International Testing, Inspection & Certification Market Forecasts 2021-2028: Globalization and the Rise of World Commerce
DUBLIN, September 07, 2021 – (BUSINESS WIRE) – The Global Market Analysis Report for Tests, Inspections and Certifications by Size, Proportion and Trend Analysis by Service Type, by Procurement Type (Internal, Outsourced), by Application, by Report for Region and Segments , 2021-2028 “was added to ResearchAndMarkets.com to offer.
The global testing, inspection, and certification market is projected to reach $ 434.1 billion by 2028, representing a CAGR of 3.8% over the forecast period. The increasing use rates of test, inspection and certification systems and solutions (TIC) can be attributed to the increase in manufacturing activities worldwide. The advent of Industry 5.0 and the rise of networked systems increase the need to use TIC-based technologies in parallel with manufacturing activities. Hence, the need to optimize manufacturing processes and end products has resulted in the manufacturing application segment recording the highest CAGR of 6.3% over the forecast period.
The integration of cloud technology into the TIC market is one of the main market drivers. The need to have instant access to data, automate certifications, and issue reports in real time underscores the importance of storing critical TIC-related data in the cloud. In addition, cybersecurity concerns such as increasing incidents of cyberattacks and privacy threats underscore the importance of a secure cloud architecture to protect data from malicious individuals. This is to help with general data regulation, security certifications and software testing.
The gradual acceptance of Big Data Analytics with the TIC-based technology model is also intended to give the market impetus for testing, inspection and certification. The adoption of big data analytics technology by service providers is expected to diversify their service offerings, such as data-based services and predictive maintenance data, and enable service providers to offer better solutions to their customers. For example, the exploration of natural gas and oil requires several complex machine components that generate large amounts of data during the test and inspection process. This data can be used to analyze the effectiveness of the machine system and enable solution providers to offer consulting services.
The story goes on
The Asia-Pacific region is expected to experience the highest CAGR over the forecast period. Rapid industrialization and increasing infrastructure development in Australia, South Korea and India make it easier to use competent TIC solutions. In addition, the emerging technology ecosystem in countries like Japan and China has led several companies to outsource their software and product development tasks. The ability to source high-performance products from these countries at affordable prices promotes companies’ access to TIC solutions and services for specific needs and requirements and thus provides an impetus for market growth.
Test, Inspection, and Certification Market Report Highlights
The certification segment is expected to see the fastest growth over the forecast period. The growth is due to the increasing need of companies to certify their business practices, to use the right talent for specialized work
The outsourced segment is expected to have the highest CAGR over the forecast period as it accesses cheaper TIC products and solutions and reduces operating expenses
The manufacturing segment is expected to grow at the highest CAGR during the forecast period due to increasing global industrial activity and the development of new machine components that need to be tested and inspected before use.
The Asia-Pacific region is expected to dominate the market over the forecast period. This is due to the increasing economic activity in China and India. The implementation of Bharat Stage 6 in India has spurred automotive developers to create new automotive components that must undergo rigorous testing to meet international standards
Key topics covered:
Chapter 1 Methodology and Scope
Chapter 2 Summary
Chapter 3 Market Variables, Trends, and Scope
3.1 Market segmentation
3.2 Market size and growth prospects
3.3 Mapping penetration and growth prospects
3.4 Analysis of the industry’s value chain
3.5 Market dynamics
3.5.1 Market driver analysis
18.104.22.168 Strict implementation of test, inspection and certification regulations
22.214.171.124 Globalization and the rise of world trade
126.96.36.199 Increasing outsourcing of TIC services
188.8.131.52 New digital technologies
3.5.2 Analysis of market reluctance
184.108.40.206 Lack of internationally recognized standards
3.6 Technology landscape
3.7 Tools for analyzing the business environment
Chapter 4 Service Type Estimates and Trend Analysis
Chapter 5 Procurement Estimates and Trend Analysis
Chapter 6 Application Estimates and Trend Analysis
Chapter 7 Regional Estimates and Trend Analysis
Chapter 8 Competitive Analysis
Chapter 9 Competitive Landscape
Please visit https://www.researchandmarkets.com/r/vh2u9 for more information on this report
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