Testing, Inspection, And Certification Market Overview, Cost Structure Analysis and Forecast to 2030

Posted on 2022-07-22 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, July 22, 2022 — /EPR Network/ —

Testing, Inspection, And Certification Industry Overview

The global testing, inspection, and certification market size is expected to reach USD 491.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.0% from 2022 to 2030. The incremental deployment rates of testing, inspection, and certification systems and solutions can be accredited to the rise in manufacturing activities worldwide. Furthermore, the onset of Industry 5.0 and the rise in connected systems further augment the need to deploy TIC-based technologies in tandem with manufacturing activities. Thus, the manufacturing application segment is expected to expand at a significant growth rate over the forecast period due to the need to optimize manufacturing processes and end products.

The integration of cloud technology with the Testing, Inspection, And Certification (TIC) market is one of the significant market drivers. The need to access data instantly, automate certification and issue reports on a real-time basis highlights the importance of storing essential TIC-related data in the cloud. Moreover, cybersecurity concerns such as increasing instances of cyberattacks and data privacy threats further highlight the importance of a safe cloud architecture to safeguard data from people with malicious intent. This is expected to help in general data regulation, security certifications, and software testing. For instance, in February 2022, Intertek Group plc, one of the prominent providers in connectivity testing and cybersecurity, established its Acucert, the first ISO/IEC certified cybersecurity testing lab in Mumbai, India. Acucert has significant expertise in IT system and software testing while meeting stringent quality control standards. Further, opening a new testing lab would help them promote internationally and nationally.

Testing, Inspection, And Certification Market Segmentation

Grand View Research has segmented the global testing, inspection, and certification market based on service type, sourcing type, application, and region:

Based on the Service Type Insights, the market is segmented into Testing, Inspection, and Certification.

The testing segment accounted for the largest revenue share of over 70.0% in 2021. This is owing to the high use of testing practices in the automotive, energy and utilities, oil and gas and petroleum, and the manufacturing industries. Practical testing of products enables companies to maintain high-quality parameters and meet the needs of customers.
The inspection segment is expected to offer significant growth opportunities to the market. This can be attributed to the rise in supply chain activity in countries such as Switzerland, Japan, Germany, and Norway, thereby enabling the deployment of inspection practices. Furthermore, the consumer goods sector contributes to the growth of the inspection segment.
The enforcement of extensive government standards and stringent regulations to ensure passenger safety and security while traveling in public transport systems accelerates the demand for testing, inspection, and certification services in the coming years.

Based on the Sourcing Type Insights, the market is segmented into In-house and Outsourced.

The in-house type captured the largest revenue share of above 55.0% in 2021. Deploying in-house testing and inspection methods enables companies to practice practical TIC activities as there is on-site availability and the ability to hire talent and set up custom practices according to the need and desires of the company.
The outsourced segment is expected to offer significant growth opportunities to the market. The segment is expected to register the highest CAGR over the forecast period. The outsourcing segment promises companies to practice cost-effectiveness and focus on short-term commitments.

Based on the Sourcing Application Insights, the market is segmented into Consumer Goods & Retail, Agriculture & Food, Chemicals, Infrastructure, Energy & Power, Education, Government, Manufacturing, Healthcare, Mining, Oil & Gas and Petroleum, Public Sector, Automotive, Aerospace & Defense, Supply Chain & Logistics, and Others.

The infrastructure segment dominated the market and accounted for more than 13.0% share of the global revenue in 2021. Rising infrastructural activity in countries such as China, India, and several European countries is facilitating higher adoption rates of TIC services and products in their regions, offering an impetus to market growth.
The consumer goods and retail sector has gained significant revenue share due to the increasing inspection activities carried out by companies in the segment. Consumer good companies have to comply with several quality regulations and standards to offer the best quality products to their customers.

Testing, Inspection, And Certification Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

Significant companies in the TIC market have started diversifying and enhancing their service offerings. The need to mitigate the COVID-19 crisis has prompted companies to offer products and services related to wastewater testing and analysis.

Some prominent players in the global testing, inspection, and certification market include:

ALS Limited
Applus+
Bureau Veritas SA
DEKRA SE
DNV GL
Element Materials Technology
Eurofins Scientific
Intertek Group plc
MISTRAS Group, Inc.
SGS SA
TÜV NORD GROUP
TÜV Rheinland
TÜV SÜD
UL LLC

Order a free sample PDF of the Testing, Inspection, And Certification Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Matched content

Editor’s pick