Evolve business intelligence has initiated a new market research report on the Testing, Inspection, and Certification (TIC) market. According to the study, the global Testing, Inspection, and Certification (TIC) market size is expected to reach $312.22 Billion by 2028 growing at the CAGR of 5.37% from 2021 to 2028. Some of the major factors impacting the overall growth of the Testing, Inspection, and Certification (TIC) market include, the increase in adoption of advanced technologies by end-users, rise in construction activities and increase in the renewable energy generation projects. The major factor that is restraining the growth includes the different rules and policies in different countries and the high cost associated with the testing, inspection and certification services. The future opportunities for the market include the digital transformation of services and a rise in urbanization that has led to rapid construction activities in major cities.
According to Evolve Business Intelligence, “the pandemic has reduced the demand for testing inspection and certification market. the major manufacturing, production, and construction activities were closed down in several regions to reduce the spread of the virus. The healthcare sector has witnessed an increased demand for testing, inspection, and certification due to the increase in demand for medical supplies and healthcare products and services. In the manufacturing and production sector, the demand has been reduced temporarily as the unit was closed but after the relaxation in lockdown the demand in these sectors is expected to increase.”
SGS Group to hold the highest market share in Testing, Inspection, and Certification (TIC)
The Testing, Inspection, and Certification (TIC) market has witnessed several new additions to the number of players offering the product. Some of these startups are SGS Group, Bureau Veritas, Intertek, Dekra, Eurofins Scientific. SGS Group is expected to continue to hold the highest market share during the forecast period.
The Testing, Inspection, and Certification (TIC) market report published today include market revenue generated through the service types such as Testing, Inspection, Certification, Others. The report includes the analysis of the market based on sourcing types such as In-House Services and Outsourced Services. The report also includes the analysis of the market based on applications such as Consumer Goods & Retail, Agriculture & Food, Chemical, Construction & Infrastructure, Energy & Power, Industrial & Manufacturing, Medical & Life Sciences, Mining, Oil & Gas And Petroleum, Public Sector, Automotive, Aerospace, Marine, Railway, Supply Chain & Logistics, IT & Telecom, Sports & Entertainment.