Testing, Inspection, and Certification (TIC) Market Poised for Significant Growth Due to Growing Need for Quality Assurance Owing to Internationalization of Trade
The global testing, inspection, and certification (TIC) market plays a vital role in assuring product quality and safety for consumers. TIC service providers help verify products against mandated standards and regulations. They test products throughout the manufacturing life cycle for physical, chemical, and functional qualities to ensure reliability and performance. The global testing, inspection, and certification market is estimated to be valued at US$ 244 Bn 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 Dynamics:
The global testing, inspection, and certification (TIC) market is witnessing high growth owing to the growing need for quality assurance due to internationalization of trade. Stringent government regulations and standards across industries such as food, consumer electronics, automotive etc. have fuelled the demand for TIC services. Further, rapid globalization has led to increased outsourcing of manufacturing operations to countries with lower costs, raising quality and compliance issues that require rigorous inspection and certification. The emergence of new technologies such as AI and IoT are also driving the market by enabling remote and automated testing. However, the highly fragmented nature of the TIC industry poses a challenge, with numerous small players making it difficult for end users to find standardized and reliable services.
SWOT Analysis
Strength: Testing, inspection, and certification services provides robust quality control that helps reduce defects and increase customer satisfaction. It also helps companies comply with various industrial standards and regulations. Providing thorough quality checks is a specialized process that requires expertise, certified professionals, and advanced equipment.
Weakness: Reliance on government policies and regulation changes can impact demand cycles. Unexpected delays or quality issues during inspection processes can negatively impact business operations and revenue. High costs involved for procuring testing equipment and hiring skilled inspectors makes it challenging for smaller businesses to maintain in-house Global Testing, Inspection, And Certification Market Size.
Opportunity: Growing international trade and outsourcing trends are fueling the need for cross-border inspection and certification services. Emerging technologies including IoT, AI and predictive analytics offer new avenues to streamline inspections and make certifications more robust. Demand from industries like pharmaceuticals, automotive and food processing will continue rising due to stringent regulations.
Threats: Aggressive price competition from local uncertified testing service providers can erode margins. Delays in type approvals or certification due to overburdened testing facilities can negatively impact timelines. Protectionist policies that discourage imports may reduce the need for import compliance testing in some countries and regions.
Key Takeaways
The global Testing, Inspection, and Certification (TIC) market is expected to witness high growth over the forecast period of 2022-2027. The market growth can be attributed to strict regulations across industries to ensure quality, safety, and compliance of products and systems.
Regional analysis: North America currently dominates the global TIC market owing to robust quality standards mandated by regulatory bodies like UL, FCC, and NFPA. Asia Pacific is poised to grow at the fastest pace on account of rising outsourcing of testing activities to countries like China and India by U.S. and European firms. China, in particular, is emerging as a key sourcing hub for TIC services due to low costs and growing local capabilities.
Key players: Key players operating in the TIC market include SGS Group, Bureau Veritas, Dekra Certification, Intertek, TUV SUD, Eurofins Scientific. These companies have a widespread network of accredited lab facilities and inspectors to serve a diverse range of industries globally. SGS Group and Bureau Veritas are market leaders with a strong international presence across multiple industry verticals.
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