[Research Report] The Testing, Inspection and Certification market is estimated to grow from US$ 252.30 billion in 2019 to US$ 379.89 billion by 2027; it is projected to grow at a CAGR of 5.2% from 2019 to 2027.
Analyst Perspective:
The Testing, Inspection and Certification market has grown significantly. Factors including the increasing demand from businesses and organizations to ensure secure and effective Testing, Inspection and Certification processes drive the growth of the Testing, Inspection and Certification market
Market Overview:
Testing, Inspection and Certification (TIC) services encompass various offerings, including auditing, inspection, testing, verification, quality assurance, and certification for different products and equipment. These services enhance production efficiency and mitigate risks by minimizing errors. TIC services find applications across multiple sectors, such as oil and gas, food, pharmaceuticals, and chemical industries. Testing is a systematic approach to evaluating a product or service against established standards. It involves a series of inspections to determine if the item meets the required criteria. These inspections cover various aspects such as performance, reliability, durability, and safety. Inspection, on the other hand, is the careful examination of goods, processes, or services to ensure compliance with rules and guidelines. This stage ensures that the product or service meets the set quality standards. Inspections can occur at various stages of the production process, from raw materials to the final product. Independent third-party organizations often conduct certification procedures. Customers and stakeholders trust certified products or services due to their reliability, safety, and quality. Certifications cover various topics, including product performance requirements, worker health and safety, and environmental sustainability.
The rising demand from businesses for reliable and efficient Testing, Inspection and Certification (TIC) practices drives the growth of the Testing, Inspection and Certification market. Implementing secure and effective testing and inspection procedures allows companies to uphold the highest quality standards, ensuring enhanced productivity and efficiency. Leveraging TIC practices, businesses can tailor their supply chain operations to meet their specific requirements, streamlining their overall business processes.
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Testing, Inspection and Certification Market: Strategic Insights
Market Size Value in US$ 252.30 Billion in 2019 Market Size Value by US$ 379.89 Billion by 2027 Growth rate CAGR of 5.2% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Testing, Inspection and Certification Market: Strategic Insights
| Market Size Value in | US$ 252.30 Billion in 2019 |
| Market Size Value by | US$ 379.89 Billion by 2027 |
| Growth rate | CAGR of 5.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Market Driver:
Increasing Urbanization and Construction Industry to Drive Growth of The Testing, Inspection and Certification Market
The increasing urbanization and construction industry are significant factors driving the growth of Testing, Inspection and Certification. As urban populations grow, there is a higher demand for new construction projects, including housing, commercial buildings, and infrastructure. This demand leads to increased construction activities, which drives the need for Testing, Inspection and Certification services to ensure compliance with quality and safety standards.
Moreover, the construction industry is crucial in aiding rapid urbanization by providing the necessary infrastructure. Expanding urban and suburban areas requires more homes and structures, fueling the demand for construction services. As a result, businesses in the construction industry need to engage in TIC practices to ensure the quality, safety, and compliance of their projects.
Segmentation and Scope:
The "Testing, Inspection and Certification Market" is segmented based on service type, sourcing type, industry, and geography. Based on the service type, the Testing, Inspection and Certification market is segmented by Testing, Inspection and Certification. The Testing, Inspection and Certification market is segmented into in-house and outsourced based on the sourcing type. Based on industry, the Testing, Inspection and Certification market is segmented into consumer goods, agriculture, pharmaceuticals, chemicals, oil and gas, and others. The Testing, Inspection and Certification market is segmented based on geography into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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Segmental Analysis:
The Testing, Inspection and Certification market is segmented into in-house and outsourced based on sourcing type. The in-house segment holds a significant market share in the Testing, Inspection and Certification market. Implementing in-house testing and inspection methods allows companies to effectively carry out practical TIC (Testing, Inspection and Certification) activities. This is made possible by having on-site resources and the ability to recruit skilled personnel and establish customized practices tailored to the company's specific needs and preferences. Additionally, deploying in-house TIC teams provides enhanced control and a more comprehensive understanding of business operations, offering organizational advantages. Conducting testing and inspection in-house allows companies to have greater control over the process and ensures that it aligns with their specific requirements and standards. The availability of advanced testing and inspection technologies has made it more feasible for companies to conduct these activities in-house, leading to increased adoption.
