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Testing, Inspection, and Certification Market to Reach $407.2 Billion, Globally, by 2032 at 6.3% CAGR: Allied Market Research
The global Testing, Inspection, and Certification market is driven by factors such as increase in focus of manufacturing companies to improve customer retention by offering quality products, surge in demand for interoperability testing for connected devices & IOT, and technological advancements & digitalization.
WILMINGTON, Del., Dec. 12, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Testing, Inspection and Certification Market by Service Type (Testing, Inspection, and Certification), Sourcing Type (In House and Outsource), Application (Quality & Safety, Production Evaluation, Industrial Inspection, System Certification, and Others), Industry Vertical (Agro, Food, Pharmaceuticals, Chemical, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global Testing, Inspection and Certification industry generated $226.8 billion in 2022, and is anticipated to generate 407.2 billion by 2032, witnessing a CAGR of 6.3% from 2023 to 2032.
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- 311 – Pages
- 159 – Tables
- 74 – Charts
Prime Determinants of Growth:
The testing, inspection and certification market is expected to witness notable growth owing to increase in focus of manufacturing companies to improve customer retention by offering quality products, surge in demand for interoperability testing for connected devices and IOT and technological advancements and digitalization. Moreover, digital transformation of customer services is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, the high cost of TIC services due to diverse standards and regulations across different geographies limits the growth of the testing, inspection, and certification market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$226.8 billion |
|
Market Size in 2032 |
$407.2 billion |
|
CAGR |
6.3 % |
|
No. of Pages in Report |
311 |
|
Segments covered |
Service Type, Sourcing Type, Application, Industry Vertical, and Region. |
|
Drivers |
Increase in focus of manufacturing companies to improve customer retention by offering quality products. Surge in demand for interoperability testing for connected devices and IoT. Technological Advancements and Digitalization |
|
Opportunities |
High cost of TIC services due to diverse standards and regulations across different geographies. |
|
Restraints |
Digital transformation of customer services |
COVID-19 Scenario
- The overall production process was adversely affected as the government of different countries already announced total lockdown and temporary shutdown of industries.
- The outbreak of COVID-19 was having a major impact on both customers and companies. Manufacturing, production and testing, inspection, certification hubs had temporarily been shut down and delayed in operations to limit the virus spread.
- The companies adopted and encouraged a hybrid model in their manufacturing processes in which a certain number of employees worked remotely, and the rest remain on site. The efficiencies made through such changes, as well as their start-up costs, influenced future semiconductor revenue.
The testing segment to maintain its lead position during the forecast period
By service type, the testing segment held the largest share in 2022, contributing to nearly half of the global testing, inspection and certification industry revenue, and is projected to maintain its lead position. The increase in need for safety, sustainability, and performance standards globally boosts the segmental growth of the market. The inspection segment is projected to manifest the highest CAGR of 7.4% from 2023 to 2032. There is an increase in adulteration and mixing of substances in products. This has fostered the need for inspection.
The in-house segment to maintain its lead position during the forecast period
By sourcing type, the In house segment held the largest share in 2022, contributing to more than half of the global Testing, Inspection and Certification market revenue, and is expected to maintain its leadership throughout the forecast period. The requirement of organizations to have more control over the whole quality assurance process drives the trend toward in-house Testing, Inspection, and Certification (TIC) services. The outsource segment is projected to manifest the highest CAGR of 7.5% from 2023 to 2032. The usage of cloud-based TIC platforms, which enable seamless cooperation and real-time data exchange between businesses and their external service providers, is a noteworthy development in outsourcing.
The quality and safety segment to maintain its lead position during the forecast period
By application, the quality and safety segment held the largest share in 2022, contributing to more than one-fourth of the global Testing, Inspection and Certification market revenue, and is expected to maintain its leadership. Factors boosting the growth of the segment include a rise in consumer awareness coupled with an increase in government norms for the safety and quality of the products consumed by the consumer. The system certification segment is projected to manifest the highest CAGR of 8.2% from 2023 to 2032. System certification qualifies the product or service. System certification is periodically revalidated so as to give latest safety and standard update of the product, service, and infrastructure.
