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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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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
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EQT Shareholder Relations, [email protected]
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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