Market Leaders - Testing, Inspection, & Certification Market
The global testing, inspection, and certification market is expected to grow from USD 204.2 billion in 2020 to USD 243.7 billion by 2025, at a CAGR of 3.6%. The TIC market is driven by the high demand for testing services to ensure the effective interoperability of connected devices and networks, the surge in global counterfeiting, the inclination toward outsourcing TIC services, and advancements in networking and communication technologies.
The TIC market for outsourced services is expected to grow at the highest CAGR during the forecast period. The TIC market for outsourced services depends on factors such as the industry’s requirements and a country’s federal structure and administrative rules. Overs time, these factors may have a significant impact on the market size, irrespective of the underlying macroeconomic conditions. The push toward outsourcing by manufacturing companies and, in specific instances, the privatization of state-owned laboratories will continue to be a strong factor driving the growth of the TIC market for outsourced services.
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The market for certification services is expected to grow at the highest CAGR during the forecast period owing to the mandatory certification laws regulated by governments across many countries and organizations. Various services included under the certification services are audits, services with reference to social responsibility, safety, environment, and quality. The enabling of certification ensures better performance and achieving optimum results in ongoing processes.
The TIC market for agriculture and food application is expected to grow at the highest CAGR during the forecast period. TIC services for the agriculture industry are required to ensure quality and product efficiency. These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring international certifications. Moreover, changing regulations, especially in the agriculture space across the world, would drive the adoption of TIC services by manufacturers.
The TIC market in the APAC region is projected to grow at the highest CAGR during the forecast period. The highest CAGR growth is due to the presence of giant manufacturing electronic companies in countries such as China, Japan, India, Vietnam, the Philippines, and Bangladesh. The domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is a growing consumer awareness about the importance of certification. TIC players are increasing their horizon by setting up their testing labs in the APAC countries due to the high potential for various applications in the region.
Related Reports:
Testing, Inspection, & Certification Market by Offering (In-house & Outsourced Services), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals, Energy & Power, Automotive, IT & Telecommunications) & Geography - Global Forecast to 2025
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