The Testing, Inspection, and Certification Market is expected to reach $143.3 billion, at a CAGR of 5.4% during the forecast period 2020-2027. The rise in the illicit trade of forged and pirated goods, strict regulatory standards imposed by governments and local observatory bodies, and consistent incorporation of advanced technologies to develop various testing and inspection techniques are the key factors driving the growth of the testing, inspection, and certification market. Besides, the organizations’ growing inclination toward outsourcing TIC services, rising awareness among consumers regarding product quality and safety, and the surge in demand for TIC services globally also contribute to the growth of the testing, inspection, and certification market. However, reliability concerns regarding new service providers and an uncertain regulatory environment are expected to hinder the growth of the TIC market.
The Impact of COVID-19 on the Testing, Inspection, and Certification Market
The COVID-19 outbreak has significantly impacted the global economy. Various industry verticals have also been affected severely. Organizations are using remote technological channels and digital testing to ensure the continuity of their services and provide safety to industrial facilities and hospitals, and power grids that are conducting tests required for ensuring the quality of essential products and functioning of critical equipment. This trend has certainly encouraged automation and the adoption of advanced technologies for industry-specific applications, including collaborations and other productivity and business continuity tools. The outbreak has posed serious challenges to the global economy and affected multiple industries, including manufacturing, oil & gas, construction, automotive, and transportation. Most organizations operating in the TIC market are reinforcing their IT infrastructure and developing business continuity plans for all their operations. TIC providers are focused on novel services and delivery models to smartly access latent demand for increased automation, remotely-performed services, and enhanced digitization. Thus, the testing, inspection, and certification market holds considerable potential to bounce back from the decline witnessed during the COVID-19 crisis. These positive trends are consequently expected to boost the growth of the testing, inspection, and certification market in the coming years.
The lockdowns imposed to contain the pandemic have resulted in severe losses to businesses. Several leading TIC players are also eying this crisis as a new opportunity to restructure and revisit their existing strategies and enhance their product portfolios. For instance, in 2020, Bureau Veritas launched specialized digital tools for various sectors to support remote operations for ensuring business continuity. Similarly, in 2020, the British Standards Institution (BSI) Group launched PAS 1881 Assuring Safety of Automated Vehicle Trials and Testing. TO capitalize on this situation, companies are upgrading their capabilities, which is expected to help the TIC market mitigate the effects of COVID-19
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Strict Regulatory Standards Imposed by Governments to Drive the Growth of the Testing, Inspection, and Certification Market
Emerging globalization and liberalization had highlighted safety as the prime concern among consumers. Increased risk to life is a major concern, creating awareness among consumers to prioritize safety. To address such safety concerns, organizations are focused on implementing safety testing services as per the framed government guidelines. The priority of these standards is to ensure safety and reduce environmental impacts. For instance, in the automotive sector, governments have imposed stringent environmental regulations on OEMs (Original Equipment Manufacturers) to control CO2 emissions. Similarly, in the U.S., the National Highway Traffic Safety Administration (NHTSA) and the National Transportation Safety Board (NTSB) recommended the standardization of collision avoidance systems. Thus, extensive government standards and regulations for ensuring the safety and security of passengers are expected to propel the demand for TIC services in the coming years. Positive government initiatives to uplift various sectors affected by COVID-19 are also expected to help support the strong recovery and growth of the TIC market. For instance, in 2020, the Japanese government proposed a package of approximately $240 billion to mitigate the economic impact of COVID-19 and help industries, including automotive.
Stringent government regulations on food and consumer product testing, mandatory inspection regulations, and the growing trade of consumer products drive the growth of the TIC market. Also, various governments’ growing sensitivity toward a cleaner environment, favorable initiatives, rules, and regulations in sectors, such as healthcare and automotive, and the rapid adoption of digital technologies to radically transform TIC services are further expected to contribute to the growth of the testing, inspection, and certification market in the coming years.
