by Testing, Inspection, and Certification (TIC) include quality control services such as testing, inspection and certification provided by third-party organizations. TIC services help verify products as per industrial and regulatory standards during production process. This ensures delivered products are safe and meet desired quality for end-users. The global Testing, Inspection, and Certification (TIC) Market is estimated to be valued at US$ 225 billion in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Propelled by increasing product quality control requirements, the demand for Global Testing, Inspection, And Certification Market Size services is growing significantly. Stringent regulations regarding quality of products are being implemented across industries such as food, energy, healthcare, automotive etc. to ensure safety of end-users. For example, new standards have been introduced for food products and food contact materials in Europe under General Food Law, Regulation (EC) No 178/2002. This has mandated third party testing and certification to verify product attributes related to materials, design, safety and performance. Growing consumer awareness about product attributes is also driving companies to obtain certification to gain competitive advantage.
SWOT Analysis
Strength: Testing, inspection, and certification (TIC) services helps manufacturers comply with regulations and meet safety and quality standards. TIC services reduces risks and ensures products meet specifications.
Weakness: Lack of skilled workers and standardization can hamper effective delivery of TIC services. Cost of compliance with complex regulations also increases operational expenses.
Opportunity: Growing focus on quality control and safety across industries boosts demand for specialized third-party inspection and testing services. Expanding global trade opens up new markets.
Threats: Economic slowdowns reduce investment in quality certification. Counterfeiting and fraudulent certification practices undermine credibility of TIC services.
Key Takeaways
The global testing, inspection, and certification (TIC) market is expected to witness high growth.
Rapid industrialization and globalization has increased the need for standardized testing and certification services to ensure product quality and safety. Asia Pacific region currently dominates the TIC market owing to large manufacturing sectors and growing export-oriented industries in major economies like China, India, Japan and South Korea. Stringent quality regulations imposed by governments and developed market regulators has accelerated outsourcing of TIC services to third-party providers in Asia.
Key players operating in the testing, inspection, and certification (TIC) market are Bureau Veritas, SGS Group, Intertek Group, TUV SUD Group, Dekra Certification, ALS Limited, ASTM International, BSI Group, Exova Group, TUV Rheinland, TUV Nord Group, SAI Global, Eurofins Scientific, Mistras Group, UL LLC. Rising competition has prompted TIC service providers to expand capabilities, invest in new technologies, and strengthen global network to better serve multinational clients across diverse industry verticals. Mergers and acquisitions have also been widely adopted as a strategy to broaden service portfolios and geographical reach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
