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Meticulous Research®, a leading market intelligence provider, forecasts that the global testing, inspection, and certification (TIC) market will reach $150.9 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.7% over the forecast period. Key drivers behind this growth include stringent government regulations and the rising issue of illicit trade involving copyright products. Increasing consumer awareness of product safety and quality also fuels demand for TIC services. Additionally, the growing adoption of simulation in product testing and validation is an emerging trend in the industry.
Market Drivers: Several factors are influencing the TIC market's growth:
- Regulatory Standards: Governments around the world are enforcing stricter product safety and compliance regulations, driving demand for TIC services.
- Illicit Trade: The rise in copyright goods necessitates rigorous testing and certification to protect both consumers and brands.
- Consumer Awareness: With more consumers prioritizing product safety and quality, the need for reliable testing and certification services continues to grow.
However, challenges such as rapidly evolving global regulations and a shortage of skilled personnel and facilities in the TIC sector may limit growth.
Market Segmentation: Meticulous Research® has segmented the TIC market by service, sector, and geography:
- Service Segment: Testing services are expected to dominate in 2023, driven by increasing digitalization, evolving product standards, and strong regulatory requirements.
- Sector Segment: The agriculture and food sector is set to capture the largest market share in 2023 due to the growing demand for organic and processed food products.
- Geographical Analysis: Europe is projected to lead the global TIC market, driven by increased adoption of IoT and evolving certification regulations.
Key Players: Leading companies in the TIC market include SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), and TÜV SÜD (Germany), among others.
Conclusion: With regulatory mandates and rising consumer demand for safety assurance, the TIC market is positioned for robust growth. Despite challenges, advanced technologies and emerging markets offer significant opportunities for stakeholders. Meticulous Research® remains committed to providing in-depth market insights to support strategic decision-making in this dynamic industry.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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