At 4.6% CAGR, Testing Inspection and Certification Market to hit USD 271.97 Billion Globally by 2027, says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Dec 13, 2021, 05:00 ET

LONDON, Dec. 13, 2021 /PRNewswire/ -- According to Brandessence market research, the testing inspection and certification industry is poised to grow to USD 271.97 Billion by 2027 end. The testing inspection and certification market size to reached a valuation of 198.52 Billion in 2020 and is expected to grow at 4.6% CAGR during the 2020-2027 periods. Growing demand for construction and engineering, food & healthcare, energy and commodities, product & retail, and transportation remain promising arena for growth.

Testing Inspection and Certification Market: Competitive Analysis

TIC market remains a consolidated, and yet innovative landscape. The increased consumer satisfaction associated with certifications like ISO, Six-Sigma, and Agile remain prominent drivers of innovation for end-consumers. Furthermore, growing advancements in key sectors like manufacturing and construction also remain promising aspect of growth. The increased in-take of robotics in manufacturing is likely to drive greater need for safety as robotic collision incidents continue to plague major firms adopting the technology. Some major key players for Testing, Inspection and Certification (TIC) market are SGS S.A. (Switzerland), Bureau Veritas S.A. (France), DNV GL, TÜV Rheinland AG Group (U.S.), Dekra Certification GmbH, BSI Group, TÜV Süd AG (Germany), Dekra SE (Germany), SAI Global Limited, Eurofins Scientific SE, MISTRAS Group, Inc., Element Materials Technology Ltd. (U.K.),ALS Limited, Underwriters Laboratories (UL), Exova Group PLC, Intertek Group Plc. (U.K.), Eurofins Scientific SE (Luxembourg), Lloyd's Register Group Limited (U.K.), APPLUS+ (Spain)

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Scope of Testing Inspection and Certification Industry:

The TIC industry continues to remain an important mediator between private companies, and authorities. On one hand, companies do like the additional interference of regulatory authorities in their business processes. On the other hand, in order to assure quality, and gain access to government certifications, and grants, companies regularly are required to undertake inspections, and certifications. Furthermore, certifications show a tremendous potential for commercialization for companies. On one hand, these ensure industry-wide quality assurance to ensure product quality, assure key stakeholders in the industry like consumers, and government agencies, and meet regulatory requirements. Various consumer studies continue to confirm that certifications like ISO have tremendous positive impact on product quality, and indirectly help its branding, and drive sales. The growing need for brands to distinguish themselves from competitors in the price-conscious online arena also remains an important driver for growth.

According to a study published in an international business journal in 2021, the increased testing, inspection and certification market demand is likely to remain even across all regions. The study estimated that in 2026, India is likely to register 43,947 certifications, while USA registers 37,325, and Brazil registers 22,744. Certification methods like ISO continue to offer key advantages to businesses of all sizes. These key benefits include building consumer confidence, meet regulatory requirements at lower costs, gain global market access, and reduce costs across the board.

According to the 2020 Survey of the International Organization for Standardization (ISO), 12 standard management certification issued by the organization witnessed an 18% increase in demand.  Moreover, standard certifications like ISO 9001, and ISO 14001 witnessed record growth, while issuing 916,842 and 348,218 certificates respectively. Certifications like 9001 demonstrate the commitment of companies to provide high quality products, and services to customers, while meeting regulatory requirements, and promising continuous improvement. On the other hand, standards like ISO 45001 became crucial for companies to enhance health & safety of employees during the coronavirus crisis. The certification provides a stringent standard to ensure safe and non-hazardous workplaces for employees. Furthermore, other standards promoting environmental management, information security, and quality management in general remain most popular with end-users.

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Testing Inspection and Certification Market: Key Trends

Certifications like Six Sigma continue to grow in popularity among employees. The method pioneered by Motorola, delivered over $17 billion in savings to the company in 2005. The process was later adopted by GE, and Honeywell. The process became well-known globally, when Jack Welch, the iconic CEO of GE announced that the company had saved $350 million in the first year of Six-Sigma adoption. The company went onto note that the certification saved them over a billion dollar. Today, the certification has made way for Lean Six Sigma certification, which addresses concerns like process flow, waste issues, among others.

Similarly, in the IT industry, Google has touted Agile certification for professional, as well as organizational growth. According to Google's CEO Sunder Pichai, and Microsoft's CEP Satya Nadella are among two most well-known names who have combined business management skills with technical expertise to reach the pinnacle of professional success. Moreover, certifications like Scrum report an average salary of $100,500, and report an increase in salary within a short duration of certification, across all age-groups, experience levels, and roles. Similar findings are reported by third parties, which continue to make business skills an integral part of growth for highly-sought after IT professionals.

Testing Inspection and Certification Market: Regional Analysis

The TIC market report is segmented into key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America is expected to gross highest share of total revenues during the forecast period. Growing demand for testing, inspections, and certifications in the technology sector, and increased risks created by the coronavirus pandemic remain key drivers of growth. The North America region is also expected to witness major growth of environmental certifications, as increased environmental concerns driven by changes in leadership remain prominent. ISO 9001 standard certification has undergone tremendous upheaval in the last few years worldwide. The ISO 9001 certifications witnessed 20% decline worldwide in 2018, while decreasing from a total of 1,058,504 to only 878,620 total certifications. Despite estimated highest gross of revenues, countries in North America region like the US have witnessed a deep in ISO certifications in recent years. Similarly, UK, Germany, and others have also witnessed a decline in certifications issued. The lack of clarity on some issues related to the ISO certifications remain a major restraint to growth in regions like North America, Europe, among others. On the other hand, countries like India, China, Russia, among others continue to drive demand for ISO certifications, and similar processes globally.

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

South America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

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