The TIC industry helps manufacturers comply with international standards and improve product quality. The purpose of these services is to ensure the quality and safety of products and to ensure that manufacturers comply with international rules and regulations to ensure the environmental protection, health, and security of end-users.
The global testing, inspection and certification market has the potential to grow with $120 billion at bolstering CAGR in the forecast period from 2020-2027. Due to the continuous promotion of technological changes, product progress, laws and regulations, and government policies, the life sciences TIC market is growing substantially.
The testing, inspection, and certification industry are referring to the third party, which has the right to assess various sectors to ensure the safety of the consumers. To avoid such cases of safety breaches, developing economies have stringent their laws and regulation and make them more complex and standardized. Thus, it enhances the dependability of industries on TIC and third parties and emerges the market demand for the testing, inspection, and certification companies.
Moreover, the third-party certification body refers to an organization that has the necessary capabilities to implement the certification system reliably and can perform certification activities objectively, impartially, and independently during the certification process. Thus, the certification body is a third-party organization with independent legal personality independent of the manufacturer, seller, and user, so it is called a third-party certification body. Therefore, to adapt the standard and diverse quality for import and export of the product, testing, inspection, and certification, companies help in producing the adequate quality of goods.
Furthermore, the outbreak of viruses such as Ebola and Covid-19 are fueling the market demand for testing, inspection, and certification to provide assurance and services to the health sector. Also, with technology advancement, the TIC is done through digital inspection devices, sensors, drones. In a situation like a coronavirus, social distancing is a significant step for taking safety precautions. Thus, various sensors, drones, and other devices used to provide integrity and minimize the chances of the virus spreading and reduce cost and time for inspection.
The emerging technology advancement has smoothened the workflow of every industry. With the rising export and import of various products are required to maintain security and provide more scope for TIC companies. Digital inspection devices, sensors, and drones now used for checking the security and safety of the products that have propelled the market demand for the global testing, inspection, and certification market.
The testing, inspection, and certification of food and beverages are very stringent owing to provide security, safety, and quality to the customers. TIC used for testing and control that are compatible with the relevant product certification activities. Therefore, when enterprises face difficulty and challenge to meet the quality and safety requirements throughout the business process, third-party certification bodies provide vital, reliable support.
Based on the service type, the global testing, inspection, and certification market categorized into Testing and Inspection Service, Certification Service. The testing and inspection service accounted for the largest share of the market is expected to grow at an emerging rate during the forecast period from 2020-2027. It is mainly owing to the rising market for oil and gases, food and beverages are fueling the market demand for testing, inspection service to follow the government rules and regulations. Moreover, certification services hold significant share in the manufacturing companies, industrial and automotive companies to check the quality of the product to export and import products internationally.
Based on the sourcing type, the global testing, inspection, and certification market bifurcated into Outsourced, In-house. The outsourced segment has bolstered the market demand for the comprehensive examination, review, and certification market. The standard laid down by human health/user safety and environmental safety association has emerged and become obligatory for companies producing certain types of products to be checked by a third party or TIC. Therefore, this reduces the additional operational cost of the manufacturers for their in-house quality checking of the product. Thus, the outsourced segment expected to fuel the market demand of TIC in the forecast period as well.
Based on the End-use, the global testing, inspection and certification market segmented into Consumer Goods and Retail, Food and Agriculture, Oil and Gas, Construction and Engineering, Energy and Chemicals, Manufacturing of Industrial Goods, Transportation (Rail and Aerospace), Industrial and Automotive, Other. Consumer Goods and the Retail segment has captured the largest market share in the global testing, inspection, and certification market. It is mainly due to a large number of consumer goods manufactured that require testing for quality checking and safety of the consumers. Moreover, TIC is also necessary to maintain quality standards and inspection of the product daily.
Based on geography, the global testing, inspection and certification market size segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia-Pacific region is in a leading position in the world, which is due to the influence of various factors, such as the growth of the rapidly growing medical and pharmaceutical industry, aviation and medical device markets, and the emergence of other markets. Besides, due to the growth of the aviation industry and the medical device market, the North American market is expected to have a significant increase in the next few years.
Companies such as ASTM International, TUV SUD AG, AsureQuality Ltd., Dekra SE, TÜV Rheinland Group, Intertek Group Plc, SGS Group, Bureau Veritas SA, ALS Ltd., DNV GL Group AS, Underwriters Laboratories Inc., and Lloyd’s Register Group Limited and others are key players in the global testing, inspection and certification market.
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