Testing, Inspection and Certification (TIC) Market Opportunities and Challenges

Testing, Inspection, and Certification Market by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house, Outsourced), Application and Geography
By: MarketsandMarkets
 
NORTHBROOK, Ill. - Nov. 29, 2022 - PRLog -- The Testing, inspection, and certification (TIC) market is projected to reach USD 268.9 billion by 2027 from USD 221.4 billion in 2022; it is expected to grow at a CAGR of 4.0% from 2022 to 2027. Testing, inspection, and certification services help producers improve productivity, meet global standards, and enhance product and service quality. These services (i.e., testing; inspection; verification; validation; certification; auditing; consulting; technical assistance and training; environmental quality, safety, health; asset integrity management; and project management services) can be adopted for any product, service, or process, irrespective of the sector in which the company operates. The demand for quality products has increased remarkably, reinforcing the need to assure that the manufactured products meet the national and international safety- and quality-related regulations.

In service type, the testing service type segment is expected to hold the highest market share of the testing, inspection, and certification market

Significant focus on quality control and safety has resulted in the widespread deployment of advanced testing equipment and instruments in manufacturing facilities and laboratories. The accuracy of test results is mainly dependent on the precision of the testing and measurement instruments. TIC services are witnessing heightened demand across several industries for several applications owing to the rising demand for good-quality and standard products worldwide. During the development of any new medical product, testing must be performed to gain a clear understanding of the product's performance and compliance with its label. While the components of each product are well-documented in any facility, nuances pertaining to manufacturing defects are bound to arise during manufacturing. Such variations must be considered to provide the best, most accurate information about specific attributes of products.

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Key Players of Testing, inspection, and certification Market:


SGS Group (Switzerland), Bureau Veritas (France), Intertek (UK), TÜV NORD (Germany), TÜV SÜD (Germany), Eurofins Scientific (Luxembourg), TÜV Rheinland (Germany), DEKRA SE (Germany), DNV GL (Norway), Applus+ (Spain), ALS Limited (Australia), Lloyd's Register Group (UK), MISTRAS (USA), Element Materials Technology (UK), Apave International (France), UL LLC (US), IRClass (India), QR Testing (Netherlands), TIC Sera (China), and Hohenstein (Germany).

News also Covered: https://www.prnewswire.com/news-releases/testing-inspection-and-certification-market-worth-491-3-billion-by-2030-grand-view-research-inc-301603386.html

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Industry:Technology
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