The food segment to maintain its lead position during the forecast period
By industry vertical, the food segment held the largest share in 2022, contributing to less than one-fourth of the global Testing, Inspection and Certification market revenue, and is expected to maintain its leadership. Rising demand for organic and processed food and the need to closely monitor food items, improve productivity, and ensure quality are the major factors that drive the market growth. The agro segment is projected to manifest the highest CAGR of 10.8% from 2023 to 2032. Factors such as reducing the risks associated with shipping by monitoring the quality & quantity of cargo for its entire journey with the help of inspection, and introduction of e-certificates by companies operating in agro industries boost the growth of the global market.
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North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global Testing, Inspection and Certification market revenue and dominates the market and is projected to maintain its lead position throughout the forecast period. The key factor driving the growth of the testing, inspection, and certification market in this region includes an increase in emphasis on industrial safety and proactive safety measures. Moreover, consumer products and retail are expected to be one of the fastest-growing segments in this region. Asia-Pacific is projected to manifest the highest CAGR of 8.1% from 2023 to 2032. Technological development by the emerging economies in Asia-Pacific boosts the testing, inspection, certification market growth. Regional growth is expected to be influenced by high demand for smartphones and smart wearables in consumer electronics.
Leading Market Players:
- ABS
- ALS Limited
- ASTM International
- BSI
- Bureau Veritas S.A.
- DEKRA
- DNV
- Intertek Group PLC
- ISO
- Lloyd’s Register Group Limited (LR)
- SGS S.A.
- TUV SUD AG.
The report provides a detailed analysis of these key players in the global testing, inspection, and certification market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders:
- This testing, inspection and certification market forecast report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the testing, inspection and certification market analysis from 2022 to 2032 to identify the prevailing testing, inspection and certification market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the testing, inspection and certification market segmentation assists to determine the prevailing testing, inspection and certification market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the testing, inspection and certification industry players.
- The report includes the analysis of the regional as well as global testing, inspection and certification market trends, key players, market segments, application areas, and testing, inspection and certification market growth strategies.
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Testing, Inspection and Certification Market Key Segments:
By Service Type
- Testing
- Inspection
- Certification
By Sourcing Type
- In House
- Outsource
By Application
- Quality and Safety
- Production Evaluation
- Industrial Inspection
- System Certification
- Others
By Industry Vertical
- Agro
- Food
- Pharmaceuticals
- Chemical
- Oil and Gas
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Lending revenue dips against backdrop of record-high indices
NEW YORK, Jan. 2, 2025 /PRNewswire/ — The global securities finance industry generated $9.64 billion in revenue for lenders in 2024, according to DataLend, the market data service of fintech EquiLend. The figure represents a 10.3% decrease from the $10.74 billion generated in 2023.
Global broker-to-broker activity, where broker-dealers lend and borrow securities from each other, totaled an additional $2.57 billion in revenue for 2024, a 9.9% decrease from 2023.
Equity lending revenues fell 13% globally, with North America revenue declining 15% and EMEA revenue dropping 24%. In North America, the cause for the revenue decline was a 19% decrease in average fees, while in EMEA, fees and balances decreased 16% and 11%, respectively. Equity lending revenues in APAC were largely flat year-over-year.
Global sovereign debt revenue increased by 8% over 2023, with U.S. treasuries making up the lion’s share of the gains. Treasuries were up 16% year-over-year, driven by a 14% growth in balances.
In corporate debt lending, global revenue declined by 21% as a regression from a record 2023 continued. Fees were the main culprit, with a steep 29% decrease driving the year-over-year decline in revenue.
The top five earning securities in 2024 were Sirius XM Holdings (SIRI US), Lucid Group (LCID US), Beyond Meat Inc. (BYND US), Tempus AI Inc. (TEM US) and Trump Media & Technology Group (DJT US). The five securities in total generated $644 million for lenders over the course of 2024, a significant dip from the $1.11 billion generated by 2023’s top five earners.
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DataLend, the market data service within EquiLend’s Data & Analytics Solutions group, tracks daily market movements across more than 200,000 securities, covering $35 trillion in lendable assets and $2.6 trillion in on-loan assets for the securities finance market. www.datalend.com
EquiLend is a global financial technology firm offering Trading, Post-Trade, Data & Analytics, RegTech and Platform Solutions for the securities finance industry. EquiLend has offices in North America, EMEA and Asia-Pacific and is regulated in jurisdictions around the globe. www.equilend.com
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NEW YORK, Jan. 2, 2025 /PRNewswire/ — In a dynamic and increasingly complex business environment, small businesses across the USA are experiencing a growing need for expert financial management solutions. Bookkeeping in USA, a critical yet often overlooked business function, is proving essential for companies striving to stay competitive, compliant, and efficient.
