Testing, Inspection, And Certification Market worth $ 324.32 Billion, Globally, by 2028 at 5.21% CAGR: Verified Market Research™
The increased requirement for security, a boom in the illicit trade of counterfeit and pirated goods, Regulatory standards Imposed by Governments, and a preference for outsourced TIC services are the primary reasons for this increase in demand.
JERSEY CITY, N. J., July 26, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Testing, Inspection, And Certification Market" By Sourcing Type (In-house Services, Outsourced Services), By Service Type (testing, inspection, and certification), By Application (Consumer Goods and Retail, Agriculture and Food, Chemicals, Healthcare), and By Geography. According to Verified Market Research, the Global Testing, Inspection, And Certification Market was valued at USD 222.35 Billion in 2020 and is projected to reach USD 324.32 Billion by 2028, growing at a CAGR of 5.21% from 2021 to 2028.
Global Testing, Inspection, And Certification Market Overview
Outsourcing TIC services to third-party service providers is a long-standing business practice used by many product and component manufacturers to ensure adherence to national and international quality and safety standards, as well as to reduce recall costs and improve production efficiency by shifting non-core tasks, operations, jobs, or processes to an external third-party specialist.
Outsourcing allows organizations to dedicate more resources towards strengthening their core business processes, cut operating expenses, and provide faster and better services.59% of businesses use outsourcing to cut their costs which allows for increased production and process efficiency, which contributes to an improvement in the company's net profits. Another reason for the growth of The TIC industry is stringent government requirements on food and consumer product testing, required inspection rules, and the growing trade of consumer products.
Key Developments inTesting, Inspection, And Certification Market
In December 2019, SGS established a new textile laboratory in Ethiopia to provide a comprehensive range of testing services for apparel and textile items.
In February 2019, Intertek announced that it would broaden its electromagnetic compatibility testing capabilities to include electromagnetic fields. This extension is concerned with human exposure in the workplace and the measurement of such EMF fields to ensure employee safety at work.
The major players in the market are 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).
Verified Market Research has segmented the Global Testing, Inspection, And Certification Market On the basis of Sourcing type, Service Type, Application, and Geography`.
Testing, Inspection, And Certification Market, By Sourcing type
Testing, Inspection, And Certification Market, By Service type
Testing, Inspection, And Certification Market, By Application
Consumer Goods and Retail
Agriculture and Food
Energy and Power
Testing, Inspection, And Certification Market by Geography
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