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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.
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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.
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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 |
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By Sourcing Type |
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By Industry |
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By Region |
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