Increase in focus of manufacturing companies on improving customer retention through quality products and demand for interoperability testing for connected devices & IoT drive the growth of the global testing, inspection and certification market.
PORTLAND, Ore., Feb. 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Testing, Inspection and Certification Market By Service Type (Testing, Inspection, and Certification), Sourcing Type (In House, and Outsource), Application (Quality and Safety, Production Evaluation, Industrial Inspection, System Certification, and Others), Industry Vertical (Agro Industry, Food Industry, Pharmaceuticals, Chemical Industry, Oil and Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global testing inspection and certification industry generated $213.6 billion in 2020, and is anticipated to generate $349.27 billion by 2030, witnessing a CAGR of 5.3% from 2021 to 2030.
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Prime Determinants of Growth
Increase in focus of manufacturing companies on improving customer retention through quality products and demand for interoperability testing for connected devices & IoT drive the growth of the global testing, inspection and certification market. However, high cost of TIC services due to diverse standards and regulations hinder the market growth. On the other hand, digital transformation of customer services presents new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a slight negative impact on the growth of the global testing inspection and certification market.
- Daily operations of production and manufacturing industries have been hindered due to partial or complete lockdown restrictions across various countries. This slowed down the testing, inspection, and certification processes.
- These processes would get back on track post-lockdown as daily operations in industrial, automotive and transportation, aerospace and defense, and other industries begin with full capacity.
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The Testing Segment to Maintain Its Leadership Status Throughout the Forecast Period
Based on service type, the testing segment held the highest market share in 2020, accounting for more than half of the global testing inspection and certification market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to rise in need for safety, sustainability and performance standards globally. Moreover, the inspection segment is projected to manifest the highest CAGR of 6.0% from 2021 to 2030, owing to increase in demand for inspection at regular intervals across a few industries, such as oil & gas.
The Quality And Safety Segment to Maintain its Lead Position During the Forecast Period
Based on application, the quality and safety segment accounted for the largest share in 2020, contributing to more than one-fourth of the global testing inspection and certification market, and is projected to maintain its lead position during the forecast period. This is due to rise in consumer awareness coupled with increase in government norms for the safety and quality of the products, consumed by the consumer. However, the system certification segment is expected to portray the largest CAGR of 8.0% from 2021 to 2030. System certification qualifies the product or service. System certification is periodically revalidated so as to give latest safety and standard update of the product, service, and infrastructure. This factor drives the growth of market.
North America to maintain its dominance By 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global testing inspection and certification market, owing to increase in emphasis on industrial safety and proactive safety measures. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 8.0% during the forecast period, owing to rise in government initiatives for safety and standard of products in this region.
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Leading Market Players
- ABS
- ALS Global
- ASTM
- BSI Group
- Bureau Veritas
- DEKRA
- DNV
- Intertek
- ISO
- Lloyds Register
- SAI Global
- SGS Group
- TUV
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