The global Testing, Inspection, And Certification Market size is expected to reach USD 491.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.0% from 2022 to 2030. The incremental deployment rates of testing, inspection, and certification systems and solutions can be accredited to the rise in manufacturing activities worldwide. Furthermore, the onset of Industry 5.0 and the rise in connected systems further augment the need to deploy TIC-based technologies in tandem with manufacturing activities. Thus, the manufacturing application segment is expected to expand at a significant growth rate over the forecast period due to the need to optimize manufacturing processes and end products. For instance, in January 2022, SGS, a Swiss international business that provides inspection, verification, testing, and certification services, launched a new Vehicle Over the Air (OTA) performance testing laboratory in Suzhou, China. The lab will assist automotive manufacturers in helping them test, validate, and comply with evolving wireless standards and regulations. It fully integrates beneficial resources in automobile, communication, electronics, and reliability testing to provide commercial customers with technical verification, quality improvement product certification, and technology development services.
The
integration of cloud technology with the Testing, Inspection, And Certification
(TIC) market is one of the significant market drivers. The need to access data
instantly, automate certification and issue reports on a real-time basis
highlights the importance of storing essential TIC-related data in the cloud.
Moreover, cybersecurity concerns such as increasing instances of cyberattacks
and data privacy threats further highlight the importance of a safe cloud
architecture to safeguard data from people with malicious intent. This is
expected to help in general data regulation, security certifications, and
software testing. For instance, in February 2022, Intertek Group plc, one of
the prominent providers in connectivity testing and cybersecurity, established
its Acucert, the first ISO/IEC certified cybersecurity testing lab in Mumbai,
India. Acucert has significant expertise in IT system and software testing
while meeting stringent quality control standards. Further, opening a new
testing lab would help them promote internationally and nationally.
The
gradual acceptance of big data analytics with the TIC-based technology model is
also expected to offer an impetus to the TIC market. The adoption of big data
analytics technology by service providers is expected to diversify their
service offerings, such as data-based services and predictive maintenance data,
and enable service providers to offer better solutions to their customers. For
instance, in September 2021, TÜV SÜD, a safety, security, and sustainability
solutions provider, offered wind turbine certification for areas affected by
tropical storms. Within the scope of type certification, the company has
designed a computer framework to analyze the data of the areas and check
compatibility for these regions based on the worldwide IEC 61400 standard. The
computer model allows for the simulation of even the most extreme wind
conditions in tropical cyclone-prone areas and the use of this simulation to
determine if a wind turbine is suited for such places.
The
Asia Pacific region is expected to register the highest growth rate over the
forecast period. Rapid industrialization and rising infrastructure development
in Australia, South Korea, and India facilitate deploying proficient TIC
solutions. Furthermore, the emerging technology ecosystem in countries such as
Japan and China has resulted in several companies outsourcing their software
and product development tasks. The ability to gain high-performance products at
affordable rates from these countries promotes companies to access TIC
solutions and services related to specific needs and requirements, thereby
offering an impetus to market growth. For instance, in December 2021, Eurofins
Scientific, a global scientific leader in bioanalytical testing and a clinical
diagnostic testing leader with Transgenic Inc., announced the acquisition of
GeneticLab Co., Ltd., a molecular biology-based testing vendor. This
acquisition will assist the company in strengthening its position in the
Japanese market. It would further expand the company’s global presence in Asia,
specializing in advanced genetic testing.
Related Press
Release@ Testing,
Inspection, And Certification Market Report
Testing, Inspection, And Certification Market Report
Highlights
- By service
type, the certification segment is expected to emerge as the
fastest-growing segment over the forecast period. The segment growth can
be attributed to the increasing need among companies to certify their
business practices use the right talent for specialized work
- The
outsourced sourcing type segment is expected to register the highest CAGR
over the forecast period owing to the ability to access more affordable
TIC products and solutions and decrease operational expenditure
- The
manufacturing application segment is expected to register a significant
growth rate over the forecast period owing to the rising industrial
activity around the world and the development of new machine components,
which need to be tested and inspected before deployment
- Asia Pacific
is expected to dominate the market over the forecast period. This can be
attributed to the rising economic activity in China and India. The
implementation of Bharat Stage 6 in India has led automotive developers to
develop new automotive components, which have to be tested rigorously to
meet the international standards
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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