Digital Transformation Powers the Global Testing, Inspection, and Certification Market

Digital Transformation Powers the Global Testing, Inspection, and Certification Market

Service Innovations and Adjacent Market Penetration Opportunities Enabled by 5G, IoT, AI/ML, and Environmental Sustainability Drive Transformational Growth

RELEASE DATE
23-Dec-2020
REGION
Global
Research Code: K53F-01-00-00-00
SKU: TM00660-GL-MT_25093

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Description

In the global testing, inspection, and certification (TIC) market independent conformity assessments are carried out by regulatory bodies, accredited and certified third-party companies, and organizations. The TIC market represents conformity assessments of products, goods, operations, systems, and management, but not financial auditing.

This study analyzes the dynamics and market potential of outsourced third-party independent TIC companies and excludes in-house testing. The global TIC market is fragmented and intensely competitive, characterized by a few global players and numerous participants at the regional level.

Therefore, in an effort to subdue pricing pressure, TIC market participants resort to acquisitions. The majority of global TIC companies have acquired companies in the last couple of years. However, in 2019, a shift in strategy emerged that focuses on organic growth. This trend is likely to remain consistent during the study’s forecast period (2020-2025); although vertical-specific strategic activities will differ. For instance, companies serving capital asset-intensive markets will likely focus on operational expenditure (OPEX) to achieve sustained revenue, whereas companies serving consumer verticals will focus on enhancing lab capability and capacity in testing connected devices.

Vertical-specific dynamics dominate revenue contribution and growth in the outsourced third-party TIC market. The percentage of outsourcing differs by vertical. While penetration into in-house TIC poses significant challenges involving cost-effectiveness, the on-set of digital transformation should be leveraged to develop new service models and seize opportunity in the massive in-house TIC market. The market verticals covered in this research are: agri & food, automotive, chemicals, consumer goods and retail, construction, energy and power, heavy equipment, marine, mining, oil & gas, aerospace and rail, life sciences, and others.

Frost & Sullivan has combined primary and secondary research to provide a holistic view of the market, which is evaluated predominantly through a bottom-up approach. The research reveals market size; growth in the next 5 years, including the impact inflicted by the COVID-19 pandemic; revenue by type of service and sub-segment within verticals; and share analysis of top companies within each vertical. Finally, this study explores the various opportunities that TIC participants should consider to realize organic growth during the forecast period.

Key Issues Addressed

  • What is the outsourced TIC market revenue?
  • How did the market fare from 2016 to 2019?
  • What impact will the COVID-19 pandemic have on TIC revenue?
  • How long will it take to reach pre-COVID-19 levels?
  • Which verticals have been resilient and which have been much affected by COVID-19?
  • What is the long-term growth prospect provided by each vertical for varied services?

Author: Prabhu Karunakaran

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
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Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Global Testing, Inspection, and Certification Market

Growth Opportunities Fuel the Growth Pipeline Engine™

TIC Market Overview

Market Definition

TIC Market Segmentation

Key Competitors in TIC Market

Key Growth Metrics in TIC Market

Growth Drivers for TIC Market

Growth Driver Analysis for the TIC Market

Growth Driver Analysis for the TIC Market (continued)

Growth Driver Analysis in the TIC Market (continued)

Growth Driver Analysis for the TIC Market (continued)

Growth Driver Analysis for the TIC Market (continued)

Growth Restraints for the TIC Market

Growth Restraint Analysis for the TIC Market

Growth Restraint Analysis for the TIC Market (continued)

Growth Restraint Analysis for the TIC Market (continued)

Forecast Assumptions

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast Analysis (continued)

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Revenue Forecast Analysis by Service Type (continued)

Revenue Forecast by Vertical

Percent Revenue Forecast by Vertical

Percent Revenue Forecast Analysis by Vertical

Percent Revenue Forecast by Vertical (continued)

Revenue Growth Analysis by Vertical

Revenue Forecast Analysis by Vertical

Revenue Forecast Analysis by Vertical (continued)

Revenue Forecast Analysis by Vertical (continued)

Revenue Forecast by Region

Revenue Forecast Analysis by Region

Competitive Environment

Market Share Analysis

Market Share Analysis (continued)

