Testing Inspection and Certification (TIC) Market

The global Testing Inspection and Certification (TIC) market was valued at USD 207.2 Billion in 2020 and is projected to reach USD 313.2 Billion by 2028, growing at a CAGR of 5.3% from 2021 to 2028.

The inspection, testing, and certification consists of conformity assessment bodies who offer their services starting from auditing and inspection to testing, quality assurance,verification, as well as certification.this really help an organization or other to increase efficiency of product and services, with minimizing the risk.

The global Testing Inspection and Certification (TIC) market was valued at USD 207.2 Billion in 2020 and is projected to reach USD 313.2 Billion by 2028, growing at a CAGR of 5.3% from 2021 to 2028.

The global Testing Inspection and Certification (TIC) market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 and forecast from 2021 to 2028. 

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The quality of the products help companies for not only gaining the satisfaction of customer but also the retention by reducing the risk and expenses associated with product recalls. Companies gain a good competitive edge while following quality management standards. With this, major certifications are offered by credible authorities to improve the business creditability with overall efficiency. Owing to these advantages the global testing inspection and certification (TIC) for oil & gas market is expected to grow during the forecast period.

The increase in number of international imports and exports, and application in industries like consumer electronics, food and beverage, agriculture, and automotive, is also supporting the growth of the market in the years to come.

Along with internationalism in businesses and trade, regulations by distinct local and standards create barriers to the growth and in products internationally. This has conflicts between the local and international standards and such factors are hindering the market growth.

Service Type  Analysis: Preview

On the basis of Service Type, the market is segmented into Testing, Inspection, Certification. Inspection  held the highest share in 2020 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Inspection in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Testing Inspection and Certification (TIC) market growth.

Sourcing Type Analysis: Preview

Based on Sourcing Type, the market is segmented into In-House, Outsource. In-House  held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Testing Inspection and Certification (TIC)  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

On the basis of region, the global Testing Inspection and Certification (TIC) market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region held a leading share of the global Testing Inspection and Certification (TIC) market in 2020. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. China is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Testing Inspection and Certification (TIC) market are Hohenstein, SGS, Bureau Veritas, Eurofins Scientific, TUV Rheinland, TUV-SUD, Intertek Group, Testex, QIMA, STC.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

• Global Testing Inspection and Certification (TIC) Market is projected to reach USD 313.2 Billion by 2028
• Asia Pacific held the highest share of the Testing Inspection and Certification (TIC) market
• Inspection held the largest share of the product segment in the Testing Inspection and Certification (TIC) market
• In-House held the major share of the application segment in the Testing Inspection and Certification (TIC) market