Global Testing, Inspection and Certification (TIC) Market Share Is Expected to Grow At A CAGR Value Of Around 5.51% By 2030

18-Apr-2023 | Facts and Factors

The global testing, inspection, and certification (TIC) market size was worth around USD 233.21 billion in 2022 and is predicted to grow to around USD 304.52 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.51% between 2023 and 2030.

The testing, inspection, and certification (TIC) services, in a broader sense, are activities conducted with the end goal of ensuring that business products, services, and processes are in compliance with the regulatory laws of the region they are operating in and meet industry standards for long-term growth. The industry players are responsible for conducting services like testing, inspecting, and certifying, along with consulting and training activities which ultimately ascertain the services or products are safe, high in quality, and reliable for use.

Browse the full “ Testing, Inspection and Certification (TIC) Market Size, Share, Growth Analysis Report By Domain (Consumer Goods, Medical & Life Science, Chemical, and Food & Beverages), By Type (Testing, Inspection, and Certification), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/testing-inspection-and-certification-tic-market

The industry players are essential to making sure the products or services meet quality standards in terms of safety, health, and environmental protection. These services are most commonly used in industries like healthcare, automotive, electronics, food & beverages, consumer goods, aerospace, and electronics to name a few. In the coming years, the industry is expected to grow driven by the rapid rate of globalization and international trading activities.

The global testing, inspection, and certification (TIC) market is projected to grow owing to the increasing demand for the safety and quality of products or services that consumers pay for. This trend is observed across industries including healthcare and food & beverages along with other sectors. Consumers expected better quality products for the price they pay for them. Furthermore, the number of people who opt for quality products, even if they cost more than their counterparts, is steadily increasing owing to growing awareness about the environmental impact of everyday consumption patterns across consumables.

In addition to this, the rising intensity of stringent regulations laid down by governments and associated regulatory bodies to ensure that the product or service quality is as per standard is expected to work in the favor of the industry. Along with this, the rising adoption of advanced technologies like artificial intelligence (AI), big data analytics, and machine learning (ML) in TIC services may lead to higher revenue since these advanced systems can assist in improving service quality and efficiency.

However, the global industry is also prone to certain roadblocks during the forecast period. One such major restraint is the rising competition from in-house testing measures that certain companies may choose to develop instead of undertaking assistance from a third party. This could severely impact the demand for TIC-related services.

Additionally, the absence of standardization in the industry is a crucial threat to further growth. Due to this aspect, companies may struggle with zeroing down on one particular service provider that best meets their requirements. Other concerns like lack of awareness, high cost of services, and constant regulatory changes are other limitations that currently exist in the industry.

The emerging markets may provide excellent growth opportunities while geographical expansion is a major challenge to overcome.

Segmental Overview:

The global testing, inspection, and certification (TIC) market is segmented based on domain, type, and region.

Based on domain, the global market is segmented into consumer goods, medical & life science, chemical, and food & beverages.

• The largest contributing segment in the industry is the consumer goods section followed by medical & life science, and food & beverages
• Consumer goods are products that are used regularly by users like toys, electronics, and clothing items
• Since generally, the providers of consumer goods products aim at rapid international expansion, they are in constant need of consulting and operational services that can ease the process of entering a foreign land
• Furthermore, it is critical for enterprises in the healthcare segment to ensure that products received necessary regulatory approvals before being launched
• In 2021, Société Générale de Surveillance (SGS), one of the leading TIC service providers, generated around USD 6.7 billion in revenue for the first half

Based on type, the global market segments are testing, inspection, and certification.

• Although the type of service undertaken depends on client requirements, testing was the highest revenue-generating segment in 2022 and accounted for more than 69.9% of the segmental share
• These services include the evaluation and testing of materials, and products along with processes that ensure that the product meets regulatory requirements
• Inspection, on the other hand, deals with the physical and operational checking of products including pre-shipment, quality control, and other processes
• Certification involved generating and providing essential regulatory certificates as proof of quality check

Regional Overview:

Asia-Pacific is projected to witness the highest growth in the global testing, inspection, and certification (TIC) market mainly driven by the rising economic growth of countries like India, China, and Japan. Furthermore, the intensive measures undertaken by private companies and strengthened by government measures to expand local businesses in foreign markets may lead to higher growth.

Europe is another critical region for the global industry since it is home to one of the largest TIC service providers in the world along with several crucial players. The growing strategic partnerships to enroll skilled labor forces along with the rising adoption of advanced systems to improve customer experience and internal expertise could lead to higher regional growth.

Report Scope

Competitive Landscape:

The global testing, inspection, and certification (TIC) market is led by players like Kiwa Group, Bureau Veritas, DNV GL AS, Applus+ Services SA, ALS Limited, SGS SA, MISTRAS Group Inc., TUV Rheinland Group, SAI Global Limited, Eurofins Scientific SE, Intertek Group plc, QIMA Limited, Dekra Certification GmbH, TUV SUD AG, NSF International, and more.

Recent Developments:

• In April 2022, Société Générale de Surveillance (SGS), one of the world’s most dominant TIC service providers, announced the launch of a new digital platform that intends to improve customer experience. The company intends to digitize almost 30% of customer experience
• In October 2022, the Testing, Inspection, Certification Council, India and the Bureau of Indian Standards (BIS), India’s National Standards Body signed a Memorandum of Understanding (MoU) through which both the units will work in coherence to promote standard and quality implementation in the country

The global testing, inspection, and certification (TIC) market is segmented as follows:

By Domain 

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

By Type 

• Testing
• Inspection
• Certification

By Region

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
  • Denmark
  • Sweden
  • Norway
• Benelux Union
  • Belgium
  • The Netherlands
  • Luxembourg
• Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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