Global Testing, Inspection, & Certification Market to reach USD 413.7 Billion by 2027.
Global Testing, Inspection, & Certification Market is valued approximately at USD 318.7 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 3.8% over the forecast period 2021-2027. The testing, Inspection and Certification sector consists of assessment bodies that provide services ranging from auditing and inspection, to testing, verification, quality assurance and certification. The sector includes both in house and outsourced services. Increasing number of merger and expansion strategies is augmenting the growth of the market. For example, in August 2020, ALS began offering wastewater testing and analysis. The increasing trend of outsourcing of TIC services to third party specialist is widely adopted by both private and government agencies. This is also growing the market in the forecasted period. With increasing globalization in trades and business, distinct regulations and standards are likely to restrain the market and create barriers for the acceptance of products internationally. This creates conflict between the local and international standards thereby restraining the market growth. Also, various regulatory standards in different nations lead to discrepancies in tax rates, thereby hindering the market growth. The shift from developed countries to the global smaller economies will give the opportunity to the market. Also, penetration of technology has brought numerous changes in day-today operations and activities for personal and professional uses. This incredible pace of technology will give opportunities.

The key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World are considered for the regional analysis of global Testing, Inspection, & Certification market. Asia Pacific dominated the global market in 2020 with a revenue share of 31.8% because of rising economic development in countries such as China, India, Japan and South Korea. This leads to increase in the industrial and manufacturing activity in the region, thereby offering growth opportunities to the TIC market. Europe is expected to grow substantially in the forecast period. Presence of various fashion brands, consumer goods and retail corporations in countries such as Germany and France facilitate the development and growth of the regional market.

Major market player included in this report are

ASTM International
Intertek Group PLC
Dekra SE
Lloyd's Register Group Limited
T??V Rheinland Group
Bureau Veritas SA
SGS Group
ALS
AsureQuality Ltd.
Underwriters Laboratories Inc.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Service Type:
Testing and Inspection
Certification
By Sourcing Type:
In-House
Outsourcing
By Industry Vertical:
Chemical & Petrochemical
Oil & Gas
Energy & Power
Automotive
Food & Beverages
Healthcare
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027.

Target Audience of the Global Testing, Inspection, & Certification Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors