Quality checks have become an essential aspect across many sectors and industries. The growing prevalence of novel technologies and devices with more complexities has backed the need for offering state-of-the-art quality checks and inspections. In addition, the heightening levels of regulations across numerous countries have also led to the transition from a mere risk management approach to mandatory testing services across many companies. Therefore, these aspects will positively impact the growth of the testing, inspection and certification market.
Testing, inspection and certification companies cater to a vast number of legislation and standards across various industry sectors. As a result, testing, inspection and certification companies play a vital role in almost all markets and sectors. The prominent sectors are automotive, agriculture, IT and electronics, raw materials, environmental protection, oil and gas, food testing, maritime, education, logistics, consumer products, etc.
Some of the vital components of testing, inspection and certification services are safety and quality controls by industrial site inspections, supply chain certifications, periodic car inspections, consignment-related conformity, product testing, and many others. These beneficial factors shape the growth trajectory of the testing, inspection and certification market.
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The most valuable aspects of testing, inspection and certification services are reduced in-house compliance costs. Many companies and manufacturers find it difficult to check every part of their production process with ease. Even if a manufacturer has an in-house testing, inspection and certification team, the absence of required talent hinders the process greatly. Thus, third-party testing, inspection, and certification companies are estimated to gain an upper hand across the forecast period.
The Transparency Market Research (TMR) team has conducted thorough research on all the growth factors related to the testing, inspection and certification market. The researchers have studied the different points that have the potential to boost growth prospects. The TMR experts expect the testing, inspection and certification market to expand at a CAGR of 8 percent during the assessment period of 2020–2027. The global testing, inspection and certification market was valued at US$ 205,201 mn in 2019 and is prognosticated to reach 367,336.4 mn by 2027, the end year of the forecast period.
Hub-And-Spoke Model will Mold the Future of the Testing, Inspection and Certification Market
Established players in the testing, inspection and certification market compete with new entrants in the competitive scenario through the hub-and-spoke model. This strategy is being applied to the laboratories of the major companies associated with testing, inspection and certification market.
Key players are establishing testing laboratories at Greenfield sites, underdeveloped, remote, or developing areas where small companies can grow. Thus, these strategies are gaining considerable traction and will play a crucial role in the growth of the testing, inspection and certification market.
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Services Related to Human Rights Issues and Safety Standards will Reign Supreme across the Testing, Inspection and Certification Market
The working conditions of the laborers are being focused extensively across factories and manufacturing processes. Earlier, the conditions of the laborers in dangerous work environments were often overlooked by the stakeholders but with the rising awareness about workplace safety, various laws and acts were framed. Compliance with the rules is an important aspect, and hence, many companies use third-party testing, inspection and certification services, eventually increasing the growth rate.
Digitalization to Play a Significant Role in the Growth of the Testing, Inspection and Certification Market
From big data to drones, technological advancements are making inroads across the testing, inspection and certification market. Technologies like Artificial Intelligence (AI) and the Internet-of-Things (IoT) bring abundant opportunities for the players in the testing, inspection and certification market. For instance, traditionally, inspection services required visiting a manufacturing site and observing every process. However, with the penetration of technologies like drones, companies can inspect every process quickly without being present physically.
Rather than developing or integrating third-party software, the players in the testing, inspection and certification market forge partnerships with specialist technology providers for enhanced technological advancements.
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Blockchain technologies are also gaining prominence for the transparency and traceability levels in certification and assurance applications. Hence, technology is extrapolated to play a vital role. All these factors bode well for the growth of the testing, inspection and certification market.
- The players in the testing, inspection and certification market are expanding their presence in developing economies like China. Hence, this point will bring exponential growth for the testing, inspection and certification market.
- The COVID-19 pandemic has restrained the growth of the testing, inspection and certification market to a certain extent but with the help of mass vaccination drives and sound containment strategies, the market will observe a positive trajectory in the post-pandemic era.
- Tightening regulations in many sectors and areas will further propel the growth opportunities across the testing, inspection and certification market.
- Second-tier players will display an aggressive mergers and acquisitions streak as compared to established players.
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