The global testing, inspection and certification (TIC) market is poised for 1.7X growth in terms of value over 2019–2029, as indicated by a new Persistence Market Research (PMR) report. Digitalization and privatization of organizations continue to increase the demand for the outsourcing of TIC services. Vendors in the market are leveraging advanced technologies such as Internet of Things (IoT) to boost their offerings and services in the market space.
Also, rise in the number of cyber-attacks across the world is significantly increasing the requirement for the security of technologically-advanced systems, thereby, positively influencing the growth of testing, inspection and certification market.
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Key Takeaways of Testing, Inspection and Certification Market Study
- Testing continues to generate a major portion of the revenue in the TIC market.
- Outsourcing adoption rate would witness an upward trend throughout the forecast period (2019 to 2029).
- Industrial application continues to account for a significant market share.
- Europe would maintain its lead in the global testing, inspection and certification market.
- Owing to stringent regulations, TIC services remain highly sought-after in the transportation sector.
- Advanced technologies such as IoT are generating lucrative opportunities for vendors in the testing inspection and certification market.
“Vendors in the testing, inspection and certification market can significantly boost their market presence by providing technologically-advanced services to their clients. Increasing demand for standardization and certification in the automotive sector is projected to generate profitable opportunities for TIC market players over the coming years,” says a PMR analyst.
Competition Landscape of Testing Inspection and Certification Market
Some of the prominent players in the global testing, inspection and certification market space that are covered in this study include, but are not limited to,
- Bureau Veritas SA,
- Intertek Group plc,
- TUV SUD AG,
- DNV GL,
- MISTRAS Group Inc.,
- ATRAC Group,
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market players are strategizing their expansion through acquisitions, joint ventures, and partnerships. Companies are reviving their conventional inspection services with the help of advanced technologies such as big data. They are offering advanced services of digital inspection and predictive maintenance to attain a competitive edge in the testing, inspection and certification market.
More Valuable Insights on the Testing, Inspection and Certification Market
A new market research report published by Persistence Market Research (PMR) on the global testing, inspection and certification platform market includes global industry analysis of 2014-2018 and opportunity assessment for 2019-2029. The report provides valuable insights on the basis of service (testing, inspection, and certification), sourcing (in-house and outsourcing), and end-use industry (consumer & retail, food & agriculture, electrical & electronics, oil, gas & chemicals, mining & minerals, Industrial, and transportation), across seven major regions of the world.