Key Findings in the Testing, Inspection, and Certification Market Study:
Testing Services to Dominate the Testing, Inspection, and Certification Market though 2027
By service, the testing segment is expected to account for the largest share of the testing, inspection, and certification market in 2020. The largest share of this segment is primarily driven by the rise of globalization, a surge in brand protection policies, the presence of different product standards across different regions, increasing product diversity, and supportive government initiatives to improve the quality of various goods. However, the certification segment is slated to register the highest CAGR during the forecast period due to factors such as the growing number of specific standards introduced by international standardization institutions and various governments and the increasing need to enhance product value and safety, protect the environment, fulfill social responsibilities and improve performance.
The Agriculture and Food Sectors to Dominate the Testing, Inspection, and Certification Market though 2027
By end user, the agriculture and food segment is estimated to account for the largest share of the testing, inspection, and certification market in 2020. The large share of this segment is primarily driven by the growing demand for organic and processed foods and the need to closely monitor food items, improve productivity, and ensure quality. On the other hand, the healthcare sector is slated to register the highest CAGR during the forecast period due to the growing number of specific standards introduced by international standardization institutions and various governments, growing favorability of the regulatory environment, acceptance of the ‘quality by design’ (QbD) approach in pharmaceutical research and manufacture, rising demand for specialized testing services, and a surge in the number of clinical trials in the healthcare sector.
North America: The Largest Market
North America is estimated to command the largest share of the testing, inspection, and certification market in 2020, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The large share of this regional market is primarily attributed to the presence of major TIC players and the emergence of several start-ups in the region, growing demand for organic and processed foods, the organizations’ increasing focus on meeting regulatory and compliance requirements, early adoption of the latest technologies, government investments in the advancement of technologies, presence of highly developed IT infrastructure, stringent government regulations related to testing, and growing trade of consumer products. However, Asia-Pacific is expected to witness rapid growth during the forecast period. Factors such as the increasing demand for consumer electronics, growing consumer awareness regarding quality, and a surge in the number of TIC start-ups backed by government funding are expected to boost the growth of the APAC market. Also, the growing significance of certification, testing, and inspection in enhancing brand recognition, the upsurge in food-safety audits, and increasing investments by private and public players are some of the other factors driving the growth of the TIC market in APAC.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments by the leading players in the testing, inspection, and certification market over the last few years. The key players profiled in the TIC market include SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), TÜV Süd AG (Germany), Dekra SE (Germany), Eurofins Scientific SE (Luxembourg), TÜV Rheinland AG Group (U.S.), Element Materials Technology Ltd. (U.K.), Lloyd’s Register Group Limited (U.K.), APPLUS+ (Spain), AsureQuality (New Zealand), DNV GL (Norway), ALS Ltd. (Australia), Mistras Group (U.S.), and UL LLC (U.S.).
Scope of the Report:
TIC Market by Service
TIC Market by End User
TIC Market by Geography:
Key Questions Answered in the Report:
This report provides pre & post COVID-19 market estimates.
1. Introduction
1.1. Market Definition
1.2. Currency and Limitations
1.2.1. Currency
1.2.2. Limitations
2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.2. Bottom-Up Approach
2.3.3. Top-Down Approach
2.3.4. Growth Forecast
2.4. Assumptions for the Study
3. Executive Summary
3.1. Market Analysis, by Service
3.2. Market Analysis, by Industry Vertical
3.3. Market Analysis, by Geography
3.4. Competitive Analysis
4. Market Insights
4.1. Introduction
4.2. Market Dynamics
4.3. Drivers
4.3.1. Strict Regulatory Standards Imposed by Governments
4.3.2. Rise in Illicit Trade of Forged and Pirated Goods
4.3.3. Inclination Towards Outsourcing TIC Services
4.4. Restraints
4.4.1. Dynamic International Regulatory Standards Across Regions
