Testing, Inspection, and Certification Sector on Track for $150.9 Billion by 2030

 

Meticulous Research®—a leading global market research company, published a research report titled, ‘Testing, Inspection, and Certification Market by Service (Testing Services, Inspection Services, Certification Services), Sector (Agriculture and Food, Retail, Automotive, Construction) - Global Forecast to 2030.’

Download Free Sample Report@ https://www.meticulousresearch.com/download-sample-report/cp_id=5151?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=01-10-2024


According to Meticulous Research®, the global Testing, Inspection, and Certification (TIC) market is projected to reach $150.9 billion by 2030, with a CAGR of 5.7% during the forecast period. This growth is fueled by strict regulatory standards imposed by governments and a rise in illicit trade involving counterfeit goods. Additionally, growing consumer awareness of product safety and quality is expected to offer significant opportunities for market growth. One notable trend is the increasing use of simulation technology in product testing and validation.

Key Market Influencers

Several factors are driving the expansion of the TIC market:

  • Stricter Regulations: Governments are enforcing more stringent safety standards, increasing the need for TIC services.
  • Counterfeit Trade: The rise of counterfeit goods necessitates robust testing and certification to protect both brands and consumers.
  • Consumer Demand: More consumers are prioritizing product safety and quality, leading to higher demand for certification services.

However, the dynamic nature of international regulatory standards and a shortage of skilled testing professionals pose challenges to market growth.

Market Segmentation

The TIC market is segmented by service, sector, and geography. The testing services segment is expected to dominate in 2023, supported by growing digitalization and evolving product standards. The agriculture and food sector is anticipated to lead in market share due to increasing demand for organic and processed foods.

Regional Outlook

Europe is predicted to lead the TIC market in 2023, driven by the widespread use of IoT devices and dynamic regulatory requirements.

Competitive Landscape

Leading companies in the TIC market include:

  • SGS S.A. (Switzerland)
  • Bureau Veritas S.A. (France)
  • Intertek Group Plc. (U.K.)
  • TÜV SÜD (Germany)
  • Dekra SE (Germany), and others.

Conclusion

Despite challenges such as regulatory complexities and limited testing expertise, the TIC market is expected to experience strong growth, driven by regulatory mandates and increasing consumer demand for safety and quality. Emerging markets and technological advancements present opportunities for future growth, and Meticulous Research® continues to provide strategic insights to help stakeholders navigate this evolving landscape.

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

 

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