Testing, Inspection and Certification (TIC) Market worth $265.0 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 29, 2023 /PRNewswire/ -- The global testing, inspection, and certification (TIC) market is projected to grow from USD 223.9 billion in 2023 to USD 265.0 billion by 2028, registering a CAGR of 3.4% during the forecast period according to a new report by MarketsandMarkets™. Some of the major factors contributing to the growth of the TIC market include increasing government incentives on renewable energy projects, growing focus on achieving optimal energy management, rising need for high-utility performance of machinery & equipment, increasing development of innovative medical devices, strict regulations and standards for wellness and beauty products owing to consumer safety.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=5352498

Browse in-depth TOC on "Testing, Inspection and Certification (TIC) Market" 

357 – Tables
70 – Figures
516 – Pages

Testing, Inspection and Certification (TIC) Market Report Scope:

By service type, the certification segment registered for the highest growth rate during the forecast period.

Rising need for product marketability to support market growth. A certification body issues product certificates or licenses to organizations for the purpose of displaying a conformity mark on their products or issuing certificates indicating compliance with specifications. By complying with the standards, consumers are assured that their products are of high quality. A product certification certifies that the product has been tested and adheres to codes and/or standards. In order to maintain the conformity of their products to the standards, those seeking certification must demonstrate an adequate quality control system. Players offering certification services can find lucrative opportunities in the food, and IT & telecommunications sectors. SGS S.A. (Switzerland), for instance, launched FSMA certification audit services for cutting-edge information and communications technology (ICT) to replicate the full onsite audit experience without sacrificing quality or effectiveness. Companies such as Bureau Veritas and Intertek are introducing certification schemes globally. For instance, in April 2022, SGS S.A. updated the KUCAS certification. A Gulf Type Examination Certificate and a Technical Inspection Report (TIR) are required for all shipments of children's toys reaching Kuwait. SGS S.A. Gulf Limited issues TIRs for lubricants (regulated categories: engine, gear, and brake fluid).

By Application, the electrical and electronics sub-segment accounted for the largest share of the TIC market.

The electrical and electronics segment is expected to account for the largest share and to register the highest CAGR of the testing, inspection, and certification market for consumer goods and retail applications during the forecast period. The growth of this segment can be attributed to the adoption of new technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). Moreover, adopting a new culture of working remotely or from home has led to a rise in the purchase of computers, laptops, smartphones, and other devices by consumers. This, in turn, contributes to significant demand for testing, inspection, and certification services to ensure that devices purchased by consumers follow stringent inspection and safety regulations.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=5352498

Asia Pacific is likely to witness the highest growth rate in the global TIC market during the forecast period.

Asia Pacific's testing, inspection, and certification market is forecast to grow at the highest CAGR between 2023 and 2028. A number of factors are driving the growth of the testing, inspection, and certification market in Asia Pacific, including increased research and development in autonomous and connected cars (new and improved technologies), improved lifestyles, and the high dependency of many countries in Europe and the Americas on Asian companies for medical devices, personal protective equipment (PPE), pharmaceuticals, and other necessary equipment. Since Asia Pacific has a large production capacity and exports, it is expected to hold the largest share of the testing, inspection, and certification market.

Key Market Players

SGS S.A. (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), Eurofins Scientific (Luxembourg), and DEKRA SE (Germany), TÜV SÜD (Germany), DNV GL (Norway), TÜV RHEINLAND (Germany), Applus+ (Spain), and ALS (Australia), are some of the key players in the testing, inspection, and certification market.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=5352498 

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports:

Test and Measurement Equipment Market by Product Type (GPTE and MTE), Service Type (Calibration Services, Repair Services/After-sales Services), Verticals, and Region(APAC, Europe, North America) - Global Forecast to 2026

Automotive TIC Market with COVID-19 impact, by Service (Testing, Inspection, Certification), Sourcing, Application (Vehicle Inspection, Electrical & Components), and Geography; Periodic Technical Inspection Market, by Region - Global Forecast to 2025

Textile Testing, Inspection and Certification (TIC) Market by Application (Textile Testing, Textile Inspection, Textile Certification, & Toys), and Geography - Global Forecast to 2020

Fire Testing Market by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Chemicals, Construction & Infrastructure, Mining) Region - Global Forecast till 2024

Medical Device Testing Market with COVID-19 impact, By Services (Testing, Inspection , Certification), Sourcing , Technology (Active Implant, IVD, Orthopedic & Dental, Opthalmic, Vascular), Class, Testing, Region) - Global Forecast to 2025

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/testing-inspection-certification-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/testing-inspection-certification.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg