The global testing, inspection, and certification (TIC) market size was estimated at $213.60 billion in 2020. The global testing, inspection, and certification (TIC) market is forecast to reach $360 billion by 2030, registering a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2021 to 2030.
Testing, inspection, and certification (TIC) services enhance the accuracy of the products and services by minimizing the chances of risk. Testing, inspection, and certification services are adopted by oil & gas, consumer electronics, automotive, and other sectors to certify the product/service in order to enhance their efficiency.
Factors Influencing
The growing adoption of Digital TIC with the integration of advanced technology such as AR, VR, drones, and so on in testing, inspection, and certification service is expected to boost the market growth during the analysis period.
Rising urbanization in both established and developing nations would propel the growth of the global market.
The rapidly increasing variety of products is the prominent factor driving the growth of the global testing, inspection, and certification (TIC) market.
Due to strict government regulations to enhance product quality standards, the global testing, inspection, and market are forecast to progress in the coming years.
The expansion of the testing, inspection, and certification (TIC) market is expected to grow as manufacturing organizations are focusing on improving customer retention.
However, the high cost associated with the testing, inspection, and certification services is forecast to be challenging for the global testing, inspection, and certification (TIC) industry.
COVID-19 Impact Analysis
COVID-19's continued expansion has become one of the world's most serious economic risks, bringing economic suffering for consumers, businesses, and communities throughout the world.
The COVID-19 pandemic has created sudden havoc on the global economy. The outbreak's influence is expanding by the day, and that is harming the supply chain. Due to the shutdown of manufacturing units in the region, European countries under lockdown have lost a significant amount of business and money. The emergence of COVID-19 has had a significant impact on production and manufacturing operations. The global testing, inspection, and certification (TIC) market was severely affected by the COVID-19 pandemic as the manufacturing and industrial sectors stopped their production activities.
Geographic Analysis
The Asia Pacific is the largest and fastest-growing testing, inspection, and certification market, due to the presence of a maximum number of small and large product producers. Furthermore, the authorities of various nations in the region are witnessing growing investments. In the coming years, this will accelerate the expansion of the global Testing, Inspection, and Certification (TIC) market.
In addition, North America and Europe hold the second and third largest market share in the global testing, inspection, and certification market.
Market Segmentation
By Service Type
By Application
By End-User
By Region
Competitors in the Market
