Testing, Inspection and Certification (TIC) Services Market Size By Service (Testing, Inspection, Certification), By Type (In-house, Outsource), By Application (Agriculture & Food {Seeds & Crop, Fertilizers, Food, Trade & Logistics, Pest Control & Fumigat

Testing, Inspection and Certification (TIC) Services Market Size By Service (Testing, Inspection, Certification), By Type (In-house, Outsource), By Application (Agriculture & Food {Seeds & Crop, Fertilizers, Food, Trade & Logistics, Pest Control & Fumigation}, Construction {Building Material [Material Testing, Material Certification, Coating Inspection & Failure Analysis], Infrastructure, Capital Equipment}, Life Science {Pharmaceuticals, Clinical Trials, Environmental, Medical Devices}, Consumer Products {Hardline, Softline, Electronics, Household, Personal Care & Cosmetics, Hazardous Area Equipment}, Transportation {Automotive, Marine & Offshore, Railways, Aerospace}, Energy {Energy Source, Power Generation, Power Distribution}, Oil, Gas & Chemical {Upstream, Midstream, Downstream, Petrochemicals, Chemical Feedstock, Finished Product}, Mining, Industrial Machinery), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The global testing, inspection and certification (TIC) services market is slated to grow rapidly through 2030, owing to increasing demand for testing services that guarantee efficient interoperability of connected devices.

Implementation of strict testing, inspection, and certification regulations to control non-compliance from major businesses has fostered industry growth. For instance, in July 2022, tech behemoth Microsoft and DEKRA, the international organization, announced a strategic partnership to promote digital safety, particularly in the transportation industry and the workplace. The agreement intends to create digital inspection services based on the Microsoft Azure Cloud, marking a significant turning point for the TIC sector.

The testing, inspection and certification (TIC) services market has been divided on the basis of service, type, applications, and region.

Based on service, the industry has been bifurcated into testing, inspection, certification, and others. The others segment is set to register a valuation of around $9 billion by 2030. Other TIC services include auditing, project management, consulting, and integrity management services. These auditing services aid in evaluating and carefully examining the safety of crucial goods and processes across numerous industries, which is set to bolster segmental expansion.

With respect to application, the testing, inspection and certification (TIC) services market has been fragmented into construction, transportation, industrial machinery, agriculture & food, consumer products, oil, gas & chemical, mining, life science, energy, and others. In 2021, the life science segment captured a market share of nearly 11% and is estimated to expand at a steady rate over the review timeline since the TIC of life science items, such as pharmaceuticals and medical devices, is critical since the risks involved are directly tied to the loss of life.

Meanwhile, the consumer products segment exceeded a valuation of $18 billion in 2021 and is anticipated to grow at a positive rate through 2030 attributed to the growing safety requirements and consumer quality standards. Furthermore, the energy segment is poised to depict a CAGR of more than 6% between 2022 and 2030. The oil, gas & chemical segment, on the other hand, is expected to be valued at approximately $50 billion by 2030.

The mining segment is set to garner notable growth over the evaluated timeframe on account of surging demand for TIC services in the mining industry owing to improved efficiency, cost optimization, quality maintenance, and global marketability of these services. The industrial machinery segment is also speculated to register sizable growth through the forecast period as a result of increased adoption of Industry 4.0 (interconnectivity, machine learning, and automation).

From the regional perspective, the Asia Pacific testing, inspection and certification (TIC) services market accounted for roughly 30% of the overall industry revenue in 2021 and is slated to garner significant gains through 2030. Mounting rate of environmental and food safety issues across the APAC region is likely to foster business outlook.