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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: 2021 - 2028
Historical YearsHistorical Years: 2016 - 2020
Revenue 2021Revenue 2021: 207.2 Billion
Revenue 2028Revenue 2028: 313.2 Billion
Revenue CAGRRevenue CAGR (2021 - 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

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
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.