The global testing, inspection, and certification (TIC) market was USD 203.3 billion in 2020 and is expected to reach USD 276.7 billion by 2027, witnessing 6.0% CAGR during the forecast period 2021-2027.

The global testing, inspection, and certification (TIC) market is expected to witness a CAGR of 6.0% during the forecast period 2021-2027. The rising advent of innovative technologies, huge demand for inspection and testing at regular intervals in industries such as oil & gas, the rising volume of imports & exports, environment-focused initiatives, stringent rules and regulations to maintain product quality and safety, the growing illicit trade of forged and pirated goods are the drivers for the growth of tTIC market. TIC companies are introducing novel services and delivery models to access the latent demand for rising automation and widespread digitalization.

The COVID-19 pandemic has negatively affected the global economy. Companies are adopting remote technological channels and digital testing to provide continuity of services and offer safety and product quality to industrial facilities, hospitals, power grids.

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On the basis of service, the TIC market is segmented into testing, inspection, and certification. Among these services, the testing segment dominates the TIC market in 2020 owing to rapid globalization, mounting brand protection policies, presence of varied product standards in different regions, growing product diversity, initiatives by the government to enhance the product quality.

Geographically, North America Is anticipated to be the largest-growing region in the TIC market owing to the presence of key players in the region, new start-ups, rising demand for organic and processed foods, growing focus to meet regulatory and compliance standards, early adopters of technologies, developed IT infrastructure in the region.

Some of the key players operating in the testing, inspection & certification industry are ALS Limited, Applus Plus, Bureau Veritas SA, DNV GL, Element Materials Technology, Eurofins Scientific, Intertek, Lloyd’s Register Group Limited, MISTRAS, SGS Group, TUV NORD Group, TUV SUD Group, TUV Rheinland Group, and UL LLC.

Source: VynZ Research