Testing, Inspection, and Certification (TIC) Market

Testing, Inspection, and Certification (TIC) Market, By Type (Management Systems Certification, Third-Party Inspection, ASME, Others), By Vertical (Oil and Gas, Chemicals, Life Sciences, Power & Utilities, Food, Beverages, and Agriculture Transportation, Automotive & Aerospace, Consumer Products and Goods, Construction, Metals and Minerals, Industrial Goods.), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030

Government agencies in different countries have made certification testing and inspection mandatory to ensure items are safe and high-quality. To meet regulatory standards, consumer products must pass quality and safety tests conducted by an independent laboratory. Increasingly strict TIC laws and regulations that manufacturers worldwide must follow to ensure the safety of people and the environment, many manufacturers are using TIC services. The outsourcing of TIC services to external service providers is a long-standing business practice adopted by many manufacturers of products and components to ensure compliance with national and international quality and safety standards, as well as to reduce recovery and restoration costs and production efficiency. Outsourcing enables companies to allocate more resources to strengthening their core business processes, reducing operational costs, and providing faster and better services. Around 59% of companies use outsourcing to reduce their total costs, which allows for greater efficiency in production and processes, which contributes to an improvement in the company’s net profit. Another reason for the growth of the TIC industry is the strict TIC requirements by the governments for food and consumer goods.

In addition, the growing sensitivity of various governments to a cleaner environment, rules and regulations, beneficial initiatives, healthcare, and automotive industries, and the rapid adoption of digital technologies are expected to radically transform the testing, inspection, and certification market in the coming years. However, with the globalization of businesses, various local regulations and standards are likely to create barriers to product acceptance on a global scale. It leads to disputes between local and international standards and restricts market growth.

Market Dynamics:

Consumer awareness plays a vital role in implementing products' quality and safety through various means, including social media, labeling, and nutritional facts. Modern-day consumers are progressively becoming aware of food-related issues, such as contaminants, allergens, physiological reactions, and effects of processed and stored food. The rising number of health-conscious consumers and increasing awareness about healthy and safe food products fuel the demand for TIC services in the food & beverage industry. Stringent regulations imposed by the government for food quality and safety concerns draw the attention of major players in the TIC market to formulate new and effective food testing and certification standards. Some of the most prominent TIC services offered by major players are food allergen testing, nutrition label testing, ISO 22000 Food Safety Management Certification, BSI Catering Food Safety Certification, Food Contaminant Testing, and Food Microbiology Testing, among others.

Drastically changing food habits, fast lifestyle, and the consistent surge in foodborne diseases have encouraged the government to introduce various regulations on food safety and its quality to reduce the number of deaths and illnesses caused. Organizations have dedicated themselves to implementing safety testing services based on framed government guidelines to address such safety concerns. Increasing standards and regulations on validation and verification services, consumer demand for certification, stringent regulations imposed by the government for food certifications, and extensive industry standards are significantly creating growth opportunities for the TIC market.

Key features of the study:

This report provides in-depth analysis of the Global Testing, Inspection, and Certification (TIC) Market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2023–2030), considering 2022 as the base year

It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

It profiles key players in the Global Testing, Inspection, and Certification (TIC) Market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies

Key companies covered as a part of this study include SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd’s Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International.

Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

Global Testing, Inspection, and Certification (TIC) Market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Global Testing, Inspection, and Certification (TIC) Market

Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics

Global Testing, Inspection, and Certification (TIC) Market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Testing, Inspection, and Certification (TIC) Market.

Detailed Segmentation:

Global Testing, Inspection, and Certification (TIC) Market , By Type

Management Systems Certification

Third-Party Inspection

ASME

Others

Global Testing, Inspection, and Certification (TIC) Market , By Vertical

Oil and Gas

Chemicals

Life Sciences

Power & Utilities

Food, Beverages, and Agriculture

Transportation

Automotive & Aerospace

Consumer Products and Goods

Construction

Metals and Minerals

Industrial Goods

Global Testing, Inspection, and Certification (TIC) Market , By Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

Company Profiles

SGS Group*

Company Overview

Product Portfolio

Financial Performance

Key Strategies

Recent Developments

Future Plans

Bureau Veritas SA

TUV Rheinland Group

Intertek Group PLC

ALS Limited

DNV GL

MISTRAS

Lloyd’s Register Group Limited

Underwriters Laboratories Inc.

ABS Group

ASTM International

“*” marked represents similar dataset for other companies as well.