The Global Testing, Inspection and Certification (TIC) Market size is expected to reach $280.1 billion by 2030, rising at a market growth of 3.3% CAGR during the forecast period
To make mobility safer, more secure, as well as more physically effective, TIC supports automotive suppliers in the ongoing improvement of current technology as well as new developments. Therefore, Automotive sector captured $14,063.4 million revenue in the market in 2022.
New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Testing, Inspection and Certification Market Size, Share & Industry Trends Analysis Report By Application, By Sourcing Type, By Service Type, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06488084/?utm_source=GNW
Increased use of TIC results from the rising number of car component failure situations. Customers get dissatisfied due to component failures, which incur significant costs for the business. Establishing in-house TIC infrastructure or collaborating with regional TIC service providers is projected to need significant investment from automakers to produce goods that adhere to regional regulatory standards.
The major strategies followed by the market participants are Partnerships as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In November, 2022 Applus+ joined hands with Sentin GmbH to profitably combine artificial intelligence into the daily work of the testing, inspection, and certification industry. Furthermore, both companies agreed on joint development work in the area of image recognition and evaluation. Additionally, In May, 2023, SGS SA came into partnership with Eezytrace to support food operators enhance food safety management across the world. Furthermore, the alliance with Eezytrace sets the new benchmark for excellence and efficiency in the food service and retail industry.
Based on the Analysis presented in the KBV Cardinal matrix; Eurofins Scientific SE, SGS S.A. and Bureau Veritas S.A. are the forerunners in the Market. In January, 2022, Bureau Veritas partnered with NAPA, the provider of maritime software, services, and data analysis. This partnership allows highly effective and widespread usage of 3D models in the class approval process. Additionally, both companies would seek to enhance the complete efficiency and accuracy of future vessel development and solve the present challenges related to 2D drawings. Companies such as DEKRA SE, DNV AS and Intertek Group PLC are some of the key innovators in the Market.
Market Growth Factors
Strict laws and regulations and increasing demand for product standardizations
In order to guarantee that products are secure and of the highest caliber, government authorities in several nations have made testing and certification of inspections necessary. For consumer items to adhere to regulatory requirements, they must pass safety and quality inspections performed by an independent lab. Globally, producers must abide by laws and regulations that are getting stricter to safeguard people’s and the environment’s safety. The classification, labeling, and packaging/globally harmonized system (CLS/GHS), REACH, CE, and RE Marking, EU Children Safety, and Toy Safety Act, among other safety regulations, are just a few of the regulations that manufacturers in European nations must abide by. Therefore, the increasing provisions of such acts to conform to standards will propel the market’s growth in the coming years.
Increasing adoption of artificial intelligence and machine learning globally
In recent years, technology has changed in every field at a rapid pace. The healthcare sector has seen significant technical advancements. It will be feasible to detect and treat medical conditions in people well before they show any symptoms because of the capacity to collect data from wearable technology, such as smartwatches. One can predict that treatments will take a tailored approach. Precision medicine, which enables doctors to precisely prescribe medications and administer treatments to patients, is another name for this. The development of genetics and AI has made it possible to better understand how people respond to various drugs and therapies. As a result, the demand for testing, inspection, and certification services by manufacturing companies to guarantee the successful delivery of their goods has increased, accelerating the market’s development.
Market Restraining Factors
Geographical diversity contributing to the high price of TIC services
Companies incur additional costs (hiring local staff to address tax-related issues) due to different tax rates caused by regulatory standards across different geographic regions. Companies that do testing, inspection, and certification must adhere to local laws as well as the rules and standards of the nations in which they do business; this may reduce the effectiveness of their operations. Obstacles to items being accepted worldwide are likely to be caused by unique local legislation and standards. As a result, conflicts arise between regional and global norms, which slows market expansion. To address how pollutants like nitrogen oxide, non-methane organic oxides, and carbon monoxide affect air quality, the US and the EU have established several anti-pollution policies. Hence, the differences in regional, national, and local standards obstruct proper compliance with regulations, hampering the market’s growth.
Service Type Outlook
Based on service type, the market is characterized into testing, inspection, and certification. The certification segment procured a considerable growth rate in the market in 2022. To display conformity marking on their products or to give certificates confirming compliance with requirements, firms are granted product licenses or certificates by a certification authority. Consumers are assured that the products are of high caliber by compliance with the standards. A product’s compliance with rules and/or standards has been verified through testing and certification. Only those businesses get the certification with a quality control system that is effective enough to preserve the conformance of their products to the standards. In the food and IT & telecommunications certification services, players can find profitable opportunities.