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast by Application

Revenue Forecast Analysis by Application

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

KEY Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast by Application

Revenue Forecast Analysis by Application

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast by Type of Vehicle

Revenue Forecast Analysis bY Type of Vehicle

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast by Application

Revenue Forecast Analysis by Application

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast by Application

Revenue Forecast Analysis by Application

Revenue Forecast Analysis by Application (continued)

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast Analysis (continued)

Revenue Forecast by Service Type

Revenue forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast Analysis

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast—Aaerospace

Revenue Forecast—Rail

Revenue Forecast Analysis

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Market Share Analysis

Market Share Analysis (continued)

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast by Service Type

Revenue Forecast Analysis by Service Type

Growth Opportunity 1—Technology Convergence Provides New Service Development Opportunities

Growth Opportunity 1—Technology Convergence Provides New Service Development Opportunities (continued)

Growth Opportunity 2—Sustainability Challenges Generate New Testing Opportunities

Growth Opportunity 2—Sustainability Challenges Generate New Testing Opportunities (continued)

Growth Opportunity 3—Service Transformation is Essential to Embrance Migration to Electric Vehicles

Growth Opportunity 3—Service Transformation is Essential to Embrace Migration to Electric Vehicles (continued)

Growth Opportunity 4—Market Entry into Cybersecurity Unfolds Service Development Capability in Software Testing

Growth Opportunity 4—Market Entry into Cybersecurity Unfolds Service Development Capability in Software Testing (continued)

Growth Opportunity 5—5g has Created Crossroads between Verticals that should be Capitalized By TIC Companies

Growth Opportunity 5—5g has Created Crossroads between Verticals that should be Capitalized by TIC Companies (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Legal Disclaimer

Appendix—Partial List of Companies in “Others”

Appendix—Partial List of Companies in “Others” (continued)

Appendix—Partial List of Companies in “Others” (continued)

Appendix—Partial List of Companies in “Others” (continued)

Related Research
In the global testing, inspection, and certification (TIC) market independent conformity assessments are carried out by regulatory bodies, accredited and certified third-party companies, and organizations. The TIC market represents conformity assessments of products, goods, operations, systems, and management, but not financial auditing. This study analyzes the dynamics and market potential of outsourced third-party independent TIC companies and excludes in-house testing. The global TIC market is fragmented and intensely competitive, characterized by a few global players and numerous participants at the regional level. Therefore, in an effort to subdue pricing pressure, TIC market participants resort to acquisitions. The majority of global TIC companies have acquired companies in the last couple of years. However, in 2019, a shift in strategy emerged that focuses on organic growth. This trend is likely to remain consistent during the studys forecast period (2020-2025); although vertical-specific strategic activities will differ. For instance, companies serving capital asset-intensive markets will likely focus on operational expenditure (OPEX) to achieve sustained revenue, whereas companies serving consumer verticals will focus on enhancing lab capability and capacity in testing connected devices. Vertical-specific dynamics dominate revenue contribution and growth in the outsourced third-party TIC market. The percentage of outsourcing differs by vertical. While penetration into in-house TIC poses significant challenges involving cost-effectiveness, the on-set of digital transformation should be leveraged to develop new service models and seize opportunity in the massive in-house TIC market. The market verticals covered in this research are: agri & food, automotive, chemicals, consumer goods and retail, construction, energy and power, heavy equipment, marine, mining, oil & gas, aerospace and rail, life sciences, and others. Frost & Sullivan has combined primary and secondary research to provide a holistic view of the market, which is evaluated predominantly through a bottom-up approach. The research reveals market size; growth in the next 5 years, including the impact inflicted by the COVID-19 pandemic; revenue by type of service and sub-segment within verticals; and share analysis of top companies within each vertical. Finally, this study explores the various opportunities that TIC participants should consider to realize organic growth during the forecast period.--BEGIN PROMO--

Key Issues Addressed

  • What is the outsourced TIC market revenue?
  • How did the market fare from 2016 to 2019?
  • What impact will the COVID-19 pandemic have on TIC revenue?
  • How long will it take to reach pre-COVID-19 levels?
  • Which verticals have been resilient and which have been much affected by COVID-19?
  • What is the long-term growth prospect provided by each vertical for varied services?

Author: Prabhu Karunakaran

More Information
No Index No
Podcast No
Author Prabhu Karunakaran
Industries Test and Measurement Instrumentation
WIP Number K53F-01-00-00-00
Is Prebook No
GPS Codes 9404-A5,9594,9403,9426,99FA,9593,9408