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Regional Analysis:
The European region in the Testing, Inspection and Certification market is poised to experience significant growth in the foreseeable future. This growth is attributed to the robust automotive industries in Germany and France, which necessitate efficient testing and inspection systems within their respective companies. Moreover, numerous fashion brands, consumer goods manufacturers, and retail corporations in countries like Italy and the U.K. further contribute to the expansion and development of the region's Testing, Inspection and Certification market.
In July 2022, UL LLC, a global leader in safety certification services, announced its acquisition of Method Park. Method Park, a German company specializing in software solutions, process engineering, training, and advisory services for automotive, aerospace, and medical industries, has now become part of UL LLC. This strategic acquisition strengthens UL LLC's capabilities in assisting customers in driving innovation, implementing adequate safety measures, and ensuring compliance with regulatory standards, thereby supporting their business transformation endeavors.
Key Player Analysis:
The Testing, Inspection and Certification market analysis consists of players such as SGS S.A., Bureau Veritas, Intertek Group plc, Eurofins Scientific, DEKRA SE, TÜV SÜD, DNV GL, TÜV RHEINLAND, Applus+, and ALS, are among the vital Testing, Inspection and Certification market players profiled in the report.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions, new product launches, expansion, and diversification are highly adopted by companies in the Testing, Inspection and Certification market. A few recent key developments in the Testing, Inspection and Certification market are listed below:
- In August 2023, SGS announced the expansion of its Textile Exchange product certification services into the Indian market. This expansion aims to provide comprehensive certification solutions for manufacturers, retailers, and buyers in the textile and footwear industry. The expanded services now include certifications for recycled content (RCS) and organic content (OCS), as well as responsible sourcing of down (RDS) and animal fibers (RAF). With strategically positioned laboratories throughout India, SGS is now well-equipped to assist organizations in effectively meeting their sustainable sourcing objectives.
- In April 2023, Intertek acquired Controle Analítico, a prominent Brazilian environmental testing company with expertise in water analysis. This strategic acquisition allows Intertek to enhance its environmental testing capabilities in Brazil, complementing its current food and agri-business services portfolio. The integration of Controle Analítico aligns with Intertek's unwavering dedication to delivering exceptional quality, safety, and sustainability solutions to its clients.
- In December 2023, ALS completed the acquisition of the ExplorTech Division of Earthlabs Inc., previously known as GoldSpot Discoveries Corp. This strategic acquisition bolsters ALS's presence in the environmental testing and consulting sector. The addition of ExplorTech's specialized knowledge in geochemistry, metallurgy, and ecological analysis aligns seamlessly with ALS's existing capabilities. Integrating these resources is anticipated to strengthen ALS's capacity to deliver comprehensive services to clients in various industries, including mining, energy, and environmental management. This acquisition further solidifies ALS's commitment to providing exceptional solutions and expertise to meet the evolving needs of its clientele.
- In February 2022, Applus+, a multinational firm specializing in Testing, Inspection and Certification, revealed its acquisition of Lightship Security, Inc., a renowned provider of product certification services in North America. This strategic move aligns with Applus+ Laboratories' mission to enhance its expertise in crucial technologies and capabilities. By integrating Lightship Security, Applus+ aims to support clients in better navigating the global technological transformation driven by energy transition, electrification, and connectivity. This acquisition strengthens Applus+'s position as a leading player in the industry and enables them to provide comprehensive solutions to meet the evolving needs of their clients.