Sourcing Type Outlook
On the basis of sourcing type, the market is classified into in-house and outsourced. The outsourced segment recorded a significant revenue share in the market in 2022. Companies can be cost-effective and concentrate on short-term commitments through the outsourcing segment. The efficiency of the system is increased by helping businesses implement TIC practices utilizing several engagement models, such as the hourly model, the material and time model, and the dedicated team model. In addition, growing urbanization and globalization have complicated the supply chains for TIC services, which has, in turn, led to the commercialization of laboratories, raised the bar for efficiency, and ultimately increased demand for outsourced services.
Application Outlook
By application, the market is divided into consumer goods & retail, medical & life sciences, agriculture & food, chemicals, infrastructure, manufacturing, mining, oil, & gas, public sector, automotive, IT & telecom, and others. The consumer goods and retail segment witnessed the maximum revenue share in the market in 2022. The use of cutting-edge technologies like machine learning (ML), artificial intelligence (AI), and the Internet of Things (IoT) is responsible for this segment’s expansion. Consumer purchases of computers, laptops, cell phones, and other devices have increased due to the growing trend of working from home or remotely. As a result, there is a high demand for testing, inspection, and certification services to ensure that consumer-purchased gadgets adhere to strict safety and inspection standards.
Regional Outlook
Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment recorded the largest revenue share in the market in 2022. The market for testing, inspection, and certification is expanding in the Asia Pacific region due to several factors, including raised research & development in connected and autonomous cars (new as well as improved technologies) and improved lifestyles. Furthermore, the significant reliance of many developed nations on Asian manufacturers of medical devices, pharmaceuticals, personal protective equipment (PPE), and other essential equipment also drives the demand for TIC services.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SGS S.A., Bureau Veritas S.A., Intertek Group PLC, Eurofins Scientific SE, TÜV Rheinland AG, Applus+ Group, TÜV Nord Group, DEKRA SE, TUV SUD and DNV AS.
Recent Strategies Deployed in Testing, Inspection and Certification (TIC) Market
Partnerships, Collaborations and Agreements:
May-2023: SGS SA came into partnership with Eezytrace, an advanced software solution that powers data-driven risk management and helps digitize self-check procedures in the food service industry. With this partnership, SGS aims to support food operators enhance food safety management across the world. Furthermore, the alliance with Eezytrace sets the new benchmark for excellence and efficiency in the food service and retail industry.
May-2023: SGS partnered with Worldly, the global comprehensive impact intelligence platform for consumer goods and fashion businesses. With this partnership, SGS would bring scalable, third-party data validation to the consumer goods industry, to help enterprises frequently and accurately report to stakeholders, decreasing greenwashing risk, improving supply chain transparency, and complying with key legislation.
Apr-2023: DEKRA partnered with LatticeFlow, a company engaged in AI development and deployment platform for continuously enhancing model performance. Under this partnership, both DEKRA and LatticeFlow would offer AI safety assessments for business clients. The combined portfolio would offer the industry’s first AI model assessment service, backed by the ISO standards for model robustness and data quality.
Nov-2022: SGS came into an agreement with Envirosuite Limited. Under this agreement, both companies would aim to promote, commercialize, and sell bundled services that merge SGS’s testing, inspection, and certification services with Envirosuite’s “EVS Omnis” environmental intelligence platform, to deliver comprehensive compliance and operational optimization solutions for companies in a range of industries worldwide, consisting of the mining, heavy industrial and oil and gas sectors.
Nov-2022: Applus+ joined hands with Sentin GmbH, the visual and image-based inspection of materials company. This collaboration aims to profitably combine artificial intelligence into the daily work of the testing, inspection, and certification industry. Furthermore, both companies agreed on joint development work in the area of image recognition and evaluation.
Aug-2022: Intertek signed an agreement with the Tanzania Bureau of Standards, a government department. This agreement aims to continue to support Intertek’s Pre-Shipment Verification of Conformity (PVoC) program for exports to the nation. The PVoC was implemented by the Tanzania Bureau of Standards to verify the safety and quality of all regulated products being exported to Tanzania across the country of supply.
May-2022: DEKRA came into an agreement with Korea Testing Laboratory (KTL), a Korea-based leading testing and certification body. Following this agreement, both DEKRA and KTL would develop cooperation opportunities under the scope of testing and certification services. Furthermore, this agreement would deliver a strong platform for mutual business development and cooperation.
