Top Facts You Didn’t Know About Testing, Inspection, And Certification market & Impact of COVID-19Posted by Mrudula Anil Karmarkar on August 10th, 2022 The global testing, inspection, and certification market size is expected to reach USD 491.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.0% from 2022 to 2030. The incremental deployment rates of testing, inspection, and certification systems and solutions can be accredited to the rise in manufacturing activities worldwide. Furthermore, the onset of Industry 5.0 and the rise in connected systems further augment the need to deploy TIC-based technologies in tandem with manufacturing activities. Thus, the manufacturing application segment is expected to expand at a significant growth rate over the forecast period due to the need to optimize manufacturing processes and end products. For instance, in January 2022, SGS, a Swiss international business that provides inspection, verification, testing, and certification services, launched a new Vehicle Over the Air (OTA) performance testing laboratory in Suzhou, China. The lab will assist automotive manufacturers in helping them test, validate, and comply with evolving wireless standards and regulations. It fully integrates beneficial resources in automobile, communication, electronics, and reliability testing to provide commercial customers with technical verification, quality improvement product certification, and technology development services. The integration of cloud technology with the Testing, Inspection, And Certification (TIC) market is one of the significant market drivers. The need to access data instantly, automate certification and issue reports on a real-time basis highlights the importance of storing essential TIC-related data in the cloud. Moreover, cybersecurity concerns such as increasing instances of cyberattacks and data privacy threats further highlight the importance of a safe cloud architecture to safeguard data from people with malicious intent. This is expected to help in general data regulation, security certifications, and software testing. For instance, in February 2022, Intertek Group plc, one of the prominent providers in connectivity testing and cybersecurity, established its Acucert, the first ISO/IEC certified cybersecurity testing lab in Mumbai, India. Acucert has significant expertise in IT system and software testing while meeting stringent quality control standards. Further, opening a new testing lab would help them promote internationally and nationally. The gradual acceptance of big data analytics with the TIC-based technology model is also expected to offer an impetus to the TIC market. The adoption of big data analytics technology by service providers is expected to diversify their service offerings, such as data-based services and predictive maintenance data, and enable service providers to offer better solutions to their customers. For instance, in September 2021, TÜV SÜD, a safety, security, and sustainability solutions provider, offered wind turbine certification for areas affected by tropical storms. Within the scope of type certification, the company has designed a computer framework to analyze the data of the areas and check compatibility for these regions based on the worldwide IEC 61400 standard. The computer model allows for the simulation of even the most extreme wind conditions in tropical cyclone-prone areas and the use of this simulation to determine if a wind turbine is suited for such places. To Request Sample Copy of this report, click the link: The rising need among enterprises and corporations to engage in safe and efficient testing, inspection, and certification practices promotes the testing, inspection, and certification (TIC) market growth. Secure and effective testing and inspection practices ensure companies maintain optimum quality standards and ensure high productivity and maximum efficiency. Leveraging TIC practices enables companies to customize their supply chain activities according to their needs and desires, thus simplifying business practices. For instance, in January 2022, Temasek, a Singapore-based investment firm that focuses on restructuring, growth capital, and divestment deals, announced the acquisition of Element Materials Technology, a prominent provider of testing, inspection, and certification services. The acquisition aims to mark a significant deal in the TIC industry and a crucial milestone in the expansion of the Group. Testing, Inspection, And Certification Market Report Highlights
The growth of the transportation and logistics sector offers promising growth opportunities to the industry. This can be attributed to increasing global trade and the need to deploy intelligent logistics systems at companies. This facilitates TIC solutions to ensure the timely delivery of goods and products across the value chain to minimize operational expenditure. Furthermore, constant efforts made by regional governments to improve transportation facilities for people by increasing the frequency and improving the safety of public vehicles promote the deployment of a well-organized TIC environment. For instance, in January 2022, Bureau Veritas, a prominent provider of testing, inspection, and certification services, acquired PreScience Corporation, a construction management service provider in the U.S. for transportation infrastructure projects. This acquisition would further expand Bureau Veritas's growth in the transportation sector for testing and inspection and provide safe, sustainable infrastructure for transportation. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/6957/ibb The COVID-19 pandemic has disrupted the TIC market significantly. COVID-19 has reduced manufacturing and production activities in several regions due to the implementation of lockdowns by many national governments. However, the healthcare division witnessed significant TIC practices due to the rising need to acquire healthcare services and related products, including medicinal supplies. The consumer goods domain also embraced TIC practices during the pandemic due to people's rising need to access safe and suitable quality food products. For instance, in January 2022, DNV, a global certification, assurance, and risk management company, announced the purchase of MEDCERT, a notified body based in Germany, to expand its healthcare and medical device assurance capabilities. DNV's potential to provide further medical device notification services will be considerably enhanced as a result of the acquisition. List of Key Players in Testing, Inspection, and Certification (TIC) Market
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