Testing, Inspection, and Certification (TIC) Market is Expected to Reach $105.99 Billion, Growing at a CAGR of 2.4% From 2020 with COVID-19 Impact - Meticulous Research® Analysis

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Apr 21, 2021, 08:30 ET

REDDING, Calif., April 21, 2021 /PRNewswire/ -- Meticulous Research^®, in its latest publication, titled "Testing, Inspection, and Certification Market by Service, End User (Retail, Agriculture, Oil and Gas, Construction, Chemicals, Machinery, Transportation, Automotive, Government, Marine, Healthcare), and Region - Forecast to 2027", states that the testing, inspection, and certification market is expected to reach $105.99 billion, at a CAGR of 2.4% from 2020.

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The TIC sector consists of conformity assessment bodies that provide services ranging from auditing and inspection to testing, verification, quality assurance, and certification. TIC companies cater to a diverse range of industry sectors and a variety of standards and legislation. These range from agriculture, automotive, raw materials, IT and electronics, environmental protection, food testing, and oil and gas industries right through to maritime, medicine, education, tourism, logistics, consumer products, and more. The growth of the overall testing, inspection, and certification market is primarily attributed to the strict regulatory standards imposed by governments and the rise in the illicit trade of forged & pirated goods. The surge in consumer awareness about food safety offers lucrative growth opportunities for the growth of the market. However, a lack of testing facilities and skilled resources can obstruct the market's growth up to some extent.

In 2021, many COVID-19 vaccines such as Pfizer, CoronaVac, Comirnaty and, Moderna vaccines were launched to prevent both mild and severe symptoms of COVID-19 approved by World Health Organizations (WHO). However, companies are still struggling to make informed decisions about their products, supply chains, and regulatory responsibilities amid uncertainty. The outbreak has varied by each industry sector's level of resilience. For instance, the healthcare sector created major interruptions in the supply chain and, at the same time, proved to be a catalyst for driving changes in healthcare products circulation, in turn minimizing the impact of future disruptions and accelerating healthcare operations. COVID-19 is accelerating the trend rend of digitalization in the TIC market.

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TIC providers are focused on new services and delivery models to smartly access the latent demand for increased automation, remotely-performed services, and enhanced digitization. For instance, in April 2020, Bureau Veritas launched specialized digital tools for various sectors to support remote operations and enable the continuity of business activities such as teleworking, remote inspections, and certification audits. In 2020, Intertek Group Plc launched its new innovative Total Sustainability Assurance program in India to provide an industry-leading, independent quality assurance solution. Similarly, in 2020, DEKRA SE and Telefónica opened a new 5G research & development laboratory in Málaga, Spain, to provide a test environment in which components and applications for connected driving (V2X) can be tested and validated.

Furthermore, TIC service providers are focusing on developing and integrating new types of services and delivery models to smartly access latent demand: such as include remotely-performed services, enhanced digitalization, increased automation, and diversification of supply chains. Organizations operating in the TIC market strengthen their IT infrastructures and develop business continuity plans, indicating that the testing, inspection, and certification market still holds considerable potential to bounce back from the decline caused by the COVID-19 pandemic. Post-COVID-19, several organizations might consider downsizing by cutting non-critical business lines. With economic and industrial activities largely on hold, it is expected that there will be a severe demand-side impact leading to a sharp decline in market growth. However, TIC services are expected to become increasingly important as they enable trade, protect brand reputations, and verify products' safety. Thus, these services are expected to be in high demand after the COVID-19 pandemic subsides.

In this study, the global TIC market is broadly segmented based on service, industry vertical, and geography.

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Based on service, the TIC market is broadly segmented into testing, inspection, and certification services. In 2020, testing services segment accounted for the largest share of the overall TIC market. The growth of this market is attributed to the presence of different product standards across different regions, increasing product diversity, high demand for quality & safe product, strong recommendations from regulatory authorities to ensure safety, quality & efficiency of products, and supportive government initiatives to improve the quality of various goods. However, the certification services segment is expected to grow with the fastest growth rate over the forecast period. The growth of this market is attributed to the growing number of specified standards by governments and international standardization institutions, and supportive government initiatives to improve various goods' quality.

Based on industry vertical, the TIC market is segmented into consumer goods and retail, agriculture and food, oil & gas, construction, chemicals, mining, machinery, transportation, automotive, power generation, government, marine, healthcare, financial institution, and others. In 2020, the agriculture and food segment accounted for the largest share of the overall TIC market. The growth of this segment is mainly attributed to the advancement in the agriculture & food industry, growing demand for organic and processed food, and increasing need to ensure quality and improve the productivity of food products. However, the healthcare vertical is expected to grow with the fastest CAGR during the forecast period. This is mainly driven by the growing medical device industries, the increasing need for validation and verification, and the stringent government regulations and standards across healthcare organizations.

Geographically, the global TIC market is segmented into five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries. In 2020, Europe accounted for the largest share of the global TIC market, followed by Asia-Pacific. The largest share of Europe is mainly attributed to the rising adoption of IoT devices, increasing mandatory certification and compliances by the government, presence of several industrial control and smart equipment manufacturers in the region. The primary reasons for this rise in demand are the increasing mandatory certification and compliances by the government to trade and to grow awareness about standards of products among the customers. As a result, there is an increasing need for effective testing, inspection, and certification in the region.

The major companies in the TIC market have implemented various strategies over the years to expand their product offerings, global footprint, and augment their market share. The key strategies followed by most companies in the market include new product launches, enhancements, approvals, acquisitions, expansions and partnerships, and collaborations and agreements. Mergers & acquisitions were the most preferred key growth strategy adopted by leading players to strengthen their product portfolios and enhance their geographic reach in the TIC market. The TIC market is dominated by five major players, owing to their strong brand recognition, diverse product basket, strong distribution and sales network, and robust growth strategies. The top five companies include SGS S.A, Bureau Veritas S.A., Intertek Group Plc., Dekra SE, and Eurofins Scientific SE.

Other key players operating in this market are TÜV Rheinland Ag Group (U.S.), DNV GL (Norway), British Standards Institution (BSI) (U.K.), Eurofins Scientific SE (Luxembourg), Applus+ (Spain), TÜV Nord Group (Germany), Mistras Group (U.S.), Lloyd's Register Group Limited (U.K.), and Element Materials Technology Ltd. (U.K.), among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/testing-inspection-and-certification-market-5151

Scope of the Report:

TIC Market by Service

Testing
Inspection
Certification

TIC Market by End User

Consumer Goods and Retail
Agriculture and Food
Oil & Gas
Construction
Chemicals
Mining
Machinery
Transportation
Automotive
Power Generation
Government
Marine
Healthcare
Financial Institutions
Others

TIC Market by Geography:

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Rest of Europe

Asia-Pacific

Japan
China
India
Rest of Asia-Pacific

Latin America
Middle East & Africa

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