- In August 2023, ALS Limited, one of the global leaders in Testing, Inspection and Certification, announced the acquisition of the Proanaliz Group of Laboratories, a food testing group based in Antalye, Türkiye. The group’s strong technical team and excellent reputation help make it the country’s market leader in pesticide testing. With satellite labs strategically located in the municipalities of Kumluca, Alasehir, Demre, and Fethiye, the group’s proximity to Turkish agricultural producers has enabled it to provide clients with exceptional turnaround times of hours rather than days.
- In June 2023, Applus+, a global leader in the Testing, Inspection and Certification (TIC) sector, announced the acquisition of the entire share capital of Rescoll, a leading material testing and R&D technological partner based in France.
- In May 2022, Bureau Veritas, a world leader in Testing, Inspection and Certification (TIC) services, announced the opening of its third U.S. microbiology laboratory in Reno, Nevada. The new laboratory offers rapid pathogen testing as well as microbiology indicator analyses to ensure the safety of food and agriculture commodities.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service Type, Sourcing Type, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. Introduction
1.1 Scope Of The Study
1.2 The Insight Partners Research Report Guidance
2. Key Takeaways
3. Testing, Inspection & Certification Market Landscape
3.1 Market Overview
3.2 Market segmentation
3.2.1 Testing, Inspection & Certification Market – By Service Type
3.2.2 Testing, Inspection & Certification Market – By Sourcing Type
3.2.3 Testing, Inspection & Certification Market – By End-user Industry
3.2.4 Global Testing, Inspection & Certification Market – By Geography
3.3 PEST Analysis
3.3.1 North America – PEST Analysis
3.3.2 Europe – PEST Analysis
3.3.3 Asia Pacific – PEST Analysis
3.3.4 Middle East and Africa – PEST Analysis
3.3.5 South America – PEST Analysis
3.4 Ecosystem Analysis
3.5 Expert Opinion
4. Testing, Inspection & Certification Market – Key Industry Dynamics
4.1 Key Market Drivers
4.1.1 Rise in adoption of technology enabled TIC solutions by market players
4.1.2 Continuous technological advancement coupled with economic prosperity
4.2 Key Market Restraints
4.2.1 Limited technical staff along with presence of counterfeit products
4.3 Key Market Opportunities
4.3.1 Popularity of merger & acquisition strategies
4.4 Future Trends
4.4.1 Rise in general consensus across regulatory agencies
4.5 Impact Analysis of Drivers and Restraints
5. Testing, Inspection & Certification – Global Market Analysis
5.1 Global Testing, Inspection & Certification Market Overview
5.2 Global Testing, Inspection & Certification Market Forecast and Analysis
5.3 Market Positioning – Global Top 5 Players Ranking
6. Global Testing, Inspection & Certification Market Analysis – By Sourcing Type
6.1 Overview
6.2 Global Testing, Inspection & Certification Market Breakdown, By Sourcing Type, 2018 & 2027
6.3 In-House Service
6.3.1 Overview
6.3.2 In-House Service Market Forecasts and Analysis
6.4 Outsourced Services
6.4.1 Overview
6.4.2 Outsourced Services Market Forecasts and Analysis
7. Global Testing, Inspection & Certification Market Analysis – By Service Type
7.1 Overview
7.2 Global Testing, Inspection & Certification Market Breakdown, By Service Type, 2018 & 2027
7.3 Testing
7.3.1 Overview
7.3.2 Testing Market Forecasts and Analysis
7.4 Inspection
7.4.1 Overview
7.4.2 Inspection Market Forecasts and Analysis
7.5 Certification
7.5.1 Overview
7.5.2 Certification Market Forecasts and Analysis
8. Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – End-User
8.1 Overview
8.2 Global Testing, Inspection & Certification Market Breakdown, By End-User, 2018 & 2027
8.3 Food & Beverage (F&B)
8.3.1 Overview
8.3.2 Food & Beverage Market Forecasts and Analysis
8.4 Healthcare & Pharmaceutical
8.4.1 Overview
8.4.2 Healthcare & Pharmaceutical Market Forecasts and Analysis
8.5 Consumer Goods & Retail
8.5.1 Overview
8.5.2 Consumer Goods & Retail Market Forecasts and Analysis
8.6 Energy & Power
8.6.1 Overview
8.6.2 Energy & Power Market Forecasts and Analysis
8.7 Manufacturing & Construction
8.7.1 Manufacturing & Construction Market Forecasts and Analysis
8.8 Others
8.8.1 Overview
8.8.2 Others Market Forecasts and Analysis
9. Global Testing, Inspection & Certification Market– Geographical Analysis
9.1 Overview
9.2 North America Testing, Inspection & Certification Market Revenue and Forecasts To 2027
9.2.1 Overview
9.2.2 North America Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ Bn)
