Report : Testing Inspection and Certification Market to 2027 - Global Analysis and Forecasts by Sourcing Type (In-House Services, Outsourced Services); Service Type (Testing, Inspection, Certification); Application (Consumer Goods and Retail, Agriculture and Food, Chemicals, Construction and Infrastructure, Energy and Power, Industrial and Manufacturing, Medical and Life Sciences, Automotive, Aerospace, It and Telecom, Sports and Entertainment) and Geography
Testing, Inspection & Certification Market to 2027 by Sourcing type (In-House service and Outsourced Services); Service Type (Testing, Inspection, and Certification); and End-User (Food & Beverage, Healthcare & Pharmaceutical, Consumer Goods & Retail, Energy & Power, Manufacturing & Construction, and Others)
Testing, Inspection & Certification Market on a global scenario was valued at US$ 243.21 Bn in 2018 and is expected to grow at a CAGR of 5.2% during the forecast period 2019 – 2027, to account to US$ 379.89 in 2027
The ability to ensure and subsequently deliver the offering such as solution, service, or product with desired quality benchmarks has gained unprecedented attention from various leading industrial sectors in the past few decades. Moreover, the significant rise in production volume coupled with the integration of automation into manufacturing processes due to a steady increase in the demand from the various end-user vertical has also created a strong need for a robust testing, inspection and certification process, especially in the past decade. As a result, the TIC industry encompasses a broad range of market players with focused competencies along with strong regional presence that offers industry-specific testing, inspection, and certification based services across the diverse industry verticals. For instance, some of the prominent end-user industries utilizing the services of TIC are manufacturing, consumer goods, retail, healthcare & pharmaceuticals, energy & power, oil & gas, metals & mining and construction industries to name a few end-users.
The testing, inspection & certification market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. Asia Pacific is projected to be the fastest growing region in the global testing, inspection & certification market. Whereas, Europe followed by North America and the Middle East hold the highest market share in the testing, inspection & certification market. Testing, inspection & certification market is expected to experience significant growth in the coming years to meet the adoption of advanced technologies across diversifies industry verticals.
The demand for testing, inspection & certification in developing economies of Asia Pacific is attributed to several economic, regulatory, as well as technological factors. These factors range from digital transformation across various industries to enhanced focus on product safety and quality, and business assurance services, among others. Additionally, emerging economies such as Vietnam, South Korea, Indonesia, and Cambodia, among other ASEAN countries are a center of new manufacturing as well as e-commerce investment necessitating TIC services.
The testing, inspection, and certification collectively play a vital role in facilitating process transparency, minimizing resource exploitation, ensuring quality, and simultaneously promoting ethical business practices. Currently, the TIC market is heavily fragmented with the presence of a large number of companies with a strong regional presence. However, globally the market constitutes some prominent market players such as SGS SA, Bureau Veritas, Intertek Group plc, DNV GL, DEKRA Automobil GmbH ("DEKRA"), Eurofins Group, Applus Services SA, TÜV SÜD AG, TÜV Rheinland AG, and ALS Limited among other market players with global presence and diverse customer base.
Testing, Inspection & Certification Market - Geographic Breakdown, 2018
The report segments the global testing, inspection & certification market as follows:
Contact Person: Sameer Joshi
Email Id: email@example.com