Meticulous Research®—a leading global market research company, published a research report titled, ‘Testing, Inspection, and Certification Market by Service (Testing Services, Inspection Services, Certification Services), Sector (Agriculture and Food, Retail, Automotive, Construction) - Global Forecast to 2030.’
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Meticulous Research®, a leading market intelligence firm, predicts that the global testing, inspection, and certification (TIC) market will reach $150.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.7% over the forecast period. This strong growth is driven by stringent regulatory standards imposed by governments and an increase in illicit trade involving counterfeit and pirated goods. Additionally, heightened consumer awareness regarding product safety and purity is expected to create substantial growth opportunities within the TIC market. A notable trend is the increasing use of simulation in product testing and validation.
Market Dynamics
Several key factors influence the expansion of the TIC market:
Regulatory Standards: Governments worldwide are enforcing stricter regulations to ensure product safety and compliance, fueling demand for TIC services.
Illicit Trade: The proliferation of counterfeit goods necessitates rigorous testing and certification to protect consumers and brands.
Consumer Awareness: An increasing number of consumers prioritize product safety and quality, driving demand for reliable testing and certification services.
However, the market faces challenges such as the dynamic nature of international regulatory standards and a shortage of skilled testing professionals and facilities, which could hinder growth.
Market Segmentation
To provide a comprehensive analysis, Meticulous Research® has segmented the TIC market based on service, sector, and geography. Service Segment: In 2023, the testing services segment is expected to dominate the market, attributed to growing digitalization, evolving product standards across various industries, and strong regulatory recommendations for ensuring safety.
Sector Segment: The agriculture and food sector is anticipated to hold the largest market share in 2023, driven by advancements in the agriculture and food industry and a rising demand for organic and processed foods.
Geographical Analysis: Europe is projected to lead the TIC market in 2023, primarily due to the increased use of IoT devices and dynamic mandatory certification and compliance regulations enforced by the government.
Competitive Landscape
The report identifies key players in the TIC market, including:
SGS S.A. (Switzerland)Bureau Veritas S.A. (France)Intertek Group Plc. (U.K.)TÜV SÜD (Germany)Dekra SE (Germany)TÜV Rheinland AG Group (Germany)APPLUS+ (Spain)Eurofins Scientific SE (U.S.)British Standards Institution (BSI) (U.K.)Lloyd’s Register Group Limited (U.K.)Mistras Group, Inc. (U.S.)DNV GL (Norway)Element Materials Technology Ltd. (U.K.)ALS Ltd. (Australia) UL LLC (U.S.)
Conclusion
The TIC market is poised for significant growth, driven by regulatory mandates and increasing consumer demand for safety and quality assurance. Despite challenges, the integration of advanced technologies and expansion into emerging markets present promising opportunities for industry stakeholders. Meticulous Research® continues to provide in-depth analysis and strategic insights into the TIC market, ensuring stakeholders are well-equipped to navigate and capitalize on this dynamic industry landscape.
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About Meticulous Research®:
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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