As per the current market research conducted by CMI Team, the US Testing, Inspection, and Certification (TIC) Market size is expected to record a CAGR of 2.5% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 46.99 billion. By 2032, the valuation is anticipated to reach USD 60.06 billion.
US Testing, Inspection, and Certification (TIC) Market: Growth Factors and Dynamics
Digital Testinn Services On Rise: Digital inspection, predictive maintenance and integrated sensors are replacing physical inspection. These advances provide growth opportunities and help operators to raise margins, enter new markets and embed client relationships. Inspection Services is a good example.
The steady digitization of goods and services is highly significant for TIC players because not only does it affect existing TIC processes and services, but it also opens up new market opportunities. Services and products need to be tested and inspected in new ways, as they are increasingly complex and connected and come with new inherent risks.
Increasing trade in counterfeit & defective pharmaceutical products: The global market for counterfeit and pirated goods has experienced a significant increase. This unethical practice is prevalent across various industries, including consumer electronics, medical devices, oil and gas, and aerospace. Counterfeiters find the illicit markets for fake pharmaceuticals particularly attractive due to the potential for high profits, low detection and prosecution risks, lenient penalties, and the ease with which consumers can be deceived into believing that counterfeit products are genuine.
The presence of substandard drugs in the market can be attributed to fraudulent activities and insufficient quality control processes, such as inadequate testing, inspection, and certification, during the manufacturing phase.
Increasing Focus on Consumer Safety and Quality: Consumers all over the US are becoming more mindful of the safety and quality of the products they purchase. This shift has generated a growing demand for independent testing and certification services to verify compliance with quality standards such as ISO, ASTM, UL, and CSA. TIC companies play a crucial role in assuring consumers and enhancing brand reputation.
US Testing, Inspection, and Certification (TIC) Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the US TIC Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Surge in Health and Safety Testing Demand: The pandemic has led to an increased need for testing services related to health and safety. Testing for COVID-19, personal protective equipment (PPE), sanitization processes, and workplace safety measures became crucial for businesses to ensure the well-being of their employees and customers. TIC companies experienced a rise in demand for these services to meet regulatory requirements and prevent the spread of the virus.
- Adoption of Remote and Virtual Inspections: To adhere to social distancing measures and travel restrictions, TIC companies adapted their inspection procedures by implementing remote and virtual inspection methods. Utilizing technology and digital tools, inspectors conducted inspections remotely, reducing physical contact while ensuring compliance and uninterrupted operations.
- Disruptions in Supply Chains: The pandemic caused disruptions in global supply chains, impacting the availability and quality of products. TIC services played a critical role in verifying the quality and safety of essential items, such as medical equipment, pharmaceuticals, and food products. TIC companies conducted inspections and testing to ensure compliance with standards and regulations, helping to restore trust in the supply chain.
- Shift in Industry Focus: Some TIC companies shifted their focus to support COVID-19 response efforts. They redirected their resources and expertise to offer testing services specifically designed for the detection and prevention of the virus. This included testing diagnostic kits, vaccines, and medical devices, as well as providing certification for COVID-19-related processes and protocols.
- Impact on Certification and Compliance: The pandemic had implications for certification and compliance processes across various industries. TIC companies had to adapt their procedures to accommodate changes in regulations and safety guidelines. They provided guidance and verification services to help businesses adhere to new health and safety protocols, ensuring compliance and certification despite the evolving circumstances.
- Remote Work and Digital Transformation: The pandemic accelerated the adoption of remote work and digital transformation in the TIC industry. Companies embraced virtual collaboration tools, remote auditing techniques, and online certification processes. This shift towards digitalization is expected to continue as TIC companies explore new ways to streamline operations, enhance efficiency, and reduce reliance on physical interactions.
- Recovery and Resilience: As vaccination efforts progress and the situation stabilizes, the TIC market is projected to recover gradually. The focus will likely shift towards rebuilding and strengthening supply chains, enhancing risk management strategies, and adapting to new regulatory frameworks. TIC companies will play a crucial role in supporting industries’ recovery by providing reliable testing, inspection, and certification services.
Get Free Sample Copy @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=24069
Overall, the COVID-19 pandemic has significantly impacted the US TIC market, necessitating adjustments in processes, increased emphasis on health and safety testing, adoption of remote and virtual inspection methods, and a shift in industry priorities. TIC companies have demonstrated resilience and adaptability in navigating these challenging circumstances, and their role in ensuring quality, safety, and compliance remains crucial in a post-pandemic world.
List of the prominent players in the US Testing, Inspection, and Certification (TIC) Market:
- National Technical Systems
- V-TIC Services Inc
- Intertek Group PLC
- SGS SA
- TÜV SÜD AG
- Bureau Veritas
- DEKRA Certification Inc.
- UL LLC
- NSF International
- DNV GL
- Eurofins Scientific
- Applus+ Group
- ALS Limited
- Lloyds Register Quality Assurance (LRQA)
- TÜV Rheinland
- TÜV NORD Group
- SOCOTEC Group
Table of Contents: https://www.custommarketinsights.com/report/us-tic-market/#table-of-contents
Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.
Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
USA Corporate Office
CMI Consulting LLC
1333, 701 Tillery Street Unit 12, Austin, TX, Travis, US, 78702
Sales & Support +1 801 639 9061
Email : email@example.com
Website : https://www.custommarketinsights.com/