Market Size of Certificate Testing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Certificate Testing Market Analysis
The Certificate Testing Market was valued at USD billion in 2020 and is expected to reach USD billion by 2026 at a CAGR of 3.2% during the forecast period 2021 - 2026. With the advent of new technologies, with stringent environment norms, increasing health safety measures have changed the entire industry viewpoint, with respect to the compliance of standards and regulations. Certificate Testing plays a significant role to ensure the infrastructure, services, products are met with the standards and regulations pertaining to safety and quality. Safety breaches in recent times have led to more stringent regulations in developing economies. Such breaches demonstrate the significance of independent certification services and not only have forced tougher and more complex regulations and standards but also increased the dependability on the third party for assessment, thus providing scope for independent Certificate Testing companies.
- International imports and exports of products belonging to different industries apart from the high demand, food and medical products have increased significantly over the years. In fact, according to The World Bank Group, global exports has increased from USD 6.24 trillion in 1995 to USD 22.99 trillion in 2018. Food and beverages, consumer electronics, agriculture, and automotive (electrical vehicles) markets are expected to provide more scope for the Certificate Testing market. So as to adapt to the diverse quality and safety standards of the import destinations, the need for effective testing, inspection, and certification has become critical for product manufacturers.
With significant certification work being outsourced, the independent TIC companies benefit from the high growth rates, operating margins, and reliable revenue streams. In addition to imports and exports, rapid technological advancement, which led to product diversity, and in some cases shorter life-cycles, is expected to increase the usage of certificate testing services. Going forward, as these technologies become mainstream, the dependency on certificate testing services is only going to increase, thus increasing the scope for Certificate Testing companies.
