Testing inspection and certification played the significant role to ensure products, infrastructure, and services and met with suggested standards and regulation regarding safety and quality, which in turn to safeguard the individual, environment and many more. The advent of new technologies, increasing health safety measure, stringent environment norms have changed the outlook for the compliance of standards and regulation, which ensure the safety of an individual, machines, and others.
Global Testing Inspection and Certification Market Segments Size & Growth:
Global testing inspection and certification market are estimated to reach up to $257.94 Billion by the end of 2024 from approximately $176.34 Billion in 2017 with a CAGR of 5.08%. Penetration of outsourcing services in TIC industry, manufacturing migration, robust growth in trade partnerships and growing consumption of goods in emerging countries are some of the factors driving the growth of the testing inspection and certification market. High taxes along with soaring inflation has been acting as the deterrent to existing as well as the possible industrial investments which have been critical for the TIC services market that is entirely dependent upon the escalating industrial activities.
Global Testing Inspection and Certification Market Segments Share:
Global testing inspection and certification market are segregated based on methodology, sourcing type, application, end-user, and geography. Testing inspection and certification methodology, described under testing, inspection, and certification. TIC cater to a diverse range of industries across the globe with the array of standard, regulation, and legislation. It is expected to grow at a CAGR of 5.07% and aimed at assuring to end users that international and national rules accredit the product. The market is witnessing growth as a result of globalisation and increasing focus on outsourcing. Moreover, certification is expected to create more significant opportunities for this market over the forecast period.
Sourcing type by in-house, outsourcing, and others. Among which outsourcing segment is anticipated to witness healthy growth rate and is growing at a CAGR of around 6% over the forecast period. Most of the large firms are increasingly outsourcing TIC services as the increased regulations make it costly to conduct test in-house, which is helping the firms in reducing the overall cost of testing.
Testing, inspection and certification market is very vast and is seamlessly catering to a wide range of applications, which include quality & safety services, product performance evaluation, certification & valuation of shipments, industrial inspections, and others. Product performance evaluation is one of the most critical functions provided under TIC market. It enables serviceability, usability, durability, and performance of products to be measured, compared and evaluated, which is driving the market growth.
TIC has many end-users, and some of the prominent end users are agriculture, automotive, industrial, food, medical & life sciences and others. Uses of TIC in farming and food are one of the significant ends uses. The chief driver of testing inspection and certification is strong demand from the food, agriculture and medicine industry. Moreover, certification of these products also means confirmation of quality, which has instigated the testing inspection and certification demand globally.
Geographical segmentation of TIC market is into North America, Asia-Pacific, Europe, South America and the Middle East and Africa. APAC is expected to be the fastest-growing market for TIC owing to the domestic market growth and rise in per capita income. Growth in this region is majorly from Southeast countries, which are undergoing a transformational change concerning economic, and infrastructure developments. Europe is dominating the market due to the increasing focus on outsourcing and primarily due to continual introduction of regulations such as energy efficiency in construction.
Global Testing Inspection and Certification Market Trends:
- A trend of outsourcing TIC services, beneficial to vendors.
- Increasing trade with emerging economies.
Global Testing Inspection and Certification Market Research Report includes:
An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.
Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
Identifying DROC in the current market and their impact in altering the market dynamics.
Competitive landscape analysis to identify the mergers and acquisitions, which will have a comparative financial study with significant competitors.
Expertise investment opportunities by the analyst to the individual and organisation to have the better foothold in the market.
The major market players are
- Lloyds register group Ltd
- Tuv Sud Ag
- SGS Group
- Bureau Veritas SA
- Intertek Group PLC
- Dekra SE
Along with these companies, there were many other companies considered/cited in the report while analysing the global testing inspection and certification market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.”
