TMCnet News
Testing, Inspection, and Certification Market worth $280.7 billion by 2029 - Exclusive Report by MarketsandMarkets™CHICAGO, March 15, 2024 /PRNewswire/ -- The global testing, inspection, and certification market was valued at USD 233.2 billion in 2024 and is projected to reach USD 280.7 billion by 2029; it is expected to register a CAGR of 3.8% during the forecast period according to a new report by MarketsandMarkets™. The rise in demand for testing, inspection, and certification services is attributed to stringent government regulations aimed at ensuring product safety and environmental protection, the demand for interoperability testing due to IoT adoption, and the surge in trade involving counterfeit and defective pharmaceutical products. Additionally, the growing emphasis on digitalization to enhance customer experience and the heightened importance placed on food safety and hygiene are expected to drive further expansion of the TIC market in the foreseeable future.  Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=5352498 Browse in-depth TOC on "Testing, Inspection, and Certification Market" Testing, Inspection, and Certification Market Report Scope:
Testing services segment to account for the largest market share in the forecasted year. Testing, inspection, and certification services are crucial across various industries to ensure compliance with standards and regulations. In sectors like automotive, these services verify components such as materials and automotive systems against established standards. The adoption of digital technology is a prominent trend among industry leaders like SGS, Intertek, and Bureau Veritas, expected to drive market growth. TIC firms prioritize verifying the security, effectiveness, and safety of products before and after launch, either through lab tests, on-site inspections, or other methods. With expanding global trade and regulatory requirements, coupled with manufacturers' focus on digitalization, outsourcing of testing, inspection, and certification services is on the rise. Consumer goods & retail application accounted for the largest market share of in the forecasted year. The dominance of consumer goods & retail application in the TIC market is primarily attributed to several factors. These include stringent regulatory requirements ensuring product safety and quality, increasing consumer awareness and demand for certified products, and the need for compliance with industry standards and regulations. Additionally, the globalization of supply chains has led to a greater emphasis on quality control and assurance throughout the manufacturing and distribution process, further driving the demand for testing, inspection, and certification services in the consumer goods and retail sector. Moreover, the rise of e-commerce platforms has intensified competition among retailers, leading to a greater focus on product quality and compliance to gain consumer trust and loyalty. Overall, these factors contribute to the significant share of consumer goods & retail application in the TIC market. Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=5352498 North America is expected to hold the second-largest share of the testing, inspection, and certification market during the forecast period. The testing, inspection, and certification (TIC) industry in North America is segmented into the US, Canada, and Mexico. The US stands out as a primary consumer goods and retail market, propelling the demand for TIC services in the region. Furthermore, it serves as the headquarters for many global corporations spanning various sectors. The presence of a thriving startup ecosystem also adds to the region's vibrancy. The North American Free Trade Agreement (NAFTA), involving the US, Canada, and Mexico, significantly influences regional trade dynamics. By facilitating the exchange of goods and services, NAFTA has contributed to economic growth, particularly benefiting Mexico and Canada. Despite challenges, such as renegotiations and trade disputes, NAFTA has played a pivotal role in fostering trade relations among the three nations. Key Players- The key companies that offer testing, inspection, and certification companies include 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), ASTM (US), Element Materials Technology (UK), and UL LLC (US). Get 10% Free Customization on this Report: Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting Related Reports: Test and Measurement Equipment Market Size, Share, Statistics and Industry Growth Analysis Report by Product Type (General-purpose Test Equipment and Mechanical Test Equipment), Service Type (Calibration Services and Repair/After-sales Services), Vertical and Region - Global Forecast to 2028 Textile Testing, Inspection and Certification (TIC) Market by Application (Textile Testing, Textile Inspection, Textile Certification, & Toys), and Geography - Global Forecast to 2020 Medical Device Testing Market by Service (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Technology (Active Implant, Active, Non-active, IVD, Ophthalmic, Orthopedic & Dental, Vascular), Class (I, II, III) – Global Forecast to 2028 Fire Testing Market by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Chemicals, Construction & Infrastructure, Mining) Region - Global Forecast till 2024 Machine Condition Monitoring Market Size, Share, Statistics and Industry Growth Analysis Report by Technique (Vibration Monitoring, Thermography, Oil Analysis, Ultrasound Emission), Offering (Vibration Sensors, Infrared Sensors, Spectrometers, Corrosion Probes, Spectrum Analyzers), Region - Global Forecast to 2029 About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
|
View original content: