The testing, inspection, and certification market for physical security USD 260 million in 2020, registering a CAGR of 6% during the forecast period 2021-2027. Testing in TIC means an industrial activity that assures manufactured products, individual components, and multi-component systems are suitable for the predetermined purpose.

Inspection and testing are the operating parts of quality control which supports cost, productivity, on-time delivery, and market share, thus the critical factor for the survival of any manufacturing company. The testing, inspection, and certification market report is composed of conformity assessment agencies, which provide services from audit and inspection to testing, verification, quality assurance, and certification.

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The growing government-enforced regulations, considerable industry standards, certification requirements, and huge penalties against non-compliance parties are projected to drive the demand for TIC in physical security. Moreover, the rising incidences of terror attacks, protecting business assets, employees, and customers, adoption of IoT and cloud-based data storage, enforcement of government regulations and compliance, advancement of smart cities, shifting trends from traditional solutions will accelerate the growth of the TIC market for physical security.

APAC is anticipated to have a high CAGR during the forecast period owing to the rising investment in R&D, rapid urbanization & industrialization, huge manufacturing capabilities and exports, and increasing consumer awareness about the importance of quality certification, testing, and inspection. Moreover, the developed countries have their manufacturing units in the region, especially in China and India. These manufacturing units manufacture products according to internationally accepted standards.

Bureau Veritas, a world leader in testing, inspection and certification, has acquired Secura B.V. (starting with a majority stake), an independent service company specializing in cybersecurity services. Secura will be a cornerstone in the cybersecurity strategy of Bureau Veritas.

Some of the key players operating in the TIC market in the physical security Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, DEKRA SE, Element Materials Technology, Applus+, and DNV GL.

Source: VynZ Research