9.2.3 North America Testing, Inspection & Certification Market Breakdown by Sourcing type
9.2.4 North America Testing, Inspection & Certification Market Breakdown by Service Type
9.2.5 North America Testing, Inspection & Certification Market Breakdown by End-user
9.2.6 North America Testing, Inspection & Certification Market Breakdown, by Key Countries
9.2.6.1 U.S. Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.2.6.1.1 U.S. Testing, Inspection & Certification Market Breakdown by Sourcing type
9.2.6.1.2 U.S. Testing, Inspection & Certification Market Breakdown by Service type
9.2.6.1.3 U.S. Testing, Inspection & Certification Market Breakdown by End-user
9.2.6.2 Canada Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.2.6.2.1 Canada Testing, Inspection & Certification Market Breakdown by Sourcing type
9.2.6.2.2 Canada Testing, Inspection & Certification Market Breakdown by Service Type
9.2.6.2.3 Canada Testing, Inspection & Certification Market Breakdown by End-user
9.2.6.3 Mexico Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.2.6.3.1 Mexico Testing, Inspection & Certification Market Breakdown by Sourcing type
9.2.6.3.2 Mexico Testing, Inspection & Certification Market Breakdown by Service type
9.2.6.3.3 Mexico Testing, Inspection & Certification Market Breakdown by End-user
9.3 Europe Testing, Inspection & Certification Market Revenue and Forecasts To 2027
9.3.1 Overview
9.3.2 Europe Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ Bn)
9.3.3 Europe Testing, Inspection & Certification Market Breakdown by Sourcing type
9.3.4 Europe Testing, Inspection & Certification Market Breakdown by Service type
9.3.5 Europe Testing, Inspection & Certification Market Breakdown by End-user
9.3.6 Europe Testing, Inspection & Certification Market Breakdown, by Key Countries
9.3.6.1 France Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.3.6.1.1 France Testing, Inspection & Certification Market Breakdown by Sourcing type
9.3.6.1.2 France Testing, Inspection & Certification Market Breakdown by Service type
9.3.6.1.3 France Testing, Inspection & Certification Market Breakdown by End-user
9.3.6.2 Germany Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.3.6.2.1 Germany Testing, Inspection & Certification Market Breakdown by Sourcing type
9.3.6.2.2 Germany Testing, Inspection & Certification Market Breakdown by Service type
9.3.6.2.3 Germany Testing, Inspection & Certification Market Breakdown by End-user
9.3.6.3 Italy Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.3.6.3.1 Italy Testing, Inspection & Certification Market Breakdown by Sourcing type
9.3.6.3.2 Italy Testing, Inspection & Certification Market Breakdown by Service type
9.3.6.3.3 Italy Testing, Inspection & Certification Market Breakdown by End-user
9.3.6.4 U.K. Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.3.6.4.1 U.K. Testing, Inspection & Certification Market Breakdown by Sourcing type
9.3.6.4.2 UK Testing, Inspection & Certification Market Breakdown by Service type
9.3.6.4.3 U.K Testing, Inspection & Certification Market Breakdown by End-user
9.3.6.5 Russia Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.3.6.5.1 Russia Testing, Inspection & Certification Market Breakdown by Sourcing type
9.3.6.5.2 Russia Testing, Inspection & Certification Market Breakdown by Service type
9.3.6.5.3 Russia Testing, Inspection & Certification Market Breakdown by End-user
9.3.6.6 Rest of Europe Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.3.6.6.1 Rest of Europe Testing, Inspection & Certification Market Breakdown by Sourcing type
9.3.6.6.2 Rest of Europe Testing, Inspection & Certification Market Breakdown by Service type
9.3.6.6.3 Rest of Europe Testing, Inspection & Certification Market Breakdown by End-user
9.4 Asia Pacific Testing, Inspection & Certification Market Revenue and Forecasts To 2027
9.4.1 Overview
9.4.2 Asia Pacific Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ Bn)
9.4.3 Asia Pacific Testing, Inspection & Certification Market Breakdown by Sourcing type
9.4.4 Asia Pacific Testing, Inspection & Certification Market Breakdown by Service type
9.4.5 Asia Pacific Testing, Inspection & Certification Market Breakdown by End-user
9.4.6 Asia Pacific Testing, Inspection & Certification Market Breakdown, by Key Countries
9.4.6.1 China Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.4.6.1.1 China Testing, Inspection & Certification Market Breakdown by Sourcing type
9.4.6.1.2 China Testing, Inspection & Certification Market Breakdown by Service type
9.4.6.1.3 China Testing, Inspection & Certification Market Breakdown by End-user
