Testing, Inspection and Certification Market

Key Revenue Pockets - Testing, Inspection, and Certification Market

Testing, inspection, and certification (TIC) services are provided to help manufacturers improve productivity, meet global standards, and enhance product quality. These services (i.e., testing, inspection, verification, validation, certification, auditing, consulting, technical assistance and training, environmental, quality-safety-health-and-environment, asset integrity management, and project management services) can be applied to any product or company, irrespective of the sector the company operates in. These services focus on assuring end users and consumers that the manufacturer has followed national and international regulations and industry standards to ensure quality, public health, and safety.

The growth of the TIC market is driven by the increase in disposable income and rapid urbanization in developing economies; high growth in product recalls across the world; high adoption of outsourcing service models by worldwide manufacturers; increased requirement for harmonized standards; surge in illicit trading, counterfeiting, and piracy practices across the world; and enforcement of rigorous government regulations and standards across various sectors. However, the complex nature of supply chains and long lead time for overseas qualification tests pose major challenges for players in the TIC market.  The TIC market is estimated to grow from USD 209.4 billion in 2019 to USD 266.2 billion by 2024 growing at a CAGR of 4.91%.

To know about the assumptions considered for the study download the pdf brochure

In the service type segment, testing services accounted for the largest share of the TIC market in 2018. For most applications, testing is required to check whether the products and services comply with the required standards and regulations. Hence, this segment is likely to hold a significant size of the market during 2019–2024. Within the automotive TIC industry, testing services are implemented in automotive lighting and components, connected car solutions, testing for materials, and reliability, thereby ensuring the compliance of products/services with particular standards and regulations.

The market for outsourced TIC services is expected to grow at the highest CAGR during the forecast period owing to the increased regulations that make in-house testing a costly affair. Also, within the automotive sector, many large firms are increasingly outsourcing their automotive TIC needs since outsourcing services are cheaper than conducting them in-house, which allows the overall outsourced TIC services market to grow rapidly.

The market for the automotive application is expected to grow at the highest CAGR from 2019 to 2024. Safety features are the primary requisites of automotive consumers across the world. The third global status report on road safety, 2015, estimated the number of global road traffic deaths every year to be more than 1.2 million. The increasing concern of manufacturers about safety and comfort is likely to drive the need for TIC services in the automotive application. Factors such as improved automobile infrastructures, increased competition among automobile manufacturers to offer enhanced features, and improved standards of living have raised the sales of premium passenger cars across the world. This will drive the demand for TIC services during the forecast period.

The TIC market in APAC is expected to grow at the highest CAGR during the forecast period. Many economically advanced countries have their manufacturing units in developing economies of APAC, especially in China and India. These units are required to manufacture products in compliance with internationally accepted standards. Domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle class. Moreover, there is growing consumer awareness about the importance of certification, resulting in the high adoption of TIC services in the region.

Related Reports:

Testing, Inspection, and Certification Market by Service (Testing, Inspection, Certification), Sourcing Type (In-House and Outsourced), Application (Consumer Goods and Retail, Construction and Infrastructure), and Geography - Global Forecast to 2024

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
SE 3611
RI Published ON
3/22/2019
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Testing, Inspection and Certification Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
ONLINE CHAT
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
© MarketsandMarkets Research Private Ltd. All rights reserved