Quality checks have become an essential aspect across many sectors and industries. The growing prevalence of novel technologies and devices with more complexities has backed the need for offering state-of-the-art quality checks and inspections. In addition, the heightening levels of regulations across numerous countries have also led to the transition from a mere risk management approach to mandatory testing services across many companies. Therefore, these aspects will positively impact the growth of the testing, inspection and certification market.
Testing, inspection and certification companies cater to a
vast number of legislation and standards across various industry sectors. As a
result, testing, inspection and certification companies play a vital role in
almost all markets and sectors. The prominent sectors are automotive,
agriculture, IT and electronics, raw materials, environmental protection, oil
and gas, food testing, maritime, education, logistics, consumer products, etc.
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Some of the vital components of testing, inspection and
certification services are safety and quality controls by industrial site
inspections, supply chain certifications, periodic car inspections,
consignment-related conformity, product testing, and many others. These
beneficial factors shape the growth trajectory of the testing, inspection and
certification market.
The most valuable aspects of testing, inspection and
certification services are reduced in-house compliance costs. Many companies
and manufacturers find it difficult to check every part of their production
process with ease. Even if a manufacturer has an in-house testing, inspection
and certification team, the absence of required talent hinders the process
greatly. Thus, third-party testing, inspection, and certification companies are
estimated to gain an upper hand across the forecast period.
The Transparency Market Research (TMR) team has conducted
thorough research on all the growth factors related to the testing, inspection
and certification market. The researchers have studied the different points
that have the potential to boost growth prospects. The TMR experts expect the
testing, inspection and certification market to expand at a CAGR of 8 percent
during the assessment period of 2020–2027. The global
testing, inspection and certification market was valued at US$ 205,201 mn
in 2019 and is prognosticated to reach 367,336.4 mn
by 2027, the end year of the forecast period.
Hub-And-Spoke Model will Mold the Future of the Testing,
Inspection and Certification Market
Established players in the testing, inspection and
certification market compete with new entrants in the competitive scenario
through the hub-and-spoke model. This strategy is being applied to the
laboratories of the major companies associated with testing, inspection and
certification market.
Key players are establishing testing laboratories at
Greenfield sites, underdeveloped, remote, or developing areas where small
companies can grow. Thus, these strategies are gaining considerable traction
and will play a crucial role in the growth of the testing, inspection and
certification market.
Services Related to Human Rights Issues and Safety
Standards will Reign Supreme across the Testing, Inspection and Certification
Market
The working conditions of the laborers are being focused
extensively across factories and manufacturing processes. Earlier, the
conditions of the laborers in dangerous work environments were often overlooked
by the stakeholders but with the rising awareness about workplace safety,
various laws and acts were framed. Compliance with the rules is an important
aspect, and hence, many companies use third-party testing, inspection and
certification services, eventually increasing the growth rate.
Digitalization to Play a Significant Role in the Growth
of the Testing, Inspection and Certification Market
From big data to drones, technological advancements are
making inroads across the testing, inspection and certification market.
Technologies like Artificial Intelligence (AI) and the Internet-of-Things (IoT)
bring abundant opportunities for the players in the testing, inspection and
certification market. For instance, traditionally, inspection services required
visiting a manufacturing site and observing every process. However, with the
penetration of technologies like drones, companies can inspect every process
quickly without being present physically.
Rather than developing or integrating third-party software,
the players in the testing, inspection and certification market forge
partnerships with specialist technology providers for enhanced technological
advancements.
Blockchain technologies are also gaining prominence for the
transparency and traceability levels in certification and assurance
applications. Hence, technology is extrapolated to play a vital role. All these
factors bode well for the growth of the testing, inspection and certification
market.
Key Takeaways
- The
players in the testing, inspection and certification market are expanding
their presence in developing economies like China. Hence, this point will
bring exponential growth for the testing, inspection and certification
market.
- The
COVID-19 pandemic has restrained the growth of the testing, inspection and
certification market to a certain extent but with the help of mass
vaccination drives and sound containment strategies, the market will
observe a positive trajectory in the post-pandemic era.
- Tightening
regulations in many sectors and areas will further propel the growth opportunities
across the testing, inspection and certification market.
- Second-tier
players will display an aggressive mergers and acquisitions streak as
compared to established players.
Testing, Inspection and Certification Market:
Segmentation
By Service Type
- Testing
and Inspection
- Certification
By Sourcing Type
- In-house
Sourcing
- Outsourcing
By Industry
- Infrastructure
& Construction
- Transformational
& Contract Manufacturing
- Food
& Beverages
- Agriculture
& Forest
- Information
Technologies
- Chemical
- Healthcare
& Pharmaceutical
- Transportation
&Logistics
- Travel
& Tourism
- Energy
& Utilities
- Water
& Wastewater Management
- Government
- Education
- Textile
- Cosmetics
- Others
By Region
- Europe
- North
America
- Asia
Pacific
- Middle
East and Africa
- South
America
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