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Testing Inspection and Certification (TIC) Market

Testing Inspection and Certification (TIC) Market

Testing Inspection and Certification (TIC) Market Global Industry Assessment & Forecast

# Pages:

180

Base Year:

2021

Nov - 2021

Format:

Report Code:

VMR-2021-0732

Segments Covered
  • By Service Type Testing, Inspection, Certification
  • By Sourcing Type In-House, Outsource
  • By Application Quality and Safety, Production Evaluation, Industrial Inspection, System Certification, Others
  • By Consumer Electronics, Industrial, Automotive & Transportation, Aerospace & Defense, Others
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: 207.2 Billion
Revenue 2028Revenue 2028: 313.2 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 5.3
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst

Key Insights

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.

Years Parameters
Historical Data (Actual Data) 2016-2020
Base Year Data 2020
Current Year Date 2021
Projected year data 2021-2026
Annual Market Size (2028) 313.2 Billion
Annual Market Size (2021)
CAGR (2021 - 2028) 5.3%

Definition And Overview

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. 

Yearly Infographics 207.2 Billion 313.2 Billion

COVID-19 Impact Analysis

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.

Market Insights

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.

Global Testing Inspection and Certification (TIC) Market Report Scope

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2020
Historic Years 2016-2020
Forecast Years 2021-2028
Market Size Provided In Terms Of Revenue & Volume
Segments Covered Service Type, Sourcing Type, Application
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered Hohenstein, SGS, Bureau Veritas, Eurofins Scientific, TUV Rheinland, TUV-SUD, Intertek Group, Testex, QIMA, STC.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis

Market Segmentation

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.

Global Testing Inspection and Certification (TIC) Market: Service Type Segment Analysis

    • Testing
    • Inspection
    • Certification

Global Testing Inspection and Certification (TIC) Market: Sourcing Type Segment Analysis

    • In-House
    • Outsource

Global Testing Inspection and Certification (TIC) Market: Application Segment Analysis

    • Quality and Safety
    • Production Evaluation
    • Industrial Inspection
    • System Certification
    • Others

Global Testing Inspection and Certification (TIC) Market: Segment Analysis

    • Consumer Electronics
    • Industrial
    • Automotive & Transportation
    • Aerospace & Defense
    • Others

Regional Analysis Preview

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.

Market Size, 2021 (USD Billion)
North America
Europe
Asia Pacific
South America
Middle East Africa

Global Testing Inspection and Certification (TIC) Market: Regional Analysis

  • 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

Competitive Landscape

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.

Key Highlights – Global Testing Inspection and Certification (TIC) 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

FAQ
Frequently Asked Question
  • The global Testing Inspection and Certification (TIC) valued at 207.2 Billion in 2020 and is expected to reach 313.2 Billion in 2028 growing at a CAGR of 5.3%.

  • The prominent players in the market are Hohenstein, SGS, Bureau Veritas, Eurofins Scientific, TUV Rheinland, TUV-SUD, Intertek Group, Testex, QIMA, STC..

  • The market is project to grow at a CAGR of 5.3% between 2021 and 2028.

  • The driving factors of the Testing Inspection and Certification (TIC) include

    • 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.

  • Asia Pacific was the leading regional segment of the Testing Inspection and Certification (TIC) in 2020.