Testing, Inspection, And Certification Market Size (2024 - 2029)

Testing, Inspection, and Certification Market Analysis

The Testing, Inspection, And Certification Market size is estimated at USD 251.62 billion in 2024, and is expected to reach USD 316.27 billion by 2029, growing at a CAGR of 4.68% during the forecast period (2024-2029).

• The testing, inspection, and certification industry significantly contributes to the global economy as it helps improve the quality of products used across industries by various end users. Also, TIC services help reduce yield recalls and maintain compliance with regulatory authorities and standards governing different sectors.
• The introduction of advanced technologies across various sectors has further intensified the need for TIC services as they foster the safe development and adoption of technologies while maintaining compliance. TIC services also provide the required certifications as specific industries, including healthcare and pharmaceuticals, food and beverage, automotive, and industrial manufacturing, require internationally certified products and technologies.
• Testing, inspection, and certification (TIC) play a significant role in ensuring that the infrastructure, services, and products meet the standards and regulations of safety and quality. Due to the high demand for inspection and testing at regular intervals across a few industries, such as oil and gas, the TIC market is expected to witness growth, irrespective of industrial seasonality.
• Stringent regulations from government and regulatory bodies, especially in food certification and energy efficiency in construction, are compelling organizations to leverage testing, inspection, and certification (TIC) services.
• To standardize quality, testing and inspection services in India's food industry are expected to grow significantly. The Food Regulator Food Safety and Standards Authority of India (FSSAI) can bring transparency to food safety inspection and sampling by implementing a nationwide online platform.
• Globalization of trade leads to a complex supply chain that can impact product quality. Therefore, TIC services are required at every stage of the supply chain to maintain the same. Due to rapid globalization, privatization of state-owned laboratories, and increasing standards of end-user efficiency, complex supply chains have posed significant challenges to the TIC market.
• According to TIC Council, the global trade federation representing the independent third-party testing, inspection, and certification (TIC) industry, the COVID-19 pandemic hindered companies from performing testing, assessment, and certification activities by traveling and carrying out on-site activities, which was primarily attributed to the travel restrictions imposed to curb the pandemic from spreading further. Furthermore, companies discouraged in-person visits out of caution for their workers. This led to an overall decline in the revenue generated from the sector.

Testing, Inspection, and Certification Industry Segmentation

The testing, inspection, and certification (TIC) industry comprises conformity assessment organizations that offer services, including auditing, inspection, testing, verification, quality assurance, and certification. The sector includes both internal and external services.

The Testing, Inspection, and Certification Market is Segmented by Service Type (Testing and Inspection Service and Certification Service), Sourcing Type (Outsourced and In-house), End-user Vertical (Consumer Goods and Retail, Food and Agriculture, Oil and Gas, Construction and Engineering, Energy and Chemicals, Manufacturing of Industrial Goods, Transportation (Rail and Aerospace), Industrial and Automotive, and Other End-user Verticals), and Geography. The market sizes and forecasts are provided in terms of value in USD million for all the above segments.