According to a new market research report titled, “Testing, Inspection, and Certification Market by Service, End User (Retail, Agriculture, Oil & Gas, Construction, Chemicals, Machinery, Transportation, Automotive, Government, Marine, and Healthcare), and Region—Forecast to 2027”, by Meticulous Research®, the testing, inspection, and certification (TIC) market is expected to register a CAGR of 2.4% from 2020 to 2027 to reach $105.9 billion by 2027.
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A surge in brand protection policies and product diversity, rising illegal trade of counterfeit and pirated goods, increasing stringent government regulations for ensuring safety and security, and the emergence of advanced technologies for automation, remotely-performed services, and enhanced digitization are expected to drive the growth of the testing, inspection, and certification market. Besides, the increasing demand for TIC services and growing awareness among consumers regarding safety and product quality are the key factors driving the growth of this market. The outsourcing of testing, inspection, and certification services to achieve higher product quality is a new trend in the testing, inspection, and certification market. However, the global impact of COVID-19 on most industry verticals, including automotive, manufacturing, consumer goods and retail, and construction, and diverse regulations and standards across different regions may restrain the growth of this market in the coming years.
The Impact of COVID-19 on the Testing, Inspection, and Certification Market
As the COVID-19 pandemic continues to spread, the world is still facing an unprecedented crisis. The outbreak has significantly affected the world economy and several industry verticals, including manufacturing and automotive. The impact of COVID-19 has varied depending upon each industry’s level of resilience. Industry verticals, such as manufacturing, retail, and healthcare, are using TIC services amid the COVID-19 pandemic using advanced technologies to maintain the continuity of operations, and conduct audits, damage assessments, and certification procedures. Subsequently, organizations are using remote technological channels and digital testing to ensure the proper delivery of their services and safety of industrial facilities, hospitals, and power grids and conduct the necessary testing required for upholding the quality of essential products and the functioning of critical equipment.
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Scope of the Report:
TIC Market by Service
- Testing
- Inspection
- Certification
TIC Market by End User
- Consumer Goods and Retail
- Agriculture and Food
- Oil & Gas
- Construction
- Chemicals
- Mining
- Machinery
- Transportation
- Automotive
- Power Generation
- Government
- Marine
- Healthcare
- Financial Institutions
- Others
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TIC Market by Geography:
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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