Global Testing, Inspection, and Certifications Market size is expected to reach $351 billion by 2024 from $229 billion in 2016; growing at a CAGR of 5.5% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 6% and 5.6%, respectively, during the forecast period.

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Globalization will drive the global TIC market

Key factors supporting the growth of the global testing, inspection, and certification market are globalization, rapid growing need for outsourcing the work, and stringent regulations on health and environment safety. Additionally, technological advancement and growing demand in emerging economies would provide market opportunities in the coming years for testing inspection certification industry. Though, lack of international standards would hamper the market growth.

Market Segmentations

The global testing, inspection, and certifications market has been bifurcated into type, application, and geography. Type segment comprises testing, inspection, and certification. Testing held for the largest market share among type segment in 2016, and is expected to dominate from 2016 to 2024. Application segment includes medical devices, food & beverages, oil & gas, telecommunication, aerospace, defense, automotive, automation, textile, and other applications. Geographically, the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW).

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Europe dominated the market with highest market share in 2016

Europe accounted the largest market share of 32% in 2016, due to stringent health regulations in the region. Asia-Pacific is anticipated to grow at a fastest CAGR of 6% from 2016 to 2024. The growth is attributed to the blooming industrial sector and momentous rise in affluent consumers in countries like Singapore. Countries such as United Arab Emirates, United Kingdom and United States will witness the significant growth rate over the forecast period.

Competitive Landscape

The major players in the market include Underwriters Laboratories Inc, ALS Ltd., Dekra SE, Bureau Veritas SA, Intertek Group PLC, AsureQuality Ltd., Lloyd's Register Group Limited, Element Materials Technology, SGS Group, and ASTM International, among others.

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Scope of Testing, Inspection, and Certification Market
Type Segment
• Testing
• Inspection
• Certification

Application Segment
• Food & Beverages
• Automotive
• Oil & gas
• Aerospace
• Textile
• Telecommunication
• Automation
• Medical devices
• Defence
• Others

Geographical Segments
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Italy
o Others

• Asia-Pacific
o China
o India
o Japan
o Others

• RoW
o South America
o Middle East
o Africa

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