Testing, Inspection And Certification Market Research, 2032
The global testing, inspection and certification market was valued at $226.8 billion in 2022, and is projected to reach $407.2 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.
Testing, inspection, certification (TIC) are the services ranging from auditing and inspection, to testing, verification, quality assurance and certification of the product, equipment and more. These help in increasing efficiency of production to reduce error by minimizing risk. TIC services are applicable in oil & gas, food industry, pharmaceuticals, chemical industry, and other sectors. In the TIC market, electrical testing and inspection services play a pivotal role in verifying the compliance and safety of electrical systems, providing businesses with the assurance needed to meet stringent industry standards
Testing is a systematic way for evaluating an item or service in contrast to established standards. To determine if the item fulfils standards, it has to clear a series of inspections. Performance, dependability, durability, and safety are just a few of the aspects that might be covered by this. Products are put through rigorous tests in the manufacturing industry, for example, to identify defects while making sure they function as expected. Software, environmental factors, and even human performance are all suited for being tested in alongside physical products. Inspection is the process of carefully examining goods, procedures, or services to ensure that they adhere to rules and guidelines. This stage guarantees that the product or service meets set standards for quality. From the raw materials to the finished product, inspections can take place at any point in the production process. They can include visual inspections, measurements, and other forms of evaluation. Inspections support the process of overall quality control by quickly detecting and correcting irregularities. The official acknowledgement that a system, service, or product satisfies certain requirements or standards is called certification. Certification procedures are frequently carried out by independent third-party organisations. Customers and other stakeholders may trust a certified good or service because of its dependability, safety, and quality. A wide range of topics, including product performance requirements, worker health and safety, and environmental sustainability, are covered by certifications.
The testing, inspection and certification market is segmented into Service Type, Sourcing Type, Application and Industry Vertical.
By service type, the market is divided into testing, inspection, and certification.
By sourcing type, the market is bifurcated into in-house, and outsource.
By application, the market is divided into quality and safety, production evaluation, industrial inspection, system certification, and others.
By industry vertical, the market is analyzed across agro, food, pharmaceuticals, chemical, oil and gas, and others.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
Increasing focus of manufacturing companies to improve customer retention by offering quality products and surging demand for interoperability testing for connected devices and IoT drive the growth of the testing, inspection and certification market size. However, high cost of TIC services due to diverse standards and regulations across different geographies is expected to pose major threats for the TIC market. Furthermore, digital transformation of customer services and rapid adoption of breakthrough technologies are expected to offer lucrative opportunities for the growth of the global TIC market. Increase in competition and low awareness among small scale manufactures are the key factors hampering the growth of the market. Rise in awareness for need of testing, inspection and certification and surge in need of safety are the factors that are opportunistic for the market growth.
Covid Impact Analysis
With the COVID-19 epidemic, the Testing, Inspection, and Certification (TIC) market—a vital component of quality assurance in many industries—saw substantial changes. The pandemic not only complicated global corporate operations and upset supply chains, but it also highlighted how important TIC is to assuring the dependability and safety of goods and services. Demand for TIC services surged as health and safety regulations became more pressing, especially in industries like healthcare, pharmaceuticals, and food processing. The pandemic made it clear that reliable testing and inspection procedures are required to confirm the effectiveness of medications, medical equipment, and hygiene standards. Additionally, the need for cybersecurity assessments and compliance testing increased in the TIC industry as companies resorted to digital solutions and remote working. Reaffirming its importance in promoting economic recovery and protecting public health, the TIC industry's agility and resilience throughout the pandemic positioned it as a crucial participant in negotiating the changing worldwide norms and laws.
The key players profiled in the report include ABS, ALS Limited, ASTM International, BSI, Bureau Veritas S.A., DEKRA, DNV, Intertek Group PLC, ISO, Lloyds Register Group Limited (LR), SGS S.A., and TUV SUD AG. Market players have adopted various strategies such as product launch, collaboration, partnership, agreement, expansion, and acquisition to expand their foothold in the Testing, Inspection and Certification industry.
Top Impacting Factors
The testing, inspection and certification market is expected to witness notable growth owing to increase in focus of manufacturing companies to improve customer retention by offering quality products, surge in demand for interoperability testing for connected devices and IOT and technological advancements and digitalization. Moreover, digital transformation of customer services is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, the high cost of TIC services due to diverse standards and regulations across different geographies limits the growth of the testing, inspection, and certification market demand.
