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Testing, Inspection, and Certification Market to Reach $407.2 Billion, Globally, by 2032 at 6.3% CAGR: Allied Market Research

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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.

Procure Complete Report (311 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3taJODP

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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Sinotruk leaping forward to become world-class technology enterprise

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JINAN, China, March 2, 2024 /PRNewswire/ — On March 2, SinoTruk’s Science and Technology Innovation Award Annual Conference 2024 was grandly held, to recognize and rewarding major scientific and technological achievements and outstanding innovative talents since 2022, planning and deploying scientific and technological innovation work ahead. Tan Xuguang, Chairman and General Manager of Shandong Heavy Industry Group, Chairman of China National Heavy Duty Truck Group, attended the conference and delivered a report on scientific and technological innovative work – “Steadily stride forward, embracing change in science and technology”.

 

Over the past five years, Sinotruk has invested nearly RMB 15 billion in R&D, which is the sum of the previous 15 years. It has benchmarked against world-class standards and gradually established a full-process independent research and development system. Sinotruk technological strength has reached the forefront of the national industry. Sinotruk has reshaped the “Yellow River” heavy-duty trucks standard with technology, ranking first in China, and its high-tech indicators are leading the industry. The market share of heavy-duty trucks has increased from 16.5% in 2018 to 26% in 2023, ranking first in China for two consecutive years. In 2023, the export volume exceeded 130,000 vehicles for the very first time, a 2.6-fold increase compared to 5 years ago, making it the largest single-brand global export volume in the world.

Tan Xuguang called on all engineers to keep in mind their mission, be down-to-earth, persistent in innovation, and make long-term achievements through dedicated ten years of hard work. Learn from the global cooperation, grow and become talents through project training, and achieve through continuous value creation. Achieve your meaning in life, strive with vitality and passion while you are young. Let’s set off again for a better future for the century heavy truck industry and the world’s best heavy truck industry!

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Flash News: OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

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SINGAPORE, March 2, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for March 2, 2024.

OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

OKX today announced the launch of its ‘Babylon Pioneer Pass Event,’ giving users who access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC) the opportunity to claim Babylon’s Bitcoin Pioneer Pass NFT. To qualify for a spot, users must access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC).

The event kicks off on February 28 and continues until March 6. Following the event, starting from March 7, participants who have been whitelisted will have the ability to mint their Bitcoin Pioneer Pass NFT using the OKX Wallet and their whitelisted address.

The process of participating in this event is straightforward and involves the following steps:

  1. Firstly, users will need to prepare by setting up their OKX and Keplr Wallets. These wallets will be crucial for interacting with the Babylon Testnet and the subsequent claiming of sBTC and BBN.
  2. Following the wallet setup, users can then claim the sBTC and BBN on Babylon’s Official Discord. These tokens will be needed for staking in the Babylon Testnet.
  3. Finally, users will need to access Babylon’s official website, where users can actively engage, stake their tokens and claim their whitelist spots.

Participation in the event offers a multitude of benefits. Users can engage actively with the Babylon Testnet, which in turn enhances their understanding of the Babylon protocol and its functionalities. Furthermore, participants contribute to the development and evolution of the Babylon protocol by being active users.

The ‘Babylon Pioneer Pass Event‘ is a result of OKX’s partnership with Babylon, a trustless Bitcoin staking protocol. The Bitcoin Pioneer Pass, Babylon’s first commemorative Non-Fungible Token (NFT), is a highlight of this event, representing a significant milestone for both OKX and Babylon.

For more information, please visit the OKX Support Center.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
  • DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
  • NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
  • Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

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UnionPay International and The Tourism Organisation of Serbia Sign MOU to Enhance Tourist Payments and Promote Serbia as a Premier Destination

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BELGRADE, Serbia, March 1, 2024 /PRNewswire/ — UnionPay International, the leading global card scheme, has entering into a Memorandum of Understanding (MOU) with The Tourism Organisation of Serbia (TOS). This strategic partnership aims to enhancing the payment experience for tourists and to further facilitate tourism growth in Serbia.

The MOU signing ceremony took place at Belgrade on 27th February 2024, marking the beginning of a collaborative effort between UnionPay International and TOS. The agreement outlines various areas of cooperation:

Jointly promoting Serbia as Travel Destination: Through optimised marketing resources, both parties aim to promote Serbia as tourist destination among UnionPay cardholders, with its rich cultural heritage and unique experiences, provide comprehensive tourism information and payment guides for the tourists visiting Serbia. UnionPay International aims to provide more diversified and convenient payment choices, and ensuring seamless payment experiences for travellers visiting the country.

Privileges and Benefits: The partnership will explore opportunities for preferential activities that bring additional benefits to UnionPay cardholders visiting Serbia. This approach aims to boost the attractiveness of the local tourism market and create a win-win situation for both parties.

Ms Bomee Sheng, Product Director of UnionPay International, expressed her enthusiasm about the collaboration, stating, “We are delighted to partner with The Tourism Organisation of Serbia to promote tourism and facilitate payment experiences in Serbia. Through this partnership, we aim to provide UnionPay cardholders with enhanced convenience and benefits, ultimately contributing to the growth of Serbia’s tourism industry.”

Ms Marija Labović, CEO of National Tourism Organisation of Serbia, commented, “This partnership with UnionPay International comes at an important time as we strive to become the most popular all year destination in the region.” She outlines Belgrade’s popularity and the diversity of attractions from city breaks to natural retreats and she is looking forward to the Expo 2027 in the capital, “By leveraging UnionPay’s global network and advanced payment solutions, we are confident that we can attract more visitors to Serbia and provide them with memorable experiences.”

In recent years, Serbia has emerged as one of the most attractive destinations for Chinese visitors. It is hailed as the “heart of the Balkans” and offers a unique blend of captivating landscapes and rich cultural heritage. Its visa-free entry policy, coupled with the exceptional acceptance coverage of UnionPay cards, has played a significant role in attracting Chinese tourists. With over 90% of local merchants and ATMs supporting UnionPay payments and withdrawals, travellers can enjoy seamless payment experiences across various sectors, including retail, dining, hotels, gas stations, toll stations, and tourist attractions.

About The Tourism Organisation of Serbia (TOS)

The Tourism Organisation of Serbia (TOS) was formed under the Law on Tourism of 1994 as the institution in charge of promoting Serbian tourism in domestic and foreign markets, as well as performing other duties relevant for the development of communication and advertising activities in Serbian tourism. The activities of TOS are focused on positioning Serbia’s tourism products in domestic and foreign markets and exploring Serbia’s comparative advantages in terms of tourism, including its geostrategic position and its historical, cultural and natural identity.

About UnionPay International

UnionPay International focuses on the international business of UnionPay, a global payment network that serves the world’s largest cardholder base. Collaborating with over 2,600 partners globally, UnionPay acceptance now reached to 183 countries and regions. Outside the Chinese Mainland, UnionPay is accepted at nearly 67 million merchants and 1.7 million ATMs.

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