The testing, inspection & certification is the procedure adopted by end-user sector to safeguard safety, maintenance, and quality in consumer products. These services are required in growing productivity by meeting product quality with international standard. Recently, rules and norms regarding health, quality, and safety have become strict which is further affecting the global import & export business. Imports from developing regions has to pass through strict quality and safety testing process. This has increased demand for testing, inspection and certification process in manufacturing sectors.
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Globally the market for Testing, Inspection and Certification (TIC) Market is expected to grow at the rate of more than ~5% from 2016 to 2022.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
The SAFESUPPLY platform, co-developed by ComplianceMetrix and Bureau Veritas, delivers Food and Retail manufacturers a risk-based planning of their suppliers to support their risk mitigation programs. The solution allows them to save money and optimize resources by centering on the riskiest suppliers and thus decreasing the number of audits. Suppliers will also use the platform to engage in continuous and automated improvement programs. The solution provides extra value through the reliance on an algorithm that was established based on data collected from Bureau Veritas audits conducted over many years. “By combining external public data, thousands of local observations made by Bureau Veritas inspectors and auditors each day all over the world, and information specific to each supplier, they provide probably the most accurate risk assessment within the market.
Some of the main players in Global Testing, Inspection and Certification (TIC) Market includes SGS group (Switzerland), Bureau Veritas SA (France), Dekra Certification GmbH (Germany), Intertek Group plc. (U.K.), ALS Limited (Australia), ASTM International (U.S.), BSI Group (U.K.), SAI Global Limited (Australia), MISTRAS Group, Inc.(U.S.), and UL LLC (U.S.) among others.
However, deficiency of internationally accepted standard is working as a major restraining factor upon the growth of Covid 19 Testing Inspection and Certification Market. Different countries have their own different set of standards. This factor effects the decision making of a manufacturer whether to export or not to a given country. Principles and ethics also vary between different types of products or services. Meeting the international standards often results in an increased cost as it might lead to the changing of the design of a particular product or service.
Segmentation by Type: In-house and outsourced among others.
Segmentation by End user: Oil & gas, aerospace, food & beverage, automotive, petroleum and textile among others.
Segmentation by Region: Europe and Asia Pacific.
Europe is dominating the global testing, inspection and certification (TIC) market with the largest market share because of the presence of high-tech automation division in the region which provides widespread vehicle testing & inspection services to the automotive products .Hence it is expected to grow with high revenue by 2022. Asia-Pacific is the fastest growing region during the forecast period due to high demand of testing & inspection services, especially by emerging countries China and India. Also, strict regulations by government to ensure better health and strong security is fuelling the market growth in various end-user sectors in the region.
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