Historical Data & Information
The global Testing, Inspection and Certification market is highly competitive, owing to the strong presence of existing vendors. Vendors in the TIC market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Key Developments/ Strategies
ABS, ALS Limited, ASTM International, BSI, Bureau Veritas S.A., DEKRA, DNV, Intertek Group PLC, ISO, Lloyds Register Group Limited (LR), SGS S.A., and TUV SUD AG are the top companies holding a prime testing, inspection and certification market share. Top market players have adopted various strategies, such as product development, acquisition, innovation, partnership, and others to expand their foothold in the Testing, Inspection and Certification market.
- In August 2023, SGS expanded its Textile Exchange product certification services to India, offering one-stop certification for manufacturers, retailers, and buyers in the textile and footwear industry. This expansion includes certifications for recycled content (RCS), organic content (OCS), and responsible sourcing of down (RDS) and animal fibers (RAF). With strategically located laboratories across India, SGS is now better positioned to help organizations achieve their sustainable sourcing goals.
- In April 2023, Intertek acquired Controle Analítico, a Brazilian environmental testing firm specializing in water analysis. This move expands Intertek's environmental testing capabilities in Brazil, complementing its existing food and agri-business services, and aligns with its commitment to quality, safety, and sustainability.
- In March 2023, TÜV SÜD, partnered with Applied DNA Sciences (ADNAS) to provide enhanced product traceability solutions. ADNAS's CertainTR. platform, which utilizes DNA-based molecular tagging, will complement TÜV SÜD's existing traceability services. This collaboration will offer clients a comprehensive suite of solutions for ensuring the authenticity and origin of their products, including factory audits, supply chain mapping, product verification at various stages of the supply chain, and cotton source verification.
- In December 2023, ALS acquires the ExplorTech Division of Earthlabs Inc, formerly GoldSpot Discoveries Corp. This acquisition strengthens ALS's position in the environmental testing and consulting sector. ExplorTech's expertise in geochemistry, metallurgy, and environmental analysis complements ALS's existing capabilities. The move is expected to enhance ALS's ability to provide comprehensive services to clients in industries such as mining, energy, and environmental management
- In November 2021, BSI launched a new identification technology for products to drive safety across the built environment industry's supply chain. BSI Identify harnesses Digital Object Identifier (DOI) technology to deliver a unique, constant, and interoperable identifier, called a BSI UPIN. It can be assigned to products to help UK manufacturers to directly manage information about their products in the supply chain.
- In September 2021, Lloyd's Register Group Limited released ISO/SAE 21434 standard, which helps in managing cybersecurity risks in relation to electrical and electronic (E/E) systems in road vehicles.
Key Benefits For Stakeholders
- This testing, inspection and certification market forecast report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the testing, inspection and certification market analysis from 2022 to 2032 to identify the prevailing testing, inspection and certification market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the testing, inspection and certification market segmentation assists to determine the prevailing testing, inspection and certification market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the testing, inspection and certification industry players.
- The report includes the analysis of the regional as well as global testing, inspection and certification market trends, key players, market segments, application areas, and testing, inspection and certification market growth strategies.
Testing, Inspection and Certification Market Report Highlights
Market Size By 2032
USD 407.2 billion
CAGR of 6.3%
2022 - 2032
By Service Type
By Sourcing Type
By Industry Vertical
Key Market Players
SGS S.A., ALS Limted, ABS, ASTM International, Bureau Veritas S.A., ISO, TUV SUD AG., BSI, Dekra, Intertek Group plc, DNV, Lloyd's Register Group Limited (LR)
The TIC market is competitive, owing to the strong presence of existing vendors. TIC companies that have access to extensive technical and financial resources are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with an increase in technological innovations, product extensions, and different strategies adopted by firms.?
The TIC market holds a substantial scope for growth on a global scale. Its contribution to the market is anticipated to increase significantly during the forecast period. Recent discoveries and innovations have created vast opportunities for numerous players to step in the TIC market. Moreover, TIC services ensure quality assurance, verification of the safety, security, and performance of a product, service, or process, higher level of cost control improvement, and faster improvement of various processes.?
Rise in focus of manufacturing companies to improve customer retention by offering quality products and surge in demand for interoperability testing for connected devices & IoT drive the market growth. High cost of TIC services due to diverse standards and regulations across different regions is the biggest limitation for market growth.?
The surge in competition and reduced awareness among small scale manufactures are the key factors that hamper the growth of the market. Increase in awareness of the need for TIC and rise in concern for safety & quality are the factors opportunistic for market growth.?