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.
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Testing, Inspection, and Certification Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 233.2 billion |
|
Estimated Value by 2029 |
$ 280.7 billion |
|
Growth Rate |
Poised to grow at a CAGR of 3.8% |
|
Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Service Type, Sourcing Type, Application and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Slower adoption of advanced technologies by small and medium-sized TIC companies |
|
Key Market Opportunities |
Use of blockchain technology in TIC services |
|
Key Market Drivers |
Increasing need for interoperability testing owing to growing adoption of IoT |
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.
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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).
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