Jun 29, 2022   SOURCE: BusinessWire

Testing, Inspection, and Certification (TIC) Market Analysis Report 2022: A $491.3 Billion Market by 2030 - Increasing Outsourcing of TIC Services - ResearchAndMarkets.com

The "Testing, Inspection, and Certification Market Size, Share & Trends Analysis Report by Service Type (Testing, Inspection, Certification), by Sourcing Type, by Application, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global testing, inspection, and certification market size is expected to reach USD 491.3 billion by 2030. It is expected to expand at a CAGR of 4.0% from 2022 to 2030

The incremental deployment rates of testing, inspection, and certification systems and solutions can be accredited to the rise in manufacturing activities worldwide. Furthermore, the onset of Industry 5.0 and the rise in connected systems further augment the need to deploy TIC-based technologies in tandem with manufacturing activities.

Thus, the manufacturing application segment is expected to expand at a significant growth rate over the forecast period due to the need to optimize manufacturing processes and end products. For instance, in January 2022, SGS, a Swiss international business that provides inspection, verification, testing, and certification services, launched a new Vehicle Over the Air (OTA) performance testing laboratory in Suzhou, China.

The lab will assist automotive manufacturers in helping them test, validate, and comply with evolving wireless standards and regulations. It fully integrates beneficial resources in automobile, communication, electronics, and reliability testing to provide commercial customers with technical verification, quality improvement product certification, and technology development services.

The integration of cloud technology with the Testing, Inspection, and Certification (TIC) market is one of the significant market drivers. The need to access data instantly, automate certification and issue reports on a real-time basis highlights the importance of storing essential TIC-related data in the cloud.

Moreover, cybersecurity concerns such as increasing instances of cyberattacks and data privacy threats further highlight the importance of a safe cloud architecture to safeguard data from people with malicious intent. This is expected to help in general data regulation, security certifications, and software testing.

For instance, in February 2022, Intertek Group plc, one of the prominent providers in connectivity testing and cybersecurity, established its Acucert, the first ISO/IEC certified cybersecurity testing lab in Mumbai, India. Acucert has significant expertise in IT system and software testing while meeting stringent quality control standards. Further, opening a new testing lab would help them promote internationally and nationally.

The gradual acceptance of big data analytics with the TIC-based technology model is also expected to offer an impetus to the TIC market. The adoption of big data analytics technology by service providers is expected to diversify their service offerings, such as data-based services and predictive maintenance data, and enable service providers to offer better solutions to their customers.

For instance, in September 2021, TUV SUD, a safety, security, and sustainability solutions provider, offered wind turbine certification for areas affected by tropical storms. Within the scope of type certification, the company has designed a computer framework to analyze the data of the areas and check compatibility for these regions based on the worldwide IEC 61400 standard. The computer model allows for the simulation of even the most extreme wind conditions in tropical cyclone-prone areas and the use of this simulation to determine if a wind turbine is suited for such places.

The Asia Pacific region is expected to register the highest growth rate over the forecast period. Rapid industrialization and rising infrastructure development in Australia, South Korea, and India facilitate deploying proficient TIC solutions.

Furthermore, the emerging technology ecosystem in countries such as Japan and China has resulted in several companies outsourcing their software and product development tasks. The ability to gain high-performance products at affordable rates from these countries promotes companies to access TIC solutions and services related to specific needs and requirements, thereby offering an impetus to market growth.

For instance, in December 2021, Eurofins Scientific, a global scientific leader in bioanalytical testing and a clinical diagnostic testing leader with Transgenic Inc., announced the acquisition of GeneticLab Co., Ltd., a molecular biology-based testing vendor. This acquisition will assist the company in strengthening its position in the Japanese market. It would further expand the company's global presence in Asia, specializing in advanced genetic testing.

Testing, Inspection, and Certification Market Report Highlights

  • by service type, the certification segment is expected to emerge as the fastest-growing segment over the forecast period. The segment growth can be attributed to the increasing need among companies to certify their business practices use the right talent for specialized work.
  • The outsourced sourcing type segment is expected to register the highest CAGR over the forecast period owing to the ability to access more affordable TIC products and solutions and decrease operational expenditure.
  • The manufacturing application segment is expected to register a significant growth rate over the forecast period owing to the rising industrial activity around the world and the development of new machine components, which need to be tested and inspected before deployment.
  • Asia Pacific is expected to dominate the market over the forecast period. This can be attributed to the rising economic activity in China and India. The implementation of Bharat Stage 6 in India has led automotive developers to develop new automotive components, which have to be tested rigorously to meet the international standards.

Market Dynamics

Market Driver Analysis

  • Strict implementation of testing, inspection, and certification regulations
  • Globalization and the rise of global trade
  • Increasing outsourcing of TIC services
  • Emerging digital technologies

Market Restraint Analysis

  • Lack of internationally accepted standards

Market opportunity Analysis

  • Rising development in infrastructure and renewable energy generation projects in the growing economies

Technology Overview

Penetration & Key Opportunities Mapping

Industry Analysis-Porter's

PEST Analysis

Testing, Inspection, and Certification-Major Deals & Strategic Alliances Analysis

Competitive Landscape

  • ALS Limited
  • Applus+
  • Bureau Veritas
  • Dekra Se
  • Dnv
  • Element Materials Technology
  • Eurofins Scientific
  • Intertek Group plc
  • Mistras Group, Inc.
  • Sgs S.A.
  • Tuv Nord Group
  • Tuv Rheinland
  • Tuv Sud
  • Ul LLC

For more information about this report visit https://www.researchandmarkets.com/r/bblrvn