According to a research report published by Azoth Analytics in March 2021, the Global Testing, Inspection & Certification Market was valued at USD 263.41 Billion in the year 2020. The positive outlook of Testing, Inspection & Certification industry can be credited to variables, such as, solid GDP development in the BRIC nations, an expanding drive to uphold guidelines by governments, global exchange items and administrations; and moves towards industry standardization because of better, progressively dependable and more secure products with expanding end-client awareness connecting a safe business with a productive business.
Detox campaigns, for example, Greenpeace's ZDHC (Zero Discharge of Hazardous Chemicals) battle across Europe and America, which is planned for diminishing the use of perilous material compound substances utilized in material industry (second biggest polluter of new water around the world) are assessed to have a huge impact on the work of TIC service providers.
Leading Testing, Inspection & Certification players are focusing on the development of more advanced technology for testing and inspection activities. For example, SGS created Renovo, a self-funding, full scale waste management system and implemented Renovo in the Ivory Coast and Ghana, to help nations successfully dispose of their waste. Also, Bureau Veritas together with Worldline (Atos Group), has rolled out several pilot food traceability solutions based on blockchain technology under its Origin label.
The European region has the largest market in year 2020 while it is estimated that Asia Pacific will show the fastest growth during the forecast period with China being the leading country in the region followed by India. Factors backing the growth of the region are growing consumer awareness coupled with increasing government norms for the safety and quality of the products that are being consumed by the consumers.
Based on Source Type segment, In-house segment dominates the market share in year 2020 and is also expected to show dominance during the forecast period because In-house testing administrations give organizations unlimited authority over the whole procedure. For instance, IBM has a dedicated in-house testing division to conduct its product testing.
Based on Application segment, Consumer Goods & Retail holds the major share in the TIC market followed by Food & Agriculture, Oil & Gas and Petroleum segment. This growth is application is driven by the expanding requirement for TIC benefits in personal care and beauty products, hard products, softlines and accessories, toys and adolescent items, and electrical and hardware, among others.
The Azoth Analytics Research Report ‘Global Testing, Inspection & Certification Market (2021 Edition)’ has been analyzed By Service Type (Testing, Inspection, Certification), By Source Type (In-house, Outsourced), By Application (Consumer Goods & Retail, Food & Agriculture, Oil & Gas and Petroleum, Construction & Infrastructure, Industrial & Manufacturing, Transportation, Automotive, Energy & Power, Supply Chain & Logistics and Others), By Region (Americas, Europe, APAC,) and By Country (US, France, Germany, India, China) for the historical period of 2016-2020 and the forecast period of 2021-2026.
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