Recent studies highlight the importance of tailored bookkeeping solutions to address challenges such as fluctuating tax laws, rising operational costs, and stringent compliance requirements. The demand for professional bookkeeping services in USA has surged, showcasing their role in fostering small business resilience and growth.
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The Role of Bookkeeping in Small Business Success
Bookkeeping in USA offers small business owners’ clarity and control over their financial health. As the business landscape evolves, it is becoming a strategic necessity rather than just a support function. Challenges like tax compliance, cash flow management, and accurate financial reporting require dedicated expertise, which many small business owners find daunting to handle independently.
Insights from Industry Experts
“Small businesses are the backbone of our economy, and they deserve tools that empower them to succeed,” says Ajay Mehta, CEO of IBN Technologies. “Bookkeeping services enable entrepreneurs to focus on their strengths while ensuring their financial bases are secure.”
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Modernizing Bookkeeping with Technology
The adoption of cloud-based bookkeeping solutions marks a transformative step forward for small businesses. Real-time access to financial data, enhanced security, and seamless collaboration between business owners and financial experts have made these tools indispensable. IBN Technologies integrates state-of-the-art technology into its services, ensuring clients can monitor their finances anytime, anywhere.
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About IBN Technologies
IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive efficiency and growth.
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Fintech PR
CUBE COMPLETES ACQUISITION OF THOMSON REUTERS REGULATORY INTELLIGENCE AND ODEN BUSINESSES
- Acquisition delivers an expanded customer base with a deep global subject matter expertise network that further powers CUBE’s RegBrain AI across its industry proven SaaS RegPlatform™
- CUBE continues to see strong organic customer growth in its well-established enterprise sector whilst also accelerating growth across the mid-market sector
- 2024 was a year of strategic milestones for CUBE including the partnership with Hg, expanding its global footprint across six main hubs, the acquisition of Reg-Room and Thomson Reuters Regulatory Intelligence and Oden businesses, together with pivotal board and executive appointments
LONDON, Jan. 2, 2025 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), has today formally announced the completion of its acquisition of the Thomson Reuters Regulatory Intelligence and Oden businesses on 31 December 2024.
The acquisition of these global businesses is another step forward in CUBE’s growth plans as a leader in regulatory intelligence. It will supplement and enhance CUBE’s ability to deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s global customer base will expand to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s Founder and CEO, Ben Richmond, said: “The completion of this acquisition is a major milestone for CUBE in a year that has seen many important milestones including our strategic partnership with Hg, the acquisition of Reg-Room, and the acquisition of Thomson Reuters Regulatory Intelligence and Oden businesses.”
“Thomson Reuters is best known in the industry for providing regulatory analysis and subject matter expertise combined with world-leading journalism and news,” said Ben Richmond. “The powerful combination of CUBE’s AI and the years of human generated content curated by Thomson Reuters Regulatory Intelligence and Oden subject matter experts sets us apart in the industry. This new dimension at CUBE will accelerate innovation and drive further growth and opportunity in 2025 and beyond.”
Following the announcement of its strategic partnership with Hg in March 2024, CUBE has now completed two transformational US-based acquisitions across three businesses whilst continuing to assemble a highly experienced executive team. CUBE’s continued impressive growth saw its presence in the enterprise sector surpassing 200 customers and now represents around 40% of Tier 1 financial institutions globally. In the mid-market sector, serving small and medium sized enterprises, CUBE now has near 800 customers.
With this growth CUBE solidified its global footprint by establishing offices across its six main hubs focused on customer support and implementation; with the number of employees at CUBE doubling to near 700 and a comparable increase in the number of countries where CUBE’s employees are located, which now totals 15 countries.
Ben Richmond said: “We are excited to welcome all of our new colleagues to CUBE – 2025 promises to be yet another significant year for the business as we continue to deliver further innovation focused on automating regulatory compliance and risk management for our customers.”
The definitive agreement was originally announced in May 2024 and terms were not disclosed.
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