Testing, Inspection, And Certification Market To Grow Enormously with Size Worth $499.0 Billion By 2

Author : Mrudula Karmarkar | Published On : 31 Jan 2024

San Francisco, 31 January 2024: The Report Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report, By Service Type (Testing, Inspection, Certification), By Sourcing Type, By Application, By Region, And Segment Forecasts, 2023 - 2030

The global testing, inspection, and certification market size is anticipated to reach USD 499.0 billion by 2030, growing at a CAGR of 4.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The incremental deployment rates of testing, inspection, and certification (TIC) systems and solutions can be accredited to the rise in manufacturing activities worldwide. Furthermore, the onset of Industry 5.0 and the rise in connected systems further augments the need to deploy TIC-based technologies in tandem with manufacturing activities.

The need to optimize manufacturing processes and end products has resulted in the manufacturing application segment capturing the highest growth rate of 6.4% over the forecast period. For instance, in January 2022, SGS, a Swiss international business that provides inspection, verification, testing, and certification services, has launched a new Vehicle Over the Air (OTA) performance testing laboratory in Suzhou, China. The lab will assist automotive manufacturers in helping them test, validate, and comply with evolving wireless standards and regulations. It fully integrates beneficial resources in automobile, communication, electronics, and reliability testing to provide commercial customers with technical verification, quality improvement product certification, and technology development services.

The integration of cloud technology with the TIC market is one of the significant market drivers. The need to access data instantly, automate certification, and issue reports on a real-time basis highlights the importance of storing essential TIC-related data in the cloud. Moreover, cybersecurity concerns such as increasing instances of cyberattack and data privacy threats further highlight the importance of a safe cloud architecture to safeguard data from people with malicious intent.

This is expected to help in general data regulation, security certifications, and software testing. For instance, in February 2022, Intertek Group plc, one of the prominent providers in connectivity testing and cybersecurity, established its Acucert, the first ISO/IEC certified cybersecurity testing lab in Mumbai, India. Acucert has significant expertise in IT system and software testing while meeting stringent quality control standards. Further opening a new testing lab would help them promote internationally and nationally.

The gradual acceptance of big data analytics with the TIC-based technology model is also expected to offer an impetus to the TIC market. The adoption of big data analytics technology by service providers is expected to diversify their service offerings, such as data-based services and predictive maintenance data and enable service providers to offer better solutions to their customers.

In September 2021, TÜV SÜD, a safety, security, and sustainability solutions provider, offered wind turbine certification for areas affected by tropical storms. Within the scope of type certification, the company has designed a computer framework to analyze the data of the areas and check compatibility for these regions based on the worldwide IEC 61400 standard. The computer model allows for the simulation of even the most extreme wind conditions in tropical cyclone-prone areas and the use of this simulation to determine if a wind turbine is suited for such places.

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Asia Pacific is expected to capture the highest growth rate over the forecast period. Rapid industrialization and rising infrastructure development in Australia, South Korea, and India facilitate deploying proficient TIC solutions. Furthermore, the emerging technology ecosystem in countries such as Japan and China have resulted in several companies outsourcing their software and product development tasks. The ability to gain high-performance products at affordable rates from these countries promotes companies to access TIC solutions and services related to specific needs and requirements, thereby offering an impetus to market growth.

Testing, Inspection, And Certification Market Report Highlights

• The certification segment is expected to emerge as the fastest-growing segment over the forecast period. The segmental growth can be attributed to increasing need of companies to certify their business practices use the right talent for specialized work.
• The outsourced segment is expected to register the highest CAGR over the forecast period owing to the ability to access more affordable TIC products and solutions and decreased operational expenditure.
• The manufacturing segment is expected to capture the highest growth rate over the forecast period owing to rising industrial activity around the world and development of new machine components which need to be tested and inspected before deployment.
• Asia Pacific region is expected to dominate the market over the forecast period. This can be attributed to rising economic activity in China and India. The implementation of Bharat Stage 6 in India has led automotive developers to develop new automotive components which have to be tested rigorously to meet international standards.

In December 2021, Eurofins Scientific, a global scientific leader in bioanalytical testing and a clinical diagnostic testing leader with Transgenic Inc., announced the acquisition of GeneticLab Co., Ltd., a molecular biology-based testing vendor. This acquisition will assist the company in strengthening its position in the Japanese market. It would further expand the company’s global presence in Asia, specializing in advanced genetic testing.

The rising need of enterprises and corporations to engage in safe and efficient testing, inspection, and certification practices promotes market growth for the testing, inspection, and certification (TIC) market. Secure and effective testing and inspection practices ensure companies maintain optimum quality standards, ensure high productivity, and maximum efficiency. Leveraging TIC practices enables companies to customize their supply chain activities according to their needs and desires, thus simplifying business practices. For instance, in January 2022, Temasek, a Singapore-based Investment firm that focuses on restructuring, growth capital, and divestment deals, announced the acquisition of Element Materials Technology, a prominent provider of testing, inspection, and certification (TIC) services. The acquisition aims to mark a significant deal in the TIC industry and a crucial milestone in the expansion of the Group.

Testing, Inspection, And Certification Market Report Scope

The COVID-19, has disrupted the TIC market significantly. COVID-19 has reduced manufacturing and production activities in several regional geographies due to the implementation of lockdowns by many national governments. However, the healthcare division witnessed significant TIC practices due to the rising need to acquire healthcare services and related products, including medicinal supplies. The consumer goods domain also embraced TIC practices during the pandemic due to people's rising demand to access safe and suitable quality food products. For instance, in January 2022, DNV, a global certification, assurance, and risk management company, announced the purchase of MEDCERT, a notified body based in Germany, to expand its healthcare and medical device assurance capabilities. DNV's potential to provide further medical device notification services will be considerably enhanced as a result of the acquisition.

Significant companies in the TIC market have started diversifying and enhancing their service offerings. The need to mitigate the COVID-19 crises has prompted companies to offer products and services related to wastewater testing & analysis. For instance, in February 2022, The Centers for Disease Control and Prevention, the United States' national public health organization, said that it would extend efforts to obtain wastewater samples from towns to look for traces of the coronavirus. Presently, the organization gathers daily samples from more than 400 locations across 37 states and two territories. The agency intends to add 250 more sites to the registry in the following weeks.

Companies have also started opening new development centers in new geographies to increase market penetration. This enables them to form better business relations with customers and clients. Additionally, service providers have started engaging in mergers and acquisitions, which helps in generating new revenue channels. For instance, in February 2022, Applus+, a multinational testing, inspection, and certification firm, announced its acquisition of Lightship Security, Inc., a prominent North American supplier of product certification services. This acquisition is part of Applus+ Laboratories' strategic objective to develop strength in essential technologies and capabilities to assist clients in the global technological shift brought about by energy transition, electrification, and connectivity.

List of Key Players of Testing, Inspection, And Certification (TIC) Market

• ALS Limited
• Applus+
• Bureau Veritas SA
• DEKRA SE
• DNV GL
• Element Materials Technology
• Eurofins Scientific
• Intertek Group plc
• MISTRAS Group, Inc.
• SGS SA
• TÜV NORD GROUP
• TÜV Rheinland
• TÜV SÜD
• UL LLC.