1 Introduction
1.1 Executive Summary
1.2 Market Definition
1.3 Scope of the Study
2 Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Analytic Tools and Model
2.4 Economic Indicator
2.4.1 Base Year, Base Currency, Forecasting Period
2.5 Expert Validation
2.6 Study Timeline
3 Market Analysis
3.1 Industry Value Chain Analysis
3.2 Porter’s Five Analysis
3.2.1 Bargaining Power of Buyers
3.2.2 Bargaining Power of Suppliers
3.2.3 Threats of Substitutes
3.2.4 Threats of New Entrants
3.2.5 Industry Rivalry
3.3 PESTLE Analysis
3.3.1 Political
3.3.2 Economical
3.3.3 Social
3.3.4 Technological
3.3.5 Legal
3.3.6 Environmental
3.4 SWOT Analysis
3.4.1 Strengths
3.4.2 Weakness
3.4.3 Opportunities
3.4.4 Threats
3.5 Y-O-Y Analyses
4 Market Dynamics
4.1 Drivers
4.1.1 Penetration of outsourcing services in TIC industry.
4.1.2 Manufacturing migration.
4.1.3 Standardized TIC processes and procedures.
4.1.4 Growing consumption of goods in emerging countries.
4.2 Restraints & Challenges
4.2.1 Complex nature of global supply chains.
4.2.2. Altering foreign exchange rate affects the revenue of TIC service providers.
4.2.3 Divergent standards and regulations across various sectors.
4.3 Opportunities
4.3.1 Consolidation of fragmented markets.
4.3.2 Inclination towards outsourcing TIC services.
4.3.3 Escalating investments in the energy sector.
5 Global Testing Inspection and Certification Market – By Methodology
5.1 Testing
5.2 Inspection
5.3 Certification
5.4 Others
6 Global Testing Inspection and Certification Market – By Sourcing type
6.1 In-house
6.2 Outsourced
7 Global Testing Inspection and Certification Market – By Application
7.1 Quality & safety services
7.2 Product performance evaluation
7.3 Certification and valuation of shipments
7.4 Valuation of imports with respect to standards
7.5 Industrial inspections
7.6 Others
8 Global Testing Inspection and Certification Market – By End-user
8.1 Automotive
8.2 Healthcare
8.3 Defense & security
8.4 Food & beverages
8.5 Consumer goods
8.6 Marine
8.7 Medical & life science
8.8 Industrial and manufacturing
8.9 Energy & power
8.7 Others
9 Global Testing Inspection and Certification Market – By Geography
9.1 North America
9.1.1 U.S.
9.1.2 Canada
9.1.3 Mexico
9.2 Europe
9.2.1 U.K
9.2.2 Germany
9.2.3 France
9.2.4 Italy
9.2.5 Spain
9.2.6 Others
9.3 Asia-pacific
9.3.1 China
9.3.2 Japan
9.3.3 India
9.3.4 Australia & New Zealand
9.3.5 South Korea
9.4 South America
9.4.1 Brazil
9.4.2 Argentina
9.4.3 Others
9.5 Middle East and Africa
9.5.1 Middle East
9.5.2 Africa
9.5.3 Others
10 Global Testing Inspection and Certification Market – Competitive Landscape
10.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
10.2 Market Share Analysis
10.3 Strategies Adopted By Top Companies
11 Global Testing Inspection and Certification Market – Company Profiles
11.1 Lloyds register group Ltd
11.2 Tuv sud Ag
11.3 SGS Group
11.4 Bureau Veritas SA
11.5 Intertek group PLC
11.6 Dekra SE
11.7 Eurofins scientific
11.8 DNV GL Group AS
11.9 TUV Rheinland Group
11.10 Applus services
11.11 ALS Ltd
11.12 TUV Nord Group
11.13 Mistras Group
11.14 Element material technology
11.15 ASTM international
11.16 AsureQuality Ltd
12 Market Insights
12.1 Insights of Industry Experts
12.2 Analyst Opinion (Market Understanding)
12.3 Investment Opportunities
13 Appendix
13.1 List of Tables
13.2 List of Figures
- Competitive Analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors.
- Monitoring the external and internal factors which affect the market dynamics with the aid of PESTLE analysis.
- The Regional and Global Variety is taken care of in the report.
- Year on Year basis generation of revenue is studied.
- Porter's Five Forces analyze the intensity of competition in an industry and its profitability level.
- The overview and the sustainability of the market are analyzed through SWOT.
- DROC (Drivers, Restraints, Opportunities and Challenges) is recognized in the current market scenario and see how its effect on market dynamics.
- The segment-level analysis in terms of type and technology.
- The value chain analysis, value that's created and captured by a company is the profit margin.
- Value Created and Captured – Cost of Creating that Value = Margin
- An executive summary consists of the whole report and the outcome is been given in the report to have brief knowledge about the report.
- Basis on the depth of the study we approach using analytical tools
- Expertise investment opportunities are given after analyzing the market to give the organization and the individual to have perfect knowledge about the market.
