As per Zion Market Research, the global testing, inspection, and certification market is anticipated to advance from USD 208.9billion in 2019 to over USD 278.93 billion by the end of 2026, expanding at a CAGR of 4.98%. The development of this market is being boosted by the rapid urbanization & surge in disposable earnings in budding economies; augmentation in product recalls around the world; high implementation of outsourcing service models by global manufacturers; increased need for harmonized standards; escalation in illegal trading, forgery, and piracy practices globally; and compliance of rigorous administrative policies and standards in various sectors. Introduction of novel technologies, augmenting health safety measure, strict environmental regulations have altered the entire industry outlook completely in regards to the conformity of norms & regulations which guarantee the safety of the individual, buildings, machines, etc. —
Some of the key players in the global market are Bureau Veritas SA; SGS Group; TÜV SÜD Group; Intertek; DNV GL; Eurofins Scientific; Applus+; TÜV Rheinland Group; TÜV NORD Group; ALS Limited; MISTRAS; Lloyd’s Register Group Limited; UL LLC; and Element Materials Technology.
Rise In New Digital Products & Services Boosting The Global Testing, Inspection And Certification Market
The advancing digital technologies are projected to play an important role in the development of the market for testing, inspection, and certification during the forecasted period. Soon, a significant number of testing, inspection, and certification activities are likely to be performed digitally. Furthermore, these activities are advanced for new digital products and services. Many technologies that are playing a vital role in providing better services are next-generation automation, AR (augmented reality), connected devices, blockchain, cloud & cybersecurity, big data & analytics, and smart sensors. Also, intelligent sensors integrated into the products facilitate remote inspection and monitoring. This competence aids in uninterrupted security and safety checks, which help in predictive maintenance. Therefore, with such competence, fewer on-site inspections are needed. Many market players are at present experimenting with online monitoring of elevators, pressure vessels, and other hardware.
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The global testing, inspection and certification market is bifurcated on the basis of service, sourcing type, application, and regional analysis. Based on the service, the market is divided into inspection, testing, and certification. Based on the sourcing type, the market is divided into in-house and outsourced. Based on the application, the market is divided into agriculture & food, consumer goods & retail, infrastructure, chemicals, education, energy & power, manufacturing, government, mining, healthcare, public sector, oil & gas and petroleum, aerospace & defense, automotive, supply chain & logistics, and others.
Asia Pacific Will Dominate The Global Testing, Inspection And Certification Market Over Estimated Period
Based on geographical analysis, the global testing, inspection and certification market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The Asia Pacific region accounted for over 30% market share in 2018, due to increasing economic & regulatory factor across the region. The Asia Pacific region is marked by a large number of populations having enhanced purchasing power, constant investments in automation, and administrations’ augmenting focus on stringent policies for testing, inspection and certification services.
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The global testing, inspection and certification market is segmented as follows:
By sourcing type:
Energy & Power
Consumer Goods & Retail
Agriculture & Food
Aerospace & Defense
Oil & Gas and Petroleum
Supply Chain & Logistics
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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