Testing, Inspection, Certification (TIC) Market to Garner Brimming Revenues by 2025
The global testing, inspection, and certification market will reach a valuation of US$299,628.6 mn by the fall of 2026. The market will likely register a robust growth rate of 5.8% CAGR during 2017-2025, to rise from its previous valuation of US$184,545.5 mn in 2016. Rising demand for quality products, competitive economic outlook, and the surging need for benchmarks will drive growth of the global testing, inspection, and certification market.
The global testing, inspection, and certification market will witness major growth in various segments including packaging, manufacturing, and environmental safety among others. However, the demand for certification will likely remain highest in the education sector. The growing demand for quality education, rising benchmarks of the knowledge economy, and growth of the value-driven certification programs will drive major growth for the testing, inspection, and certification market. Workflow improvement programs similar to Agile will also make for promising opportunities in the market during the forecast period.
The global testing, inspection, and certification market covers key regions of the globe. Among these, North America is likely remain dominant in total revenues as new innovation, and increasingly active role of regulatory agencies like the FDA will play a key role in driving growth. Moreover, the increasing environmental scrutiny will also drive more opportunities for growth in the testing, inspection, and certification market in North America, and European region.
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Inspection and Certification To Dominate Growth
Currently, the inspection and certification services occupy over 90% of the total share in the market. This large share is expected to rise further in the near future as concerns like Salmonella outbreaks in recent time drive more scrutiny of sectors like Food and Beverage. Moreover, the adoption of new technology standards like detectors for biological origins of products, and video surveillance technology will drive growth of the testing, inspection, and certification market. The technological adoption will also set new benchmarks in sectors like manufacturing and packaging, wherein trends like environmental sustainability, and full-proof standards for better delivery of end-products will likely fuel more growth.
3D Printing and IoT Trend to Shift Market Dynamics for Growth
Technologies like IoT and 3D printing can shift growth dynamics in the market considerably. The IoT technology promises major expansion for the testing, inspection, and certification market new companies come into the picture to set standards for the safety of devices. The testing has made way for significant opportunities in the IT sector in recent past. With the influx of billions of IoT devices, and trends like electric vehicles, the market promises new and lucrative opportunities for players in the testing, inspection, and certification market. Moreover, IoT devices in energy sector, and in initiatives like smart infrastructure promise significant cost-saving, and efficiency for prized resources, and for infrastructure like smart grids.