4.5. Opportunities
4.5.1. Surge in Consumer Awareness Towards Food Safety
4.6. Challenges
4.6.1. Lack of Testing Facilities and Skilled Resources
4.7. Trends
4.7.1. Use of Simulation in Product Testing and Validation
4.8. Impact of Covid-19 on the Testing, Inspection, and Certification Market
4.8.1. Scenario A: Severe Impact
4.8.2. Scenario B: Moderate Recovery
4.8.3. Scenario C: Fast Recovery
4.9. Case Study: Testing, Inspection and Certification Market
4.9.1. Case Study-A
4.9.2. Case Study-B
4.9.3. Case Study-C
4.9.4. Case Study-D
4.9.5. Case Study-E
5. Testing Inspection and Certification Market, by Service
5.1. Introduction
5.2. Testing Services
5.3. Inspection Services
5.4. Certification Services
6. Testing, Inspection, and Certification Market by Industry Vertical
6.1. Introduction
6.2. Agriculture and Food
6.3. Consumer Goods and Retail
6.4. Construction
6.5. Machinery
6.6. Oil & Gas
6.7. Chemicals
6.8. Automotive
6.9. Mining
6.10. Transportation
6.11. Healthcare
6.12. Power Generation
6.13. Marine
6.14. Government
6.15. Financial Institutions
6.16. Others
7. Testing, Inspection, and Certification Market, by Geography
7.1. Introduction
7.2. Europe
7.2.1. Germany
7.2.2. U.K
7.2.3. France
7.2.4. Italy
7.2.5. Spain
7.2.6. Rest of Europe
7.3. Asia-Pacific
7.3.1. China
7.3.2. Japan
7.3.3. India
7.3.4. Rest of Asia-Pacific
7.4. North America
7.4.1. U.S
7.4.2. Canada
7.5. Middle East & Africa
7.6. Latin America
8. Competitive Landscape
8.1. Introduction
8.2. Key Growth Strategies
8.3. Competitive Benchmarking
8.4. Market Share Analysis
9. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
9.1. SGS S.A
9.2. Bureau Veritas S.A.
9.3. Intertek Group Plc
9.4. TÜV SÜD
9.5. Dekra SE
9.6. TÜV Rheinland AG Group
9.7. Applus+
9.8. Eurofins Scientific SE
9.9. British Standards Institution (BSI) Group
9.10. Lloyd’s Register Group Limited
9.11. Mistras Group, Inc.
9.12. DNV GL
9.13. Element Materials Technology
9.14. ALS
9.15. UL LLC
10. Appendix
10.1. Questionnaire
10.2. Available Customization
List of Tables
Table 1 Currency Conversion Rate, 2016–2019
Table 2 Impact Assessment of Covid-19 On The Testing, Inspection and Certification Market (USD Million)
Table 3 Global Testing, Inspection, and Certification Market Size, by Service, 2018–2027 (USD Million)
Table 4 Global Testing Services Market Size, by Country/Region, 2018–2027 (USD Million)
Table 5 Global Inspection Services Market Size, by Country/Region, 2018–2027 (USD Million)
Table 6 Global Certification Services Market Size, by Country/Region, 2018–2027 (USD Million)
Table 7 Global Testing, Inspection, and Certification Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 8 Global Testing, Inspection and Certification Market Size for Agriculture & Food Vertical, by Country/Region 2018–2027 (USD Million)
Table 9 Global Testing, Inspection and Certification Market Size for Consumer Goods and Retail Vertical, by Country/Region 2018–2027 (USD Million)
Table 10 Global Testing, Inspection and Certification Market Size for Construction Vertical, by Country/Region, 2018-2027 (USD Million)
Table 11 Global Testing, Inspection & Certification Market Size for Machinery Vertical, by Country/Region, 2018–2027 (USD Million)
Table 12 Global Testing, Inspection and Certification Market Size for Oil & Gas Vertical, by Country/Region 2018–2027 (USD Million)
Table 13 Global Testing, Inspection and Certification Market Size for Chemicals, by Country/Region 2018–2027 (USD Million)
Table 14 Global Testing, Inspection and Certification Market Size for Automotive Vertical, by Country/Region 2018–2027 (USD Million)
Table 15 Global Testing, Inspection and Certification Market Size for Mining, by Country/Region, 2018-2027 (USD Million)
Table 16 Global Testing, Inspection and Certification Market Size for Transportation, by Country/Region 2018–2027 (USD Million)
Table 17 Global Testing, Inspection and Certification Market Size for Healthcare & Life Sciences Vertical, by Country/Region, 2018-2027 (USD Million)
Table 18 Global Testing, Inspection and Certification Market Size for Power Generation Vertical, by Country/Region, 2018-2027 (USD Million)
Table 19 Global Testing, Inspection and Certification Market Size for Marine Vertical, by Country/Region 2018–2027 (USD Million)
Table 20 Global Testing, Inspection and Certification Market Size for Government Vertical, by Country/Region 2018–2027 (USD Million)
Table 21 Global Testing, Inspection & Certification Market Size for Financial Institutions, by Country/Region, 2018–2027 (USD Million)
Table 22 Global Testing, Inspection & Certification Market Size for Other Industry Verticals, by Country/Region, 2018–2027 (USD Million)
