According to a new report, published by KBV research, The Global Testing, Inspection and Certification (TIC) Market size is expected to reach $331 billion by 2031, rising at a market growth of 4.3% CAGR during the forecast period.
The Inspection segment is anticipating a CAGR of 4.5% during (2024 - 2031). The inspection segment is propelled by the need to identify defects, non-conformities, and potential safety hazards in products, processes, and systems. Inspections are essential at various stages of production and supply chains to ensure compliance with standards and regulations, particularly in sectors such as construction, automotive, and manufacturing.
The In-house segment is leading the Global Testing, Inspection and Certification (TIC) Market by Sourcing Type in 2023; thereby, achieving a market value of $206.5 billion by 2031. In-house TIC services involve conducting testing, inspection, and certification activities within the organization, using internal resources and expertise. This approach offers companies greater control over their TIC processes, allowing them to tailor procedures to their needs and maintain confidentiality over proprietary information.
Medical & Lifesciences segment is registering a CAGR of 3.0% during (2024 - 2031). The healthcare industry’s strict regulatory landscape and the critical nature of medical products and services drive the demand for extensive TIC services. The COVID-19 pandemic has only intensified the focus on healthcare quality and compliance. TIC services play a pivotal role in the rapid development, approval, and distribution of vaccines and other medical products.
Full Report: https://www.kbvresearch.com/testing-inspection-and-certification-market/
The Asia Pacific region dominated the Global Testing, Inspection and Certification (TIC) Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $124.7 billion by 2031. The North America region is expected to witness a CAGR of 3.6% during (2024 - 2031). Additionally, The Europe region is expected to witness a CAGR of 3.9% during (2024 - 2031).
By Service Type
By Sourcing Type
By Application
By Geography
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