Testing, Inspection, and Certification (TIC) Market Size, Share, Growth Drivers and Regional Analysis, Global Forecast 2024 - 2031

AUSTIN, TEXAS, UNITED STATES, May 27, 2024 /EINPresswire.com/ -- Market Size

The SNS Insider report reveals that the Testing, Inspection, and Certification (TIC) Market was valued at USD 375.86 billion in 2023 and is projected to reach USD 521.35 billion by 2031, exhibiting a robust compound annual growth rate (CAGR) of 4.2% during the forecast period of 2024-2031.

The integration of connected technologies for enhanced manufacturing efficiency and the growing demand for evaluating Internet of Things (IoT)-)-enabled products are fueling the TIC market's growth.

Manufacturers are prioritizing data and product security to mitigate the risks associated with data breaches and cyberattacks. To address these concerns, the TIC industry is actively responding by adhering to essential standards and regulations such as ANSI/UL 2900, IEC 62443, and the NIST Cybersecurity Framework. The widespread adoption of personal IoT devices and the emergence of ecosystem-enabled smart home devices are transforming how customers, enterprises, and communication service providers interact. This has led to a restructuring of quality assurance and testing approaches, with companies employing a blend of centralized and decentralized methods to manage complex integrations and transformations in product development processes.

The rising demand for secure and efficient testing, inspection, and certification practices is propelling market growth.

TIC practices enable companies to maintain optimal quality standards, ensure high productivity, and maximize efficiency. These practices also facilitate the customization of supply chain activities, streamlining business operations.
- For instance, in January 2022, Temasek, a Singapore-based investment firm, acquired Element Materials Technology, a leading TIC service provider, signaling a significant deal in the industry and a crucial milestone in the Group's expansion.

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KEY PLAYERS:
- SGS Group
- Bureau Veritas
- Eurofins Scientific
- Apave International
- IRClass
- TIC Sera
- Element Materials Technology
- UL LLC
- QR Testing
- Hohenstein
- Dekra Certification
- ALS Limited
- Intertek Group plc
- SAI Global Limited
- MISTRAS Group

The transportation and logistics sector presents promising growth opportunities due to increasing global trade and the need for intelligent logistics systems. TIC solutions ensure the timely delivery of goods and products, minimizing operational expenditure. Additionally, efforts by regional governments to improve transportation facilities and safety further promote the deployment of a well-organized TIC environment.
- Bureau Veritas' acquisition of PreScience Corporation, a construction management service provider for transportation infrastructure projects, in January 2022, exemplifies this trend.

Recent Developments
• In December 2023, UL LLC and Hyundai Mobis North America signed an MOU to enhance the safety and performance of electric vehicle batteries.
• In November 2023, Intertek Group plc partnered with Emitech Group to expand its European electrical testing capabilities.
• In September 2023, DNV GL introduced its newest service specification, DNV-SE-0656, designed to verify Power-to-X (PtX) facilities.
• In May 2023, UL Solutions' facility in Taipei, Taiwan, now offers Thunderbolt 3 and 4 host and device product certification testing.

KEY MARKET SEGMENTS:

BY SOURCING
• In-House Sourcing
• Outsourced

BY SERVICE TYPE
• Testing
• Inspection
• Certification

By Service Type, the testing segment dominated in 2023, This is due to its high utilization in automotive, energy & utilities, oil & gas and petroleum, and manufacturing industries. The release of the WAC11 Mk5 Compression Stress Relaxometer by Wallace Instruments in November 2022 underscores this trend.

By Application, consumer goods & retail held the largest market share in 2023, This dominance is driven by the increasing popularity of e-commerce and rising consumer awareness of standard and certified items. The surge in the e-commerce sector, reaching USD 26.7 trillion in 2020, as reported by UNCTAD, supports this growth.

BY APPLICATION
• Construction & Infrastructure
• Medical & Life Science
• Sports & Entertainment
• Supply Chain & Logistics
• Consumer Goods & Retail
• Industrial & Manufacturing
• IT & Telecommunication
• Oil & Gas and Petroleum
• Agriculture & Food
• Energy & Power
• Public Sector
• Automotive
• Aerospace
• Marine
• Chemical
• Mining
• Rail

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Impact of Russia-Ukraine War

The Russia-Ukraine war has disrupted supply chains, caused price volatility in raw materials, and increased uncertainty in the global market. These factors have directly affected the TIC industry, leading to delays in projects, increased costs, and challenges in maintaining compliance with international standards. However, the conflict has also highlighted the importance of ensuring the quality, safety, and reliability of products and services, creating opportunities for TIC companies to demonstrate their value in mitigating risks and ensuring business continuity.

Impact of Economic Slowdown

Economic slowdowns can negatively impact the TIC market by reducing demand for testing, inspection, and certification services. During periods of economic uncertainty, businesses may cut back on spending, prioritize cost savings, and delay investments in quality and compliance initiatives. However, companies with a strong commitment to quality and safety may view economic downturns as an opportunity to gain a competitive advantage by differentiating themselves through robust TIC practices.

Regional Analysis

Asia Pacific region dominated the global market in 2023 due to rising economic development, increasing industrial and manufacturing activity, and the rapidly developing AI technology ecosystem. Significant growth in European region is expected due to the presence of a large automotive industry, numerous fashion brands, and consumer goods and retail corporations.

Key Takeaways

• Stringent regulations, technological advancements, globalization, and a focus on quality, safety, and sustainability are driving the TIC market's growth.
• The integration of connected technologies and the demand for evaluating IoT-enabled products are significant growth factors.
• The Russia-Ukraine war and economic slowdowns present both challenges and opportunities for the TIC industry.

Table of Content – Analysis of Key Points

Chapter 1. Executive Summary
Chapter 2. Global Market Definition and Scope
Chapter 3. Global Market Dynamics
Chapter 4. Testing, Inspection, and Certification Market Impact Analysis
Chapter 4.1 COVID-19 Impact Analysis
Chapter 4.2 Impact of Ukraine- Russia war
Chapter 4.3 Impact of ongoing Recession
Chapter 5. Value Chain Analysis
Chapter 6. Porter’s 5 forces model
Chapter 7. PEST Analysis
Chapter 8. Testing, Inspection, and Certification Global Market, by Service Type
Chapter 9. Testing, Inspection, and Certification Global Market, by Sourcing
Chapter 10. Testing, Inspection, and Certification Global Market, by Application
Chapter 11. Regional Outlook
Chapter 12. Competitive Intelligence
Chapter 13. Key Companies Analysis
Chapter 14. Research Process

Continued…

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