Testing, inspection & certification (TIC) enhance the manufacturing productivity, and aid manufactures to align the conformity of the product with respect to global standards, and increase the quality of their products. The global testing, inspection, certification services Market is estimated to surpass $117.8 billion and is estimated to grow at a CAGR 5.07% during 2018-2023.
What is Testing, Inspection, and Certification?
Advent of new technologies, increasing health safety measure, stringent environment norms have changed the entire industry outlook entirely with respect to the compliance of norms and regulations which ensure the safety of the individual, machines, buildings, etc. TIC plays a significant role to ensure products, infrastructure, services are met with the suggested standards and regulations in terms of safety and quality.
What are the major applications for Testing, Inspection, and Certification?
The major application for testing, inspection and certification are quality and safety services, product performance evaluation, certification and valuation of shipments, production evaluation, valuation of imports with respect to standards, industrial inspections, maintenance turnarounds, system certification, supplier evaluation, laboratory outsourcing and others.
Market Research and Market Trends of & Testing, Inspection Certification
- Leading players in the TIC industry are utilizing Big Data and digital processing improvements to pull data from many different sources, without the integration challenges of the past. These are best placed to offer a premium service to their customers.
- Digital inspection, integrated sensors and predictive maintenance are replacing physical inspection. These further help operators to enter new markets, embed client relationships raise margins, and provide growth opportunities.
- TIC service is now avoiding labor work and being transformed to Drones for crop management and asset integrity. With this inspection, costs can be reduced and inspection can be tailored to the areas interpreted by the inspector in real time. Hence, automating the process slowly.
- Bureau veritas a leading player in the industry will acquire a 65% of equity stake in McKenzie group. With this transaction Bureau veritas will have the leadership position in building & construction services in Australia.
Who are the Major Players in Testing, Inspection Certification?
The companies referred in the market research report includes SGS group, Bureau Veritas SA, Intertek group PLC, DNV GL group, DEKRA SC, Eurofins, TUV SUD, TUV Nord group.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
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Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
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- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
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