CHICAGO, March 29, 2023 /PRNewswire/ — The global market for testing, inspection and certification (ICT) is expected to grow 223.9 billion dollars in 2023 BC 265 billion dollars by 2028, registering a CAGR of 3.4% during the forecast period according to a new report from MarketsandMarkets™. Some of the major factors contributing to the growth of the ICT market include increasing government incentives in renewable energy projects, increasing focus on achieving optimal energy management, growing need for high performance utility of machinery and equipment, increased development of innovative medical devices, strict regulations and standards for wellness and beauty products due to consumer safety.
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357 – Tables
70 – Figures
516 – Pages
Scope of the Testing, Inspection and Certification (TIC) Market Report:
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Coverage of the report |
Details |
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Market revenue in 2023 |
223.9 billion dollars |
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Estimated value for 2028 |
265 billion dollars |
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Growth index |
Poised to grow at a CAGR of 3.4% |
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Available market size for |
2019-2028 |
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Forecast period |
2023–2028 |
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Forecast units |
Value (millions of dollars) |
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Coverage of the report |
Revenue forecast, competitive landscape, growth factors and trends |
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Segments covered |
By service type, source type, application and region |
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Geographies covered |
North America, Europe, Asia Pacific and RoW |
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Key market challenge |
Low rate of adoption of innovative technologies |
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Key market opportunities |
Growing adoption of AI and ML worldwide |
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Main drivers of the market |
Increased trade in counterfeit and defective pharmaceuticals |
By service type, the certification segment recorded the highest growth rate during the forecast period.
Growing need for product marketing to support market growth. A certification body issues certificates or product licenses to organizations for the purpose of displaying a mark of conformity on their products or issuing certificates indicating compliance with specifications. By complying with the rules, consumers are assured that their products are of high quality. A product certification certifies that the product has been tested and adheres to codes and/or standards. In order to maintain the conformity of their products with the standards, those seeking certification must demonstrate an adequate quality control system. Players offering certification services can find lucrative opportunities in the food, IT and telecommunication sectors. SGS SA (Swiss), for example, launched FSMA’s state-of-the-art Information and Communications Technology (ICT) certification audit services to replicate the full on-site audit experience without sacrificing quality or ‘effectiveness. Companies such as Bureau Veritas and Intertek are introducing certification schemes globally. For example, in April 2022, SGS SA has updated the KUCAS certification. A Gulf Type Examination Certificate and Technical Inspection Report (TIR) are required for all incoming shipments of children’s toys Kuwait. SGS SA Gulf Limited issues TIR for lubricants (regulated categories: engine, gears and brake fluid).
By application, the electrical and electronic sub-segment accounted for the largest share of the ICT market.
The electrical and electronics segment is expected to account for the largest share and register the highest CAGR of the testing, inspection and certification market for consumer goods and retail applications during the forecast period. The growth of this segment can be attributed to the adoption of new technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT). In addition, the adoption of a new culture of working remotely or from home has led to an increase in the purchase of computers, laptops, smartphones and other devices by consumers. This, in turn, contributes to significant demand for testing, inspection and certification services to ensure that devices purchased by consumers meet strict inspection and safety standards.
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Asia Pacific The global ICT market is likely to witness the highest growth rate during the forecast period.
Asia Pacific The testing, inspection and certification market is projected to grow at the highest CAGR between 2023 and 2028. A number of factors are driving the growth of the testing, inspection and certification market in Asia Pacificincluding increased research and development in autonomous and connected cars (new and improved technologies), improved lifestyles and the high reliance of many countries on europe and the Americas to Asian companies in medical devices, personal protective equipment (PPE), pharmaceuticals and other necessary equipment. From Asia Pacific has a large production and export capacity, it is expected to have the largest share of the testing, inspection and certification market.
Key market players
SGS SA (Swiss), Bureau Veritas (France), Intertek Group plc (United Kingdom), Eurofins Scientific (Luxembourg), and DEKRA SE (Germany), MOT SUD (Germany), DNV GL (Norway), TÜV RHEINLAND (Germany), Applus+ (Spain), and ALS (Australia), are some of the key players in the testing, inspection and certification market.
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