test environment in which components and applications for connected driving (V2X) can be tested and validated.
The testing, inspection, and certification market study presents historical market data (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented by service (testing, inspection, and certification), end-user (consumer goods and retail, agriculture and food, oil & gas, construction, chemicals, mining, machinery, transportation, automotive, power generation, government, marine, healthcare, financial institutions, and others), and geography. The study also evaluates industry competitors and analyzes the market at the country level.
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Based on service, the testing segment is estimated to account for the largest share of the overall testing, inspection, and certification market in 2020. The largest share of this segment is primarily attributed to the varied product standards, stringent regulations for food products and medical devices, rising need for improved safety, rapidly increasing industrialization, and a surge in brand protection policies. However, the certification segment is slated to record the highest CAGR during the forecast period due to factors such as the consumers’ growing need for certified products, organizations’ rising need to enhance product value, high demand for quality and safe products, and strong recommendations from regulatory authorities.
Based on end-user, the agriculture and food segment is estimated to account for the largest share of the overall testing, inspection, and certification market in 2020. The largest share of this segment is primarily attributed to the growing popularity of organic and processed foods, the increasing need for close monitoring of food items, and the rising need to improve productivity. However, the healthcare segment is slated to register the highest CAGR during the forecast period due to factors such as the increasing number of clinical trials, acceptance of the ‘quality by design’ approach in pharmaceutical research and manufacture, and growing favorability of the regulatory environment.
Based on geography, North America is estimated to account for the largest share of the global testing, inspection, and certification market in 2020. The largest share of this regional market is primarily attributed to the easy availability of TIC services; the existence of major TIC players; high adoption of TIC services across various industry verticals, including food, healthcare, and automotive; and stringent government regulations on food and drone testing. However, the Asia-Pacific market is estimated to account for the highest CAGR during the forecast period due to factors such as the rising number of startups; growing consumer awareness regarding the importance of quality certification, testing, and inspection; rapidly growing industrialization; and increasing investments by private and public players in the region’s healthcare sector.
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The report also includes an extensive assessment of the key strategic developments by the leading market participants over the past few years. In recent years, the testing, inspection, and certification market witnessed partnerships and agreements focused on geographic expansion, strengthening of manufacturing and distribution capabilities, fulfilling the growing needs of global customers, and improving market positions.
The testing, inspection, and certification market is fragmented. The major players operating in this market are SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), TÜV Süd AG (Germany), Dekra SE (Germany), Eurofins Scientific SE (Luxembourg), TÜV Rheinland AG Group (U.S.), Element Materials Technology Ltd. (U.K.), Lloyd’s Register Group Limited (U.K.), APPLUS+ (Spain), AsureQuality (New Zealand), DNV GL (Norway), ALS Ltd. (Australia), Mistras Group (U.S.), and UL LLC (U.S.), among others.
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*Scope of the Report:*
*TIC Market by Service *
· Testing
· Inspection
· Certification
*TIC Market by End User *
· Consumer Goods and Retail
· Agriculture and Food
· Oil & Gas
· Construction
· Chemicals
· Mining
· Machinery
· Transportation
· Automotive
· Power Generation
· Government
· Marine
· Healthcare
· Financial Institutions
· Others
*TIC Market by Geography:*
· North America
· U.S.
· Canada
· Europe
· Germany
· U.K.
· France
· Italy
· Spain
· Rest of Europe
· Asia-Pacific
· Japan
· China
· India
· Rest of Asia-Pacific
· Latin America
· Middle East & Africa
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Content Source: https://www.meticulousresearch.com/press-release/testing-inspection-and-certification-market-2027/526
CONTACT: Mr. Khushal Bombe
Meticulous Research®
Email- sales@meticulousresearch.com