Meticulous Research®—a leading global market research company, published a research report titled, ‘Testing, Inspection, and Certification Market by Service (Testing Services, Inspection Services, Certification Services), Sector (Agriculture and Food, Retail, Automotive, Construction) - Global Forecast to 2030.’
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According to Meticulous Research®, the global Testing, Inspection, and Certification (TIC) market is expected to reach $150.9 billion by 2030, with a steady CAGR of 5.7% throughout the forecast period. Market growth is primarily driven by stringent government regulations and the increase in copyright goods in the marketplace. Additionally, growing consumer awareness about product safety and quality is further propelling the demand for TIC services. A notable trend in the sector is the rising use of simulation for testing and validation.
Key Drivers:
- Regulatory Standards: Stricter government regulations are boosting the need for TIC services to ensure product safety and compliance.
- copyright Issues: As copyright products flood the market, rigorous testing and certification are required to protect consumers and brand reputations.
- Consumer Awareness: Consumers are placing greater emphasis on product quality and safety, which is driving the demand for trusted TIC services.
However, challenges such as shifting regulatory frameworks and a lack of skilled professionals may present hurdles to the market’s growth.
Segmentation Overview:
- Service Segment: Testing services are expected to dominate the TIC market in 2023, driven by increasing digitalization and evolving safety standards.
- Sector Segment: The agriculture and food sector is forecasted to hold the largest market share in 2023, fueled by technological advancements and growing consumer demand for safe, organic food products.
- Geographical Insights: Europe is projected to lead the market in 2023 due to regulatory mandates and increased adoption of smart technologies like IoT.
Key Companies: Top players in the TIC market include SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), TÜV SÜD (Germany), and UL LLC (U.S.).
Conclusion: The TIC market is set for substantial growth, driven by regulatory requirements and the increasing demand for product safety and quality assurance. Despite some challenges, such as talent shortages, opportunities abound, particularly in emerging markets and through advancements in testing technologies. Meticulous Research® continues to offer key insights and guidance for stakeholders looking to thrive in this evolving industry.
About Meticulous Research®:
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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