Table 23 Global Testing, Inspection, and Certification Market Size, by Country/Region, 2018–2027 (USD Million)
Table 24 Europe: TIC Market Size, by Country, 2018–2027 (USD Million)
Table 25 Europe: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 26 Europe: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 27 Germany: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 28 Germany: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 29 U.K: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 30 U.K: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 31 France: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 32 France: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 33 Italy: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 34 Italy: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 35 Spain: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 36 Spain: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 37 Rest of Europe: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 38 Rest of Europe: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 39 Asia-Pacific: TIC Market Size, by Country, 2018–2027 (USD Million)
Table 40 Asia-Pacific: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 41 Asia-Pacific: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 42 China: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 43 China: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 44 Japan: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 45 Japan: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 46 India: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 47 India: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 48 Rest of Asia-Pacific: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 49 Rest of Asia-Pacific: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 50 North America: TIC Market Size, by Country, 2018–2027 (USD Million)
Table 51 North America: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 52 North America: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 53 U.S: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 54 U.S: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 55 Canada: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 56 Canada: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 57 Middle East & Africa: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 58 Middle East & Africa: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 59 Latin America: TIC Market Size, by Service, 2018–2027 (USD Million)
Table 60 Latin America: TIC Market Size, by Industry Vertical, 2018–2027 (USD Million)
Table 61 Recent Developments by Major Players During 2017–2019
List of Figures
Figure 1 Market Ecosystem
Figure 2 Key Stakeholders
Figure 3 Research Process
Figure 4 Key Secondary Resources
Figure 5 Primary Research Techniques
Figure 6 Key Executives Interviewed
Figure 7 Breakdown of Primary Interviews (Supply-Side & Demand-Side)
Figure 8 Market Sizing and Growth Forecast Approach
Figure 9 Key Insights
Figure 10 Testing, Inspection & Certification Market, by Service, 2020 Vs.2027
Figure 11 Testing, Inspection & Certification Market, by Industry Vertical, 2020 Vs. 2027
Figure 12 Testing, Inspection and Certification Market, by Region
Figure 13 Impact Assessment of Covid-19 on the TIC Market (Market Growth)
Figure 14 Global Testing, Inspection, And Certification Market Size, by Service, 2020–2027 (USD Million)
Figure 15 Global Testing, Inspection, And Certification Market Size, by Industry Vertical, 2020–2027 (USD Million)
Figure 16 Testing, Inspection & Certification Market Size, by Geography, 2020–2027 (USD Million)
Figure 17 Geographic Snapshot: European TIC Market
Figure 18 Geographic Snapshot: Asia-Pacific TIC Market
Figure 19 Geographic Snapshot: North American TIC Market
Figure 20 Growth Strategies Adopted by The Key Players
Figure 21 Testing, Inspection and Certification Market: Competitive Benchmarking
Figure 22 Global TIC Market Share, by Key Players, 2020
Figure 23 SGS S.A: Financial Overview, 2019
Figure 24 Bureau Veritas S.A.: Financial Overview, 2019
Figure 25 Intertek Group Plc: Financial Overview, 2019
Figure 26 TÜV SÜD: Financial Overview, 2019
Figure 27 Dekra SE: Financial Overview, 2019
Figure 28 TÜV Rheinland AG Group: Financial Overview, 2019
Figure 29 Applus+: Financial Overview, 2019
Figure 30 Eurofins Scientific Se: Financial Overview, 2019
Figure 31 British Standards Institution (BSI) Group: Financial Overview, 2019
Figure 32 Lloyd’s Register Group Limited: Financial Overview, 2019
Figure 33 Mistras Group, Inc.: Financial Overview, 2019
Figure 34 DNV Gl: Financial Overview, 2019
Figure 35 ALS: Financial Overview, 2020
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Jan-2023
Published Date: Jan-2023
Published Date: Jan-2023
