Key suggestions from the report:
- The certification segment is expected to witness the fastest growth over the forecast period. The growth can be attributed to the increasing need of companies to certify their business practices use the right talent for specialized work
- The outsourced segment is expected to register the highest CAGR over the forecast period owing to the ability to access more affordable TIC products and solutions and decreased operational expenditure
- The manufacturing segment is expected to expand at the highest CAGR over the forecast period owing to rising industrial activity around the world and the development of new machine components which need to be tested and inspected before deployment
- The Asia Pacific region is expected to dominate the market over the forecast period. This can be attributed to rising economic activity in China and India. The implementation of Bharat Stage 6 in India has led automotive developers to develop new automotive components which have to be tested rigorously to meet international standards
Read 154 page research report with ToC on “Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report By Service Type, By Sourcing Type (In-house, Outsourced), By Application, By Region, And Segment Forecasts, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/testing-inspection-certification-market
The integration of cloud technology with the TIC market is one of the significant market drivers. The need to access data instantly, automate certification and issue reports on a real-time basis highlights the importance of storing essential TIC-related data in the cloud. Moreover, cybersecurity concerns such as increasing instances of cyberattacks and data privacy threats further highlight the importance of safe cloud architecture to safeguard data from people with malicious intent. This is expected to help in general data regulation, security certifications, and software testing.
The gradual acceptance of big data analytics with the TIC-based technology model is also expected to offer an impetus to the market for testing, inspection, and certification. The adoption of big data analytics technology by service providers is expected to diversify their service offerings, such as data-based services and predictive maintenance data, and enable service providers to offer better solutions to their customers. For instance, natural gas and oil exploration require several complex machine components that generate large chunks of data during the testing and inspection process. This data can be used to analyze the effectiveness of the machine system and enable solution providers to offer consultancy services.
The Asia Pacific region is expected to witness the highest CAGR over the forecast period. Rapid industrialization and rising infrastructure development in Australia, South Korea, and India facilitate deploying proficient TIC solutions. Furthermore, the emerging technology ecosystem in countries such as Japan and China has resulted in several companies outsourcing their software and product development tasks. The ability to gain high-performance products at affordable rates from these countries promotes companies to access TIC solutions and services related to specific needs and requirements, thereby offering an impetus to market growth.
Grand View Research has segmented the global testing, inspection, and certification market on the basis of service type, sourcing type, application, and region:
- TIC Service Type Outlook (Revenue, USD Billion, 2017 – 2028)
- TIC Sourcing Type Outlook (Revenue, USD Billion, 2017 – 2028)
- TIC Application Outlook (Revenue, USD Billion, 2017 – 2028)
- Consumer Goods & Retail
- Agriculture & Food
- Energy & Power
- Oil & Gas and Petroleum
- Public Sector
- Aerospace & Defense
- Supply Chain & Logistics
- TIC Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America
- Asia Pacific
- South Korea
- South America
- Middle East & Africa
List of Key Players of the Testing, Inspection, And Certification (TIC) Market
- ALS Limited
- Bureau Veritas SA
- DEKRA SE
- DNV GL
- Element Materials Technology
- Eurofins Scientific
- Intertek Group plc
- MISTRAS Group, Inc.
- SGS SA
- TÜV NORD GROUP
- TÜV Rheinland
- TÜV SÜD
- UL LLC.
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