Testing Inspection and Certification (TIC) Market Overview:
The global Testing and Inspection Certification Market is anticipated to grow at a CAGR of 5.60% from 2023 to 2032, reaching USD 92.75 billion by the end of the forecast period. Testing inspection and certifications are being increasingly adopted by customers to gain information rapidly, connect with their peers on social media platforms, and communicate with others. MRFR’s report on the testing inspection and certification market focuses on rapid changes in technologies and latest evolutions. It offers drivers, opportunities, and restraints for the forecast period (2023-2032). The COVID-19 pandemic and its implications are explored in depth in the market.
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Key Players:
Key Companies in the Testing Inspection and Certification (TIC) market include,
- GBureau Veritas SA (France)
- SGS Group (Switzerland)
- Dekra Certification GmbH (Germany)
- ALS Limited (Australia)
- Intertek Group plc. (the U.K.)
- ASTM International (U.S.)
- SAI Limited (Australia)
- BSI Group (U.K.)
- UL LLC (U.S.)
- MISTRAS Group, Inc. (U.S.)
Market Scope:
The global testing inspection and certification market is set to thrive over the forecast period owing to safety maintenance and high expectations of quality of products. Stringent quality assurance tests, high maintenance checks, and introduction of new standards to protect customers from accidents can bode well for the market. New entrants in sunrise industries can benefit from the market by improving their credibility by passing these tests.
Increasing awareness among customers and high levels of testing in the food and beverage sector to protect them can be opportune to the market. Growth of manufacturers in the Asia-Pacific and overgrowing demand of goods can push the testing inspection and certification market growth.
But differentiations in rules and regulations on basis of states and countries can hamper the market.
COVID-19 Impact Analysis
The testing inspection and certification market has been highly affected by the COVID-19 pandemic due to inspection tests undertaken to lower risks to services and production have taken a hit. Innovations in technologies and techniques to conduct inspections remotely and safely can allow health inspectors, clients, and other participants to be diligent from the confines of their homes.
Testing Inspection and Certification (TIC) Market Segmentation:
The Testing, Inspection and Certification (TIC) market is segmented on the basis of service type, sourcing type, application, industry vertical and region.
By Service Type:
The market is divided into testing, inspection, and certification. Testing is the process of determining the quality, performance, or characteristics of a product or service. Inspection is the process of verifying that a product or service meets the required standards. Certification is the process of verifying that a product or service meets the required standards and is issued by a third-party organization.
By Sourcing Type:
The market is bifurcated into in-house, and outsource. In-house testing, inspection, and certification is performed by the company itself. Outsourcing testing, inspection, and certification is performed by a third-party organization.
By Application:
The market is segmented into automotive, aerospace, defense, electronics, food and beverage, healthcare, industrial, oil and gas, and others. The automotive industry is the largest application segment for TIC services. This is due to the increasing demand for safety and quality in the automotive industry.
By Industry Vertical:
The market is segmented into manufacturing, construction, energy, and others. The manufacturing industry is the largest industry vertical for TIC services. This is due to the increasing demand for quality and safety in the manufacturing industry.
By Region:
The market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for TIC services. This is due to the presence of a large number of manufacturing companies in the region.
Regional Analysis:
The regional analysis of the TIC market includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is the largest market for TIC services, accounting for a share of over 30% of the global market in 2022. The growth of the market in North America is attributed to the presence of a large number of manufacturing companies in the region. These companies are required to comply with various safety and quality standards, which is driving the demand for TIC services.
Europe is the second-largest market for TIC services, accounting for a share of over 25% of the global market in 2022. The growth of the market in Europe is attributed to the increasing focus on safety and quality in the region. The European Union has implemented various regulations that require companies to comply with certain safety and quality standards. This is driving the demand for TIC services in the region.
Asia Pacific is the fastest-growing market for TIC services, with a CAGR of over 5.60% from 2023 to 2032. The growth of the market in Asia Pacific is attributed to the rapid economic growth in the region. The growing middle class in Asia Pacific is demanding high-quality products and services. This is driving the demand for TIC services in the region.
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Testing Inspection and Certification (TIC) Industry Developments:
The Testing, Inspection, and Certification (TIC) industry is constantly evolving, with new developments happening all the time. Here are a few of the most notable TIC industry developments that have taken place in 2023:
January (2023): The American Society for Testing and Materials (ASTM) released a new standard for testing the durability of concrete pavements. The new standard, ASTM D7028, is designed to help engineers and contractors design and build more durable concrete pavements that can withstand the wear and tear of everyday use.
February (2023): The International Organization for Standardization (ISO) published a new standard for testing the safety of toys. The new standard, ISO 8124-1, is designed to help manufacturers and retailers ensure that toys are safe for children to play with.
March (2023): The European Union (EU) implemented new regulations for the testing and certification of medical devices. The new regulations, known as the Medical Device Regulation (MDR), are designed to ensure that medical devices are safe and effective before they are placed on the market.
April (2023): The United States Environmental Protection Agency (EPA) released a new guidance document on the testing and certification of nanomaterials. The new guidance document, EPA 560/5-2023-001, is designed to help manufacturers and users of nanomaterials comply with EPA regulations.
May (2023): The American Society for Quality (ASQ) announced the launch of a new certification program for TIC professionals. The new certification program, ASQ CQI-TIC, is designed to help TIC professionals demonstrate their skills and knowledge in the field of testing, inspection, and certification.
These are just a few of the many TIC industry developments that have taken place in 2023. The TIC industry is constantly evolving, and it is important for TIC professionals to stay up-to-date on the latest trends and developments in the field.
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