Testing, Inspection, and Certification Market Growth | 2023-28

Market Insights

The testing, inspection, and certification market is projected to grow from USD 217.78 billion in 2022 to USD 275.83 billion by 2028 at a CAGR of 4.02% during the forecast period.

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What is testing, inspection, and certification (TIC)?

Testing, inspection, and certification (TIC) are referred to as services ranging from auditing and inspection to verification, testing, quality assurance, and certification of the equipment, product, and other services. These help in improving the efficiency of production to minimize error by reducing risk. TIC services apply to food, oil & gas, chemical, pharmaceuticals, and other sectors.

COVID-19 Impact Analysis

The COVID-19 pandemic has moderately impacted the testing, inspection, and certification sector. The ongoing pandemic has led to the lockdown all over the world. It has reduced manufacturing & production activities in various regions worldwide owing to the implementation of lockdowns by several national governments. However, the healthcare industry witnessed robust TIC practices owing to the soaring need to acquire healthcare services & related products, including medicinal supplies.

Key Players

The following are the key players operating in the market-

• Intertek Group PLC (UK)
• SGS SA (Switzerland)
• Bureau Veritas SA (France)
• Underwriters Laboratories (UL) (US)
• DNV GL (Norway)
• Eurofins Scientific SE (Luxembourg)
• Dekra Certification GmbH (Germany)
• ALS Limited (Australia)
• BSI Group (UK)
• SAI Global Limited (US)

Market Dynamics

The market is driven by a host of factors, some of which are noted below:

• Growing focus of manufacturing companies to enhance customer retention by providing quality products and rising demand for interoperability testing for connected devices & IoT.
• The growing need of enterprises & corporations to engage in safe and efficient testing, inspection, and certification (TIC) practices offers significant growth opportunities.
• The imposition of various government standards and strict regulations to guarantee passenger safety and security boosts the demand for testing, inspection, and certification services in the coming years.
• Strict regulations by the government related to food and consumer product testing, mandatory inspection regulations, and an increase in consumer goods trade due to digital transformation.
• Growing initiatives and favorable rules and regulations of governments across the globe pertaining to environmental protection through cleaner production.

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Segment Analysis

Service Type

The market has been classified into testing, inspection, and certification. Under these, the testing segment held an astounding market share of more than 70% in 2022 & is expected to remain the largest market for thin film encapsulation during the forecast period. This is mainly attributed to the strong usage of testing practices in energy & utilities, automotive, petroleum, oil & gas, and manufacturing sectors.

Also, practical testing of products helps companies to sustain high-quality parameters and cater to the needs of customers, thereby augmenting segment growth in the coming years.

Sourcing Type

The market has been bifurcated into In-House & Outsourced. Under these, the in-house segment occupied a market share of more than 55% in 2022 & is expected to grow at a healthy CAGR during the forecast period. In-house services are preferred over outsourced TIC services by sectors like the public sector and mining, the in-house sourcing segment is anticipated to hold a larger market share.

Companies have total control over the whole process and production facility thanks to in-house testing services. Companies with in-house core business knowledge provide in-house testing services. A business must have internal biotechnology, testing, and measuring capabilities as well as qualified staff if it wants to carry out testing, inspection, and certification tasks in-house.

Regional Analysis

The Asia Pacific held a significant market share of more than 30% in 2022 and is projected to grow at a robust CAGR in the coming years.

The rapid pace of industrialization and urbanization in the region has led to a surge in demand for TIC services, particularly in industries such as manufacturing, construction, and healthcare. The growing trend of outsourcing TIC services to specialized third-party providers has also contributed to the growth of the market.

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Overall, the TIC market in the Asia Pacific region is expected to continue to experience strong growth in the coming years, driven by a combination of increasing demand from industries and a growing focus on quality and safety standards.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Target Audience

The target audience of testing, inspection, and certification market includes-

• Testing, Inspection and Certification companies
• Testing, Inspection and Certification distributors
• Retail & manufacturing companies
• Government organizations

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.