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Testing, Inspection, and Certification (TIC) Market to Hit USD 328.23 Billion by 2029; Incorporation of Emerging Technologies to Fuel Market Growth

May 12, 2022 | Information & Technology

The global Testing, Inspection, and Certification (TIC) market size is anticipated to hit USD 328.23 billion by 2029. Fortune Business InsightsTM, in its report titled, “Testing, Inspection, and Certification (TIC) Market Size, Share & COVID-19 Impact Analysis, By Service Type (Testing, Inspection, and Certification), By Sourcing Type (In-House and Outsource), By Industry (Consumer Goods & Retail, Agriculture & Food, Chemicals, Oil & Gas, Manufacturing, and Others), and Regional Forecast, 2022-2029”, observers that the market size stood at USD 208.43 billion in 2021 and USD 217.31 billion in 2022, and is expected to exhibit a CAGR of 6.1% between 2022 and 2029. The rising consumer awareness for customized and standard products is expected to amplify the demand for TIC services, thereby fostering the growth of the market.


The coronavirus pandemic wreaked a short-term adverse impact on the market. The e-commerce industry observed an extensive increase in demand from food & beverage, retail, grocery, and other sectors, which led several industry players to adopt and implement advanced technologies such as machine learning, Blockchain, and artificial intelligence. This offered abundant impetus to TIC services and aided the market expansion. Many industry players emphasize launching AI-based certification solutions in the coming years, which is likely to proliferate the market’s expansion.


Acquisition of Modern Testing Services by Eurofins Scientific SE to Incite Development


In November 2021, Modern Testing Services was acquired by Eurofins Scientific SE as a fragment of strategic expansion in the consumer goods industry. This acquisition will help customers of both firms benefit from the mushrooming global service network, which comprises 70 facilities in more than 20 nations, and stronger technical support from more than 2,500 experienced and devoted professionals globally.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/testing-inspection-certification-tic-market-104939


Assimilation of Developing Technologies to Fuel Market Growth


Testing, inspection, and certification have become obligatory in numerous nations to ascertain the optimum quality and safety of products. Manufacturers of consumer goods must follow the legal standards and safety laws, including labeling, classification, and other compliances.  Governments across the globe are introducing stricter regulations and laws for manufacturers to safeguard environmental and human safety. The budding demand for standardized products, coupled with progressively strict regulations and rules, is likely to support the Testing, Inspection, and Certification (TIC) market growth.


Key Players Adopt Innovative Strategies to Uptick their Global Positions


The major players operating in the market emphasize upgrading current product portfolios by incorporating advanced technologies to enhance their offerings. The major market players adopt ingenious strategies, including contracts, acquisitions, mergers, collaborations, and others to amplify their growth prospects. For instance, Tecnolab Srl was acquired by Socotec Italia in April 2021 to improve its position in the Italian infrastructure sector.


Key Industry Development-



  • November 2021: Modern Testing Services was acquired by Eurofins Scientific SE as a part of strategic expansion in the consumer goods industry.


List of Key Market Players-



  • SGS SA (Switzerland)

  • Bureau Veritas (BV) (France)

  • Dekra Certification B.V. (Netherlands)

  • Intertek Group Plc (U.K.)

  • TUV SUD AG (Germany)

  • APPLUS+ (Spain)

  • ALS Limited (Australia)

  • Eurofins Scientific SE (Belgium)

  • DNV GL (Norway)

  • Socotec Group (U.K.)


Further Report Findings-



  • Europe is predicted to bestride the global market share. The key players’ presence, including SGS SA, Bureau Veritas (BV), DEKRA Certification B.V., and others, coupled with the increasing investment by these players is expected to amplify the market growth in Europe.

  • According to the segmentation based on service type, the testing segment is anticipated to garner the highest growth in the forthcoming years.


Table of Segmentation-






















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



Segmentation



By Service Type, Sourcing Type, Industry, and Region



By Service Type




  • Testing

  • Inspection

  • Certification



By Sourcing Type




  • In-House

  • Outsource



By Industry




  • Consumer Goods & Retail

  • Agriculture & Food

  • Chemicals

  • Oil & Gas

  • Manufacturing

  • Others



By Region




  • North America (By Service Type, Industry, and Country)

    • U.S. (By Service Type)

    • Canada (By Service Type)

    • Mexico (By Service Type)



  • Europe (By Service Type, Industry, and Country)

    • U.K. (By Service Type)

    • Germany (By Service Type)

    • France (By Service Type)

    • Italy (By Service Type)

    • Spain (By Service Type)

    • Russia (By Service Type)

    • Benelux (By Service Type)

    • Nordics (By Service Type)

    • Rest of Europe



  • Asia Pacific (By Service Type, Industry, and Country)

    • China (By Service Type)

    • Japan (By Service Type)

    • India (By Service Type)

    • South Korea (By Service Type)

    • ASEAN (By Service Type)

    • Oceania (By Service Type)

    • Rest of Asia Pacific



  • Middle East & Africa (By Service Type, Industry, and Country)

    • Turkey (By Service Type)

    • Israel (By Service Type)

    • GCC (By Service Type)

    • North Africa (By Service Type)

    • South Africa (By Service Type)

    • Rest of Middle East & Africa



  • South America (By Service Type, Industry, and Country)

    • Brazil (By Service Type)

    • Argentina (By Service Type)

    • Rest of South America





 

Global Testing, Inspection, and Certification (TIC) Market
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