“Global Testing, Inspection and Certification (TIC) Market to reach a market value of USD 331 Billion by 2031 growing at a CAGR of 4.3%”
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.
With rapid urbanization and infrastructure development, especially in emerging economies, the demand for TIC services in this sector has grown substantially. TIC providers conduct essential services such as material testing, structural inspections, and compliance assessments to ensure that infrastructure projects meet safety regulations and quality standards. Large-scale projects like bridges, highways, and commercial buildings require rigorous inspection and certification processes to mitigate risks and ensure long-term safety and durability, driving revenue in this segment. Thus, the infrastructure segment acquired 13% revenue share in the market 2023.
The major strategies followed by the market participants are Partnership as the key developmental strategy to keep pace with the changing demands of end users. For instance, In January, 2022, Bureau Veritas partnered with NAPA, the provider of maritime software, services, and data analysis. This partnership allows highly effective and widespread usage of 3D models in the class approval process. Additionally, both companies would seek to enhance the complete efficiency and accuracy of future vessel development and solve the present challenges related to 2D drawings. In August, 2022, Intertek signed an agreement with the Tanzania Bureau of Standards, a government department. This agreement aims to continue to support Intertek's Pre-Shipment Verification of Conformity (PVoC) program for exports to the nation. The PVoC was implemented by the Tanzania Bureau of Standards to verify the safety and quality of all regulated products being exported to Tanzania across the country of supply.
Based on the Analysis presented in the KBV Cardinal matrix; Eurofins Scientific SE, SGS S.A. and Bureau Veritas S.A. are the forerunners in the Testing, Inspection and Certification (TIC) Market. Companies such as DEKRA SE, DNV AS and Intertek Group PLC are some of the key innovators in Testing, Inspection and Certification (TIC) Market. In April, 2023, DEKRA partnered with LatticeFlow, a company engaged in AI development and deployment platform for continuously enhancing model performance. Under this partnership, both DEKRA and LatticeFlow would offer AI safety assessments for business clients. The combined portfolio would offer the industry's first AI model assessment service, backed by the ISO standards for model robustness and data quality.
TIC services help ensure product safety and quality, which are paramount for consumers and regulatory authorities. For example, the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) provide widely recognized standards that TIC services use to assess product compliance.
Additionally, Governments and regulatory bodies are enforcing more stringent regulations across various industries, including pharmaceuticals, food and beverages, and consumer electronics, driving the demand for TIC services to ensure compliance.
The costs involved in testing, inspecting, and certifying products to meet regulatory and industry standards can be prohibitive, leading many SMEs to forego these essential services altogether. For SMEs, the high costs of TIC services encompass various elements. Hence, the high costs associated with these services present a significant challenge for the market.
By service type, the market is divided into testing, inspection, and certification. The testing segment procured 67% revenue share in the market in 2023. The testing segment is driven by the need to verify product safety, quality, and performance before reaching the market.
On the basis of sourcing type, the market is bifurcated into in-house and outsourced. The outsourced segment garnered 35% revenue share in the market in 2023. Outsourcing TIC services involves contracting external specialized service providers to perform these activities.
Based on application, the market is classified into consumer goods & retail, agriculture & food, chemicals, infrastructure, manufacturing, medical & lifesciences, mining, oil & gas, automotive, public sector, IT & telecom, and others. The consumer goods & retail segment garnered 18% revenue share in the market in 2023. This dominance can be attributed to TIC services' critical role in ensuring consumer products' safety, quality, and compliance.
Free Valuable Insights: Global Testing, Inspection and Certification (TIC) Market size to reach USD 331 Billion by 2031
Region-wise, the testing, inspection and certification (TIC) market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed 29% revenue share in the testing, inspection and certification (TIC) market in 2023. The region's mature industrial base, stringent regulatory environment, and high product quality and safety standards drive the demand for TIC services.
The Testing, Inspection, and Certification (TIC) market is highly competitive, characterized by stringent regulatory standards and increasing complexity in global supply chains. Key attributes include a growing emphasis on product safety, quality assurance, and compliance across various industries such as automotive, healthcare, and consumer goods. Market players compete on technological innovation, service breadth, and global presence to meet diverse client needs and regulatory requirements efficiently.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 238.2 Billion |
| Market size forecast in 2031 | USD 331 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.3% from 2024 to 2031 |
| Number of Pages | 323 |
| Number of Tables | 414 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Service Type, Sourcing Type, Application, Region |
| Country scope |
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| Companies Included | SGS S.A., Bureau Veritas S.A., Intertek Group PLC, Eurofins Scientific SE, TÜV Rheinland AG, Applus+ Group, TÜV Nord Group, DEKRA SE, TÜV SUD, DNV AS |
By Service Type
By Sourcing Type
By Application
By Geography
This Market size is expected to reach $331 billion by 2031.
Increasing globalization and international trade are driving the Market in coming years, however, Substantial financial burden associated with TIC services restraints the growth of the Market.
SGS S.A., Bureau Veritas S.A., Intertek Group PLC, Eurofins Scientific SE, TÜV Rheinland AG, Applus+ Group, TÜV Nord Group, DEKRA SE, TÜV SUD, DNV AS
The expected CAGR of this Market is 4.3% from 2024 to 2031.
The In-house segment is leading the Market by Sourcing Type in 2023; thereby, achieving a market value of $206.5 billion by 2031.
The Asia Pacific region dominated the 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.
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