Apr-2022: TÜV SÜD collaborated with ioMosaic, a leading US provider of process safety solutions. The collaboration aims to ally process safety and risk management services. Moreover, this collaboration would benefit the customers of both TÜV SÜD and ioMosaic, offering a broader range of services and additional digital applications, and wider training offers, notably increasing laboratory capacity and more training specialization.
Feb-2022: TUV SUD signed an agreement with Tractebel DOC, an Offshore- Wind energy project development company. This agreement would focus on joint project implementation and the development of new markets and services. Moreover, both companies would combine their strengths to win new markets and new customers in established markets.
Jan-2022: SGS collaborated with Microsoft, a global information technology company. The collaboration would combine SGS with Microsoft’s cross-industry specialization, modern data solutions and productivity platforms, and its global network and leading industry competence to design advanced solutions for the Testing, Inspection, and Certification (TIC) industry’s customers. Additionally, the alliance aligns the SGS with customer needs and the key TIC megatrends of consumer empowerment health and wellness, sustainability and climate, connectivity, nutrition, and infrastructure.
Jan-2022: Bureau Veritas partnered with NAPA, the provider of maritime software, services, and data analysis. This partnership allows highly effective and widespread usage of 3D models in the class approval process. Additionally, both companies would seek to enhance the complete efficiency and accuracy of future vessel development and solve the present challenges related to 2D drawings.
May-2021: Intertek Sri Lanka came into an agreement with the Hambantota International Port Group (Private) Limited. Under this agreement, companies aim to deliver advanced and bespoke Assurance, Certification, Inspection, and Testing services.
Product Launches and Product Expansions:
May-2023: Eurofins Consumer Product Testing unveiled Cotton Origin Verification Testing service utilizing a combination of analytical techniques including Stable Isotope Ratio Analysis. The launched Cotton Origin Testing Service uses an integration of analytical techniques, consisting of Stable Isotope Ratio Analysis, to precisely find if a cotton sample is consistent with the claimed origin.
Acquisitions and Mergers:
Apr-2023: Eurofins Softlines & Leather – Toys & Hardlines, part of Eurofins CPT International Business Line, acquired Modern Testing Services, a full-service safety and quality services provider for the consumer product industry, as an integral component of its global strategic expansion plan. This acquisition would boost the pursuit of Eurofins S&L-T&H’s objective of becoming a leader in the testing, inspection, and certification (TIC) industry for customer products.
Jul-2022: DNV took over The Registrar Company, a certification body delivering certification and training services to SMEs across North America. This acquisition aims to strengthen DNV’s presence and portfolio in North America.
Jul-2021: Eurofins Consumer Product Testing completed the acquisition of Grant4Com Oy, a company engaged in providing a broad range of electrical, electronic, and mechanical product testing and certification services. This acquisition consists of testing services, and also premises, equipment, staff, and know-how. Additionally, the combined service offerings would enable customers of both companies to have access to a complete range of fully accredited consultation and testing services.
Geographical Expansions:
Jul-2023: TÜV Rheinland expanded its geographical footprint by relocation of its existing laboratory in Arkansas, United States. The newly opened facility would be a more accessible and larger site to deliver customers with improved services consisting of wider test scopes, sustainable solutions, and cutting-edge testing technologies.
Feb-2023: SGS expanded its geographical presence by opening a new facility in Georgia, USA. The company broadened its worldwide network of testing and certification services available to the luminaire sector. Moreover, The ISO/IEC 17025 and ISO 17065 accredited facility delivers manufacturers and retailers in the US a ‘one-stop-shop’ for a complete offering of environmental testing for energy efficiency, safety certification, lighting performance, and RF/EMC.
Scope of the Study
Market Segments covered in the Report:
By Application
• Consumer Goods & Retail
• Agriculture & Food
• Chemicals
• Infrastructure
• Manufacturing
• Medical & Lifesciences
• Mining, Oil & Gas
• Automotive
• Public Sector
• IT, Telecom & Others
By Sourcing Type
• In-house
• Outsourced
By Service Type
• Testing
• Inspection
• Certification
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• SGS S.A.
• Bureau Veritas S.A.
• Intertek Group PLC
• Eurofins Scientific SE
• TÜV Rheinland AG
• Applus+ Group
• TÜV Nord Group
• DEKRA SE
• TUV SUD
• DNV AS
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
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