9.4.6.2 Japan Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.4.6.2.1 Japan Testing, Inspection & Certification Market Breakdown by Sourcing type
9.4.6.2.2 Japan Testing, Inspection & Certification Market Breakdown by Service type
9.4.6.2.3 Japan Testing, Inspection & Certification Market Breakdown by End-user
9.4.6.3 India Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.4.6.3.1 India Testing, Inspection & Certification Market Breakdown by Sourcing type
9.4.6.3.2 India Testing, Inspection & Certification Market Breakdown by Service type
9.4.6.3.3 India Testing, Inspection & Certification Market Breakdown by End-user
9.4.6.4 Australia Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.4.6.4.1 Australia Testing, Inspection & Certification Market Breakdown by Sourcing type
9.4.6.4.2 Australia Testing, Inspection & Certification Market Breakdown by Service type
9.4.6.4.3 Australia Testing, Inspection & Certification Market Breakdown by End-user
9.4.6.5 South Korea Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.4.6.5.1 South Korea Testing, Inspection & Certification Market Breakdown by Sourcing type
9.4.6.5.2 South Korea Testing, Inspection & Certification Market Breakdown by Service type
9.4.6.5.3 South Korea Testing, Inspection & Certification Market Breakdown by End-user
9.4.6.6 Rest of APAC Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.4.6.6.1 Rest of APAC Testing, Inspection & Certification Market Breakdown by Sourcing type
9.4.6.6.2 Rest of APAC Testing, Inspection & Certification Market Breakdown by Service type
9.4.6.6.3 Rest of APAC Testing, Inspection & Certification Market Breakdown by End-user
9.5 Middle East & Africa Testing, Inspection & Certification Market Revenue and Forecasts To 2027
9.5.1 Middle East & Africa Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ Bn)
9.5.2 Middle East & Africa Testing, Inspection & Certification Market Breakdown by Sourcing type
9.5.3 Middle East & Africa Testing, Inspection & Certification Market Breakdown by Service type
9.5.4 Middle East & Africa Testing, Inspection & Certification Market Breakdown by End-user
9.5.5 Middle East & Africa Testing, Inspection & Certification Market Breakdown, by Key Countries
9.5.5.1 UAE Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.5.5.1.1 UAE Testing, Inspection & Certification Market Breakdown by Sourcing type
9.5.5.1.2 UAE Testing, Inspection & Certification Market Breakdown by Service type
9.5.5.1.3 UAE Testing, Inspection & Certification Market Breakdown by End-user
9.5.5.2 Saudi Arabia Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.5.5.2.1 Saudi Arabia Testing, Inspection & Certification Market Breakdown by Sourcing type
9.5.5.2.2 Saudi Arabia Testing, Inspection & Certification Market Breakdown by Service type
9.5.5.2.3 Saudi Arabia Testing, Inspection & Certification Market Breakdown by End-user
9.5.5.3 South Africa Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.5.5.3.1 South Africa Testing, Inspection & Certification Market Breakdown by Sourcing type
9.5.5.3.2 South Africa Testing, Inspection & Certification Market Breakdown by Service type
9.5.5.3.3 South Africa Testing, Inspection & Certification Market Breakdown by End-user
9.5.5.4 Rest of MEA Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.5.5.4.1 Rest of MEA Testing, Inspection & Certification Market Breakdown by Sourcing type
9.5.5.4.2 Rest of MEA Testing, Inspection & Certification Market Breakdown by Service type
9.5.5.4.3 Rest of MEA Testing, Inspection & Certification Market Breakdown by End-user
9.6 South America Testing, Inspection & Certification Market Revenue and Forecasts To 2027
9.6.1 South America Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ Bn)
9.6.2 South America Testing, Inspection & Certification Market Breakdown by Sourcing type
9.6.3 South America Testing, Inspection & Certification Market Breakdown by Service type
9.6.4 South America Testing, Inspection & Certification Market Breakdown by End-user
9.6.5 South America Testing, Inspection & Certification Market Breakdown, by Key Countries
9.6.5.1 Brazil Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.6.5.1.1 Brazil Testing, Inspection & Certification Market Breakdown by Sourcing type
9.6.5.1.2 Brazil Testing, Inspection & Certification Market Breakdown by Service type
9.6.5.1.3 Brazil Testing, Inspection & Certification Market Breakdown by End-user
9.6.5.2 Argentina Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.6.5.2.1 Argentina Testing, Inspection & Certification Market Breakdown by Sourcing type
9.6.5.2.2 Argentina Testing, Inspection & Certification Market Breakdown by Service type
