Market Research Report
Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report By Service Type, By Sourcing Type (In-house, Outsourced), By Application, By Region, And Segment Forecasts, 2021 - 2028
|Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report By Service Type, By Sourcing Type (In-house, Outsourced), By Application, By Region, And Segment Forecasts, 2021 - 2028|
Published: June 2, 2021
Grand View Research, Inc.
Content info: 154 Pages
Delivery time: 2-10 business days
Testing, Inspection, And Certification Market Growth & Trends
The global testing, inspection, and certification market size is anticipated to reach USD 434.1 billion by 2028, exhibiting a CAGR of 3.8% over the forecast period, according to a new report by Grand View Research, Inc. The incremental deployment rates of testing, inspection, and certification (TIC) systems and solutions can be accredited to the rise in manufacturing activities worldwide. The onset of Industry 5.0 and the rise in connected systems further augments the need to deploy TIC-based technologies in tandem with manufacturing activities. Thus, the need to optimize manufacturing processes and end products have resulted in the manufacturing application segment registering the highest CAGR of 6.3% over the forecast period.
The integration of cloud technology with the 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 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.
The gradual acceptance of big data analytics with the TIC-based technology model is also expected to offer an impetus to the market for testing, inspection, and certification. 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, natural gas and oil exploration require several complex machine components that generate large chunks of data during the testing and inspection process. This data can be used to analyze the effectiveness of the machine system and enable solution providers to offer consultancy services.
The Asia Pacific region is expected to witness the highest CAGR over the forecast period. Rapid industrialization and rising infrastructure development in Australia, South Korea, and India facilitate deploying proficient TIC solutions. Furthermore, the emerging technology ecosystem in countries such as Japan and China has resulted in several companies outsourcing their software and product development tasks. The ability to gain high-performance products at affordable rates from these countries promotes companies to access TIC solutions and services related to specific needs and requirements, thereby offering an impetus to market growth.
Testing, Inspection, And Certification Market Report Highlights
The certification segment is expected to witness the fastest growth over the forecast period. The growth can be attributed to the increasing need of companies to certify their business practices use the right talent for specialized work
The outsourced segment is expected to register the highest CAGR over the forecast period owing to the ability to access more affordable TIC products and solutions and decreased operational expenditure
The manufacturing segment is expected to expand at the highest CAGR over the forecast period owing to rising industrial activity around the world and the development of new machine components which need to be tested and inspected before deployment
The Asia Pacific region is expected to dominate the market over the forecast period. This can be attributed to rising economic activity in China and India. The implementation of Bharat Stage 6 in India has led automotive developers to develop new automotive components which have to be tested rigorously to meet international standards