With rising cases of cyber-attacks across the globe, stringent regulations for testing, inspection and certification (TIC) have become critical for the security of technologically-advanced systems. Privatization of state-owned establishments is further increasing the demand for data security, fueling the trend of outsourcing TIC service models. High demand for TIC services at the organizational level to achieve enhanced efficiency, meet cost targets, and increase profit margins is another strong factor propelling the growth of the global testing, inspection and certification market.
Industrial and Transportation Sectors Generate Profitable Prospects
Owing to technological advancements across various industrial segments such as power generation facilities, industrial application of TIC is projected to generate more than one-fourth of market revenue. Besides the industrial sector, demand from the transportation industry is creating new avenues of profitability in the TIC landscape. Enhanced use of fleet testing services for comprehensive assessment of vehicle performance in the automotive industry is largely responsible for such developments. International regulations pertaining to maritime safety and environmental protection are also scaling up the adoption of testing, inspection and certification services in the transportation sector.
Improved Safety Standards Escalate Demand in Asian Market
North America and Europe are projected to collectively hold over half of the global testing, inspection and certification market value by the end of the projection period. However, market players are seeking revenue prospects in other emerging regions such as East Asia and Latin America. Labor-intensive Asian economies are transforming into technologically-advanced regions, on the back of increased cloud applications, boosting the demand for TIC services. Improved safety legislations and standards across fast-developing nations such as India and China are also generating profitable prospects players in the testing, inspection and certification market, thereby imparting prominence to East Asia in the global market.
Vendors Embracing Technological Advancements to Tackle Data Theft
Internet of Things (IoT) is generating huge potential for the growth of the testing, inspection and certification market space. Growth in tangible threats of unauthorized data capture in the automotive industry is encouraging stakeholders in the TIC market to provide improved services for the standardization and certification of automotive products. TIC companies are leveraging advanced technologies such as big data to offer enhanced services of digital inspection and predictive maintenance, to raise their profit margins.
Competitive Landscape of Testing, Inspection and Certification Market
The competitive landscape of the testing, inspection and certification market is consolidated in nature, with a few major players holding a major chunk of the market share. Key players are launching new services and initiatives in the testing, inspection and certification domain as a strategy to enhance productivity and improve customer experience.
Prominent players in the testing, inspection and certification market are expanding their market presence through strategic acquisitions, partnerships, and joint ventures.
With the market being significantly fragmented in nature, players in the global testing, inspection and certification market can focus on mergers and acquisitions across application sectors to gain a stronger foothold in this space. The industrial segment will be a prominent sector for TIC services over the years. Increasing lucrative opportunities will arise from South Asia and East Asia for providers of TIC services. Strict safety regulations and legislations being implemented across the world, and the rising trend of outsourcing TIC services, are projected to lend impetus to the growth of the global testing, inspection and certification market through 2029.
Testing, Inspection and Certification (TIC) Market – Scope of the Report
Persistence Market Research (PMR) recently published a new study on the global testing, inspection and certification (TIC) market for the forecast period of 2019-2029. The report provides detailed insights on evolving market dynamics, such as the drivers, opportunities, and trends, along with the information regarding market structure of the TIC ecosystem. This detailed research report on the testing, inspection and certification market provides exclusive facts and figures about the growth trajectory of the market over the forecast period.
A comprehensive analysis of different key indicators of market growth, such as compounded annual growth rate (CAGR), year-on-year (YOY) growth of market, and supply chain and value chain analysis have been analyzed in PMR’s study. This information assists readers in understanding quantitative development projections of the TIC market over the forecast period.
The study is relevant for different stakeholders in the testing, inspection and certification market, including manufacturers, suppliers, distributers, and investors, as it can help them understand strategies for growth in the TIC market. Moreover, new market entrants can also leverage the provided information to expand their bases in the global testing, inspection and certification market.
The report highlights facts and figures associated with various microeconomic and macroeconomic factors that are influencing the growth of the testing, inspection and certification market. The study further highlights actionable insights on the historical and current trends molding the growth of the testing, inspection and certification market. Moreover, the performance journey of the testing, inspection and certification market can be analyzed by regional players and new entrants to make business decisions and gain prominence in the market space.
Key Segments of Global TIC Market
PMR’s study on the testing, inspection and certification market is divided into four major segments – service, sourcing, end-use industry, and region. Detail analysis of every segment along with data pertaining to the growth of each segment has been included in the study.
Testing, Inspection and Certification Market: Key Questions Answered in the Report
TIC Market: Research Methodology
An exclusive research methodology is employed to conduct comprehensive research on the developments in the global testing, inspection and certification landscape, to reach conclusions about the growth factors driving the future of the TIC market. Analysts ensure precision and reliability of these conclusions in a two-step process, comprising primary research followed by secondary research. During this evaluation process, analysts take reference from various authentic sources, including government websites, white papers, trade journals, and OEM websites. The compressive information acquired during primary and secondary research is validated by prominent companies operating in the TIC market, to testify the accuracy and reliability of PMR’s projection on the growth prospects of the testing, inspection and certification market.