DUBLIN--(BUSINESS WIRE )--The "Testing, Inspection and Certification Market by Service Type, Sourcing Type, Application, Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global testing, inspection and certification market size was valued at $213.60 billion in 2020, and is projected to reach $349.27 billion by 2030, registering a CAGR of 5.3% from 2021 to 2030.
Testing, inspection, certification (TIC) are the services ranging from audit and inspection, to testing, verification, quality assurance and certification of the product, equipment, and others. Some of the key TIC services include quality and safety controls through conformity assessments. These help in increasing the efficiency of product and services, and minimize the risk. TIC services are applicable in oil & gas, agro industry, food industry, pharmaceuticals, and other sectors.
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 TIC market. 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.
The TIC market is segmented on the basis of 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.
Region wise, the testing, inspection and certification market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America dominated the testing, inspection and certification market in 2020, and is projected to register significant growth rate during the forecast period, owing to growth of the food industry sector. However, Asia-Pacific is expected to witnesses significant growth by the end of the forecast period, followed by LAMEA.
Leading testing, inspection and certification market manufacturers such as ALS Global, Intertek, and SGS Group are focusing on their investments on technologically advanced, cost-effective, and more secure products and solutions for various applications.
For more information about this report visit https://www.researchandmarkets.com/r/1p0bc9
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900