Testing, Inspection and Certification (TIC) Market

Global Testing, Inspection and Certification (TIC) Market: Overview

According to Custom Market Insights (CMI), The Global Testing, Inspection and Certification (TIC) Market  Size was estimated at USD 233.3 billion in 2021 and is anticipated to reach around USD 304.5 billion by 2030, growing at a CAGR of roughly 5.5% between 2022 and 2030.

The global Testing, Inspection and Certification market research report offers an in depth analysis of the global market size, which is further segmented into the regional and country level market size, and segmentation market growth. Also, it provides the market share, sales analysis, competitive landscape, the impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, product launches, and technological innovations.

Post-COVID-19 pandemic, the transportation industry is again witnessing very high growth globally. With the economies attempting to resume at full swing, the transportation industry is projected to attract more growth in terms of upgrades, use of state of the art technology, and shift in consumer mindset. Besides, the pandemic has affected the global supply chain causing huge delays in the transportation of goods, and products throughout all business sectors. However, in the healthcare sector, collaborative practices such as partnerships with NGOs and others have been empowering the production and distribution of biomedical products. Therefore, the market conditions are full of opportunities for new entrants.

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Testing, Inspection and Certification (TIC) Market: Growth Drivers

The Testing, Inspection, and Certification market is propelled by the growing digitalization, increasing internet penetration, and the rise in spending capabilities of individuals. The market is expected to boost due to the growing adoption of inspection and certification services on the backdrop of digital products.

Collaboration has gained immense traction in the testing industries that have resulted in a positive impact. For instance, the healthcare industry is booming owing to the market opportunities to develop innovative strategies to comply with the ever changing needs of consumers. Additionally, certifications are mandatory in the healthcare and consumer goods domain that encourages reliability and performance. The emergence of IoT and the need for product security remain crucial to market growth. Therefore, owing to these factors the market is expected to witness a huge significance in the forecast period.

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

The Testing, Inspection and Certification market is dominated by the North America region, followed by Europe. The market for Testing, Inspection and Certification in North America is witnessing growth attributed to rapid developments in the field of quality assurance and the adoption of novel methods to measure sustainability. Additionally, the parameters for better quality standards in food & beverages, transportation, and healthcare experience a constant upgrade. This remains dedicated to improving the rolling out phase of end use products. Besides, the use of technology is also projected to gain a competitive advantage. The presence of key players with huge spending on testing, inspection, and certification is more likely to pump the North America regional market growth.

Testing, Inspection and Certification (TIC) Market: Recent developments

• Oct 2021: The Department of Pharmaceuticals, Government of India has appealed to reduce the turnaround time by 40 to 50% for regulation and approvals to relay novel and state of the art products in the very near future.
• Dec 2021: The auto sector in India will now introduce automated testing centers for inspection of commercial vehicles making it a mandate practice with effect from Apr 1, 2023.
• July 2022: The TIC Council Americas has recently shared a press release for all consumers that state the significance of authentic products and also boosts consumer awareness.

Key Players:

• SGS Group
• Bureau Veritas
• TUV NORD
• TUV SUD
• DEKRA SE
• DNV GL
• Lloyds Register Group
• MISTRAS
• Element Materials Technology
• Apave International
• QR Testing
• TIC Sera
• Hohenstein

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The global Testing, Inspection and Certification (TIC) market is segmented as follows:

By Type

• Inspection
• Certification
• Testing

By Domain

• Medical & Life Science
• Chemical
• Consumer goods
• Food & Beverages

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America

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