Demand for Testing, Inspection and Certification (T.I.C.) Services to Thrive as Global Imports and Exports See Mounting Rise

Factors such as increasingly stringent regulations pertaining to quality, environmental impact, and health impact of products sold in global marketplace and the rapid pace of globalization, bringing companies from a number of sectors on the global front, are constantly fueling the global market for testing, inspection, and certification services. Portraying a blend of several international and regional regulations and standards, the global testing, inspection, and certification market is witnessing a significant rise in demand as the international market sees a flood of imports and exports.

Companies are required to adhere to a number of quality checks, tests, and gain internationally acceptable certificated to participate in the global marketplace. Strict regulations compelling companies to undertake the necessary set of tests, quality checks, and global certifications are expected to significantly stimulate the global testing, inspection, and certification market in the next few years.

Transparency Market Research (TMR) projects that the global testing, inspection, and certification market will expand at a promising 5.7% CAGR from 2016 to 2024, rising from an opportunity of nearly US$178.65 bn in 2015 to US$285.34 bn by 2024.

In this blog post, TMR analysts highlight some of the key aspects of the global testing, inspection, and certification market:

Which regions will present most promising growth opportunities to the market?

Emerging economies across regions such as Latin America and Asia Pacific are expected to emerge as the most promising growth avenues for the market in the next few years. Factors such as the thriving industrial sector, rising disposable incomes of population, strengthening GDPs, and massive developments on the infrastructure front are collectively boosting the numbers of imports and exports in countries such as Brazil, India, and China. Strict regulations requiring compliance with specific sets of quality checks and tests are requiring companies to put aside funds for testing, inspection, and certification services.

The market in Asia Pacific is expected to dominate the global market in terms of growth rate over the next few years. Demand for testing, inspection, and certification services will majorly be seen in industries such as food and beverages as the level of awareness related to the health benefits of certified products among consumers has significantly improved in the recent past.

How is the vendor landscape of the global testing, inspection, and certification market developing?
The vendor landscape presently is largely fragmented owing to the presence of a number of small and large companies operating across the globe. In 2015, the leading four companies in the market held a cumulative share of mere 29% in the global market, with small and middle level companies accounting for the rest.

The market is intensely competitive and is expected to remain so in the near future as well, with companies resorting to strategies such as geographical expansions and strategic, long-term collaborations with current consumers. A large number of some of the world’s leading testing, inspection, and certification companies reside in Europe, granting the regional market a commanding position. The region is presently the leading revenue contributor to the global market, holding a more than 30% share in 2015.


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