9.6.5.2.3 Argentina Testing, Inspection & Certification Market Breakdown by End-user
9.6.5.3 Rest of SAM Testing, Inspection & Certification Market Revenue and Forecasts to 2027 (US$ BN)
9.6.5.3.1 Rest of SAM Testing, Inspection & Certification Market Breakdown by Sourcing type
9.6.5.3.2 Rest of SAM Testing, Inspection & Certification Market Breakdown by Service type
9.6.5.3.3 Rest of SAM Testing, Inspection & Certification Market Breakdown by End-user
10. Testing, Inspection & Certification Market - Industry Landscape
11. Industry Landscape
11.1 Market Initiatives
11.2 Mergers and Acquisitions
11.3 New Developments
12. Testing, Inspection & Certification Market – Company Profile
12.1 Eurofins Scientific
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Applus Services, SA
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 ALS Limited
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 DEKRA Automobile GmbH
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 TuV SUD AG
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 TUV Rheinland AG
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 SGS AG
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Bureau Veritas SA
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Intertek Group plc
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 DNV Gl AS
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary Of Terms
13.3 Methodology
13.3.1 Coverage
13.3.2 Secondary Research
13.3.3 Primary Research
LIST OF TABLES
Table 1. List of Recent Mergers & Acquisitions in the Testing, Inspection & Certification Market
Table 2. Global Testing, Inspection & Certification Market Revenue And Forecasts To 2027 (US$ Bn)
Table 3. Global Testing, Inspection & Certification Market Revenue And Forecasts To 2027, By Geography (US$ Bn)
Table 4. North America Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 5. North America Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 6. North America Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 7. U.S. Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 8. U.S. Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type(US$ Bn)
Table 9. U.S. Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 10. Canada Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 11. Canada Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 12. Canada Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 13. Mexico Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 14. Mexico Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 15. Mexico Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 16. Europe Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 17. Europe Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 18. Europe Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 19. France Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 20. France Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 21. France Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 22. Germany Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 23. Germany Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 24. Germany Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 25. Italy Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 26. Italy Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 27. Italy Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 28. U.K. Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 29. UK Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 30. U.K Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 31. Russia Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 32. Russia Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 33. Russia Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 34. Rest Of Europe Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 35. Rest Of Europe Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 36. Rest Of Europe Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 37. Asia Pacific Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 38. Asia Pacific Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 39. Asia Pacific Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 40. China Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 41. China Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 42. China Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 43. Japan Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 44. Japan Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 45. Japan Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 46. India Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 47. India Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 48. India Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 49. Australia Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 50. Australia Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 51. Australia Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 52. South Korea Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 53. South Korea Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 54. South Korea Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 55. Rest Of APAC Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 56. Rest Of APAC Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 57. Rest Of APAC Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 58. Middle East & Africa Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 59. Middle East & Africa Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 60. Middle East & Africa Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 61. UAE Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 62. UAE Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 63. UAE Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 64. Saudi Arabia Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 65. Saudi Arabia Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 66. Saudi Arabia Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 67. South Africa Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 68. South Africa Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 69. South Africa Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 70. Rest Of MEA Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 71. Rest Of MEA Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 72. Rest Of MEA Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 73. South America Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 74. South America Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 75. South America Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 76. Brazil Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 77. Brazil Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 78. Brazil Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 79. Argentina Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 80. Argentina Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 81. Argentina Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 82. Rest Of Sam Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Sourcing Type (US$ Bn)
Table 83. Rest Of Sam Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By Service Type (US$ Bn)
Table 84. Rest Of Sam Testing, Inspection & Certification Market Revenue And Forecasts To 2027 – By End-User (US$ Bn)
Table 85. Glossary Of Term: Testing, Inspection & Certification Market
LIST OF FIGURES
Figure 1. Asia Pacific Testing, Inspection & Certification Market, By Revenue, 2018 - 2027, Us$ Mn
Figure 2. Testing, Inspection & Certification Market Segmentation
Figure 3. Testing, Inspection & Certification Market Segmentation – By Region
Figure 4. North America – PEST Analysis
Figure 5. Europe – PEST Analysis
Figure 6. Asia Pacific – PEST Analysis
Figure 7. Middle East and Africa – PEST Analysis
Figure 8. South America – PEST Analysis
Figure 9. Ecosystem Analysis
Figure 10. Expert Opinion
Figure 11. GDP Growth Rate of Major Regions and Forecast
Figure 12. Percentage of Mergers & Acquisitions across Selected End-Users, 2017 (%)
Figure 13. Testing, Inspection & Certification Market Impact Analysis of Driver and Restraints
Figure 14. Global Testing, Inspection & Certification Market
Figure 15. Global Testing, Inspection & Certification Market Forecast and Analysis
Figure 16. Global Testing, Inspection & Certification Market Breakdown, By Sourcing Type, 2018 & 2027 (%)
Figure 17. Global In-House Service Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 18. Global Outsourced Services Revenue and Forecasts To 2027 (US$ Bn)
Figure 19. Global Testing, Inspection & Certification Market Breakdown, By Service Type, 2018 & 2027 (%)
Figure 20. Global Testing Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 21. Global Inspection Revenue and Forecasts To 2027 (US$ Bn)
Figure 22. Global Certification Revenue and Forecasts To 2027 (US$ Bn)
Figure 23. Global Testing, Inspection & Certification Market Breakdown, By End-User, 2018 & 2027 (%)
Figure 24. Global Food & Beverage Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 25. Global Healthcare & Pharmaceutical Revenue and Forecasts To 2027 (US$ Bn)
Figure 26. Global Consumer Goods & Retail Revenue and Forecasts To 2027 (US$ Bn)
Figure 27. Global Energy & Power Revenue and Forecasts To 2027 (US$ Bn)
