Testing, Inspection, and Certification Market To Generate Revenue Worth $289.8 Billion by 2030

The global testing, inspection, and certification market is projected to generate $289.8 billion revenue by 2030, advancing at a CAGR of 3.3% during 2022–2030. This can be ascribed to the rapid digitalization and industrialization coupled with globalization, the increasing need for improving productivity and the quality of products and services, the surging preference for outsourced TIC services, and the rising government regulatory standards.

Testing Category Contributes the Highest Revenue

The testing category, based on service type, accounted for the largest revenue share, around 60%, in 2022, and it is further expected to maintain its dominance during the forecast period. This is due to the high usage of such services in the energy & utilities, automotive, oil & gas, and manufacturing industries; the rising preference for packaged food among the young population that creates the demand for food testing; and the increasing globalization.

Based on sourcing type, the market is categorized into in-house and outsourced services. Of these, the outsourced category will register significant growth in the coming years. This can be ascribed to the increasing number of outsourcing vendors, the cost-effectiveness of outsourced services, and the rising concern of manufacturers to ensure compliance with national and international quality and safety standards.

On the other hand, the in-house category contributes a higher revenue to the market, and it is also expected to maintain its dominance during the predicted period. This is because several organizations are performing internal testing to compete with their business rivals.

The construction and infrastructure category, based on application, contributes significant revenue to the industry, and it is expected to maintain its position during the forecast period as well. This is due to the surging construction activities especially in emerging nations, the increasing government spending for infrastructure development projects, and the rising number of construction inspection and testing service providers.

Furthermore, the consumer goods category will witness substantial growth in the coming years. This can be due to the increasing awareness among individuals to access safe and suitable quality food items, the surging consumer spending, and the rising public and private investments in the retail sector.

Geographically, the APAC market contributes the highest revenue, and it is further expected to maintain its position during the forecast period. This is because the region is a manufacturing hub for medical devices, equipment, and pharmaceuticals; the rising standard of living along with growing per capita income; and the increasing number of startups, in the region. In addition, China contributes the largest revenue share to the regional market, owing to the high consumer base due to its large population, the growing manufacturing sector, and the rising disposable income, in the country.

The North American market will witness significant growth during the forecast period. This can be ascribed to the presence of prominent players, the rising requirements of several businesses to meet legal legislation and compliance regulations, the increasing acceptance rate of advanced technology, the surging demand for consumer electronics, and the increasing government investment in technological advancements. Moreover, in the region, the U.S. market contributes the highest revenue, owing to the rising consumer awareness toward product quality and the surging number of new entrants in the industry.

Some of the major players in the testing, inspection, and certification market are SGS SA, Bureau Veritas, Intertek Group plc, TÜV NORD GROUP, Eurofins Scientific Limited, TÜV Rheinland Group, DEKRA SE, DNV AS Group Communications, Applus+ Servicios Tecnológicos S.L, ALS Limited, and Element Materials Technology Group Limited.