According to a new market research report 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 – Global Forecast to 2027,” published by Meticulous Research®, the testing, inspection, & certification market is expected to grow at a CAGR of 5.4% from 2021 to 2027 to reach $143.3 billion by 2027.
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5151
Testing, inspection, and certification (TIC) services help companies operating across various industrial verticals improve their productivity, efficiency, and process within departments. Such services help organizations meet recognized standards, regulations, and policies to improve the product’s quality. The TIC sector consists of conformity assessment bodies that provide services ranging from auditing and inspection to testing, verification, quality assurance, and certification.
The growth of this market is mainly attributed to the strict regulatory standards imposed by governments and the consistent rise in the illicit trade of forged & pirated goods. The surge in consumer awareness towards food safety is also offering lucrative growth opportunities for market growth. However, the lack of testing facilities and skilled resources are crucial restraining factors hindering this market’s growth to some extent. Dynamic international regulatory standards across different regions also challenge the growth of the TIC market.
The Impact of COVID-19 on the Testing, inspection, & certification market
The COVID-19 outbreak has caused serious challenges to the global economy across various industry verticals. To reduce the threat of exposure to COVID-19, companies worldwide are assessing current processes, reducing employee contact & interaction, and readjusting to the stringent government guidelines.
Several leading players are re-planning their strategies accordingly by ensuring that their remote access systems are sufficiently resilient, implementing teleworking, reinforcing remote management, and active remote collaboration using digital technology. This ensures the proper delivery of their services and safety of industrial facilities and hospitals and conducts the necessary testing required to uphold the quality of essential products and the functioning of critical equipment. The lockdown scenario imposed by several governments has limited engineers and operators to deliver TIC services. Halt in business operations and declining production in the automotive, manufacturing, consumer electronics, and oil & gas sectors has temporarily declined the companies’ revenue shares from these sectors.
Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5151
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.
TIC providers are focused on new services and delivery models to 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 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 services and delivery models to access latent demand. Organizations operating in the TIC market are focusing on strengthening 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.
Rising illicit trade of forged and pirated goods is expected to drive the testing, inspection, & certification market
Growing illicit trade of counterfeit goods has become a serious challenge for organizations as a trade for such goods is negatively impacting the sales and profits of organizations on a considerable scale. Besides, such trade is also creating an adverse effect on the local and global economy by hurting the trust and sentiments of consumers. The issue of forged and pirated items is observed across different sectors, including consumer goods, automotive, B2B products, IT, pharmaceutical, food & beverage, and medical equipment.
In 2018, the damages caused due to counterfeit goods stood at USD 323 billion. According to an article published by OECD and the EU’s Intellectual Property Office, the trade in counterfeit and pirated goods reached 3.3% of global trade in 2019. To tackle such issues, companies and organizations are progressively incorporating testing, inspection, and certification services.
Quick Buy – Testing, Inspection, and Certification Market Research Report: https://www.meticulousresearch.com/Checkout/68041414
TIC services assure companies, local governing bodies, associations, and consumers regarding the quality and usability of products. TIC services provide essential components to streamline market access controls by surveillance and customs officials. It helps prevent products from accidental and intentional non-compliance, reducing the risk of counterfeited products entering the market. This ensures safety for consumers and cost-efficiency measures for all industry verticals. Besides, TIC services also help companies build their brand reputation across different regional markets, thus, helping companies grow. In 2018, the number of interceptions of fake goods being imported into the EU increased. Around EUR 740 million worth of fake and potentially dangerous goods were seized and destroyed at EU customs with duly certification processes. This encouraged companies to opt for TIC services, promoting market growth.
To provide efficient analysis, Meticulous Research® has segmented the testing, inspection, and certification market on the basis of service, end user (retail, agriculture, oil and gas, construction, chemicals, machinery, transportation, automotive, government, marine, healthcare), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).
Based on service type, the testing services segment accounted for the largest share of the overall testing, inspection, & certification market in 2020. The growth of the segment is attributed to the presence of different product standards across different regions; increasing product diversity; high demand for quality & safe products; strong recommendations from regulatory authorities to ensure the 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.
Based on end user, the agriculture and food segment accounted for the largest share of the overall testing, inspection, & certification market in 2020. This segment’s growth 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 segment is expected to grow at the highest CAGR during the forecast period.
Geographically, Europe accounted for the largest share of the global testing, inspection, & certification market in 2020. The growth is attributed to the mandatory certification processes and growing awareness of consumers pertaining to products in the market. Europe is home to some of the biggest industrial processing companies, automotive manufacturers, military equipment manufacturers, and healthcare device manufacturers.
All the aforementioned industry verticals are experiencing a new wave of digital transformation, and hence, the traditional approach for testing, inspection, and certification approaches are becoming obsolete. Besides, the European Union (EU) clearly defined, formulated, and standardized regulations for different industry sectors to ensure quality, safety, and efficiency in the European market. Companies across Europe have started to outsource their TIC service requirements to take advantage of the latest TIC approach and infrastructure provided by TIC providers.
Some of the key players operating in the global testing, inspection, & certification 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), AsureQuality (New Zealand), DNV GL (Norway), ALS Ltd. (Australia), Mistras Group (U.S.), and UL LLC (U.S.), 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
Key Questions Answered in the Report-
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5151
Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
Medical Device Testing Market by Service Type (Testing and Certification) Location, Technology (Active Implant, Active Medical, In-Vitro Diagnostic, Ophthalmic, Orthopedic and Dental, Vascular), Device Class, and Geography – Global Forecast to 2027
Automotive TIC Market by Service (Testing, Inspection, Certification), Sourcing, Supply Chain (Design, Production,), Application (VIS, Materials, Components, EVs, Fuels, Lubricants, Homologation, ADAS, Telematics), and Geography – Global Forecast to 2027
Aerospace and Life Sciences Testing, Inspection, and Certification Market – Global Opportunity Analysis and Industry Forecast to 2025
Automotive Engineering Services Market by Service Type (Concept, Prototyping, Testing), Application (Body Engineering, Powertrain, Infotainment, Chassis, Safety Systems, Electrical, Body Controls, Connected Cars), Vehicle Type – Global Forecast to 2027
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.