Figure 28. Global Manufacturing & Construction Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 29. Global Others Revenue and Forecasts To 2027 (US$ Bn)
Figure 30. Global Testing, Inspection & Certification Market, Global Breakdown by Regions, 2018 & 2027 (%)
Figure 31. North America Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 32. North America Testing, Inspection & Certification Market Breakdown by Sourcing Type, 2018 & 2027 (%)
Figure 33. North America Testing, Inspection & Certification Market Breakdown by Service Type, 2018 & 2027 (%)
Figure 34. North America Testing, Inspection & Certification Market Breakdown by End-user, 2018 & 2027 (%)
Figure 35. North America Testing, Inspection & Certification Market Breakdown by Key Countries, 2018 & 2027(%)
Figure 36. U.S. Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 37. Canada Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 38. Mexico Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 39. Europe Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 40. Europe Testing, Inspection & Certification Market Breakdown by Sourcing Type, 2018 & 2027 (%)
Figure 41. Europe Testing, Inspection & Certification Market Breakdown by Service Type, 2018 & 2027 (%)
Figure 42. Europe Testing, Inspection & Certification Market Breakdown by End-user, 2018 & 2027 (%)
Figure 43. Europe Testing, Inspection & Certification Market Breakdown by Key Countries, 2018 & 2027(%)
Figure 44. France Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 45. Germany Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 46. Italy Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 47. U.K. Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 48. Russia Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 49. Rest Of Europe Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 50. Asia Pacific Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 51. Asia Pacific Testing, Inspection & Certification Market Breakdown by Sourcing Type, 2018 & 2027 (%)
Figure 52. Asia Pacific Testing, Inspection & Certification Market Breakdown by Service Type, 2018 & 2027 (%)
Figure 53. Asia Pacific Testing, Inspection & Certification Market Breakdown by End-user, 2018 & 2027 (%)
Figure 54. Asia Pacific Testing, Inspection & Certification Market Breakdown by Key Countries, 2018 & 2027(%)
Figure 55. China Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 56. Japan Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 57. India Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 58. Australia Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 59. South Korea Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 60. Rest Of APAC Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 61. Middle East & Africa Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 62. Middle East & Africa Testing, Inspection & Certification Market Breakdown by Sourcing Type, 2018 & 2027 (%)
Figure 63. Middle East & Africa Testing, Inspection & Certification Market Breakdown by Service Type, 2018 & 2027 (%)
Figure 64. Middle East & Africa Testing, Inspection & Certification Market Breakdown by End-user, 2018 & 2027 (%)
Figure 65. Middle East & Africa Testing, Inspection & Certification Market Breakdown by Key Countries, 2018 & 2027(%)
Figure 66. UAE Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 67. Saudi Arabia Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 68. South Africa Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 69. Rest Of MEA Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 70. South America Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 71. South America Testing, Inspection & Certification Market Breakdown by Sourcing Type, 2018 & 2027 (%)
Figure 72. South America Testing, Inspection & Certification Market Breakdown by Service Type, 2018 & 2027 (%)
Figure 73. South America Testing, Inspection & Certification Market Breakdown by End-user, 2018 & 2027 (%)
Figure 74. South America Testing, Inspection & Certification Market Breakdown by Key Countries, 2018 & 2027(%)
Figure 75. Brazil Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 76. Argentina Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
Figure 77. Rest Of Sam Testing, Inspection & Certification Market Revenue and Forecasts To 2027 (US$ Bn)
The List of Companies - Testing Inspection and Certification Market
- Eurofins Scientific
- Applus Services
- ALS Limited
- DEKRA Automobil GmbH
- TUV SUD AG
- TUV Rheinland AG
- SGS SA
- Bureau Veritas SA
- Intertek Group plc
- DNV GL AS
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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