Testing Inspection and Certification Market in North America to grow at a CAGR of 3.78% during 2024-2028
The Testing Inspection and Certification Market in North America is expected to grow at a CAGR of 3.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 14.7 billion. Mergers and acquisitions (M&A) play a significant role in the consolidation of the testing inspection and certification market in North America. These transactions bring together companies with complementary capabilities, expertise, and geographic presence, enhancing market competitiveness, economies of scale, and service offerings. By acquiring companies with specialized expertise, technology platforms, or industry-specific knowledge, testing inspection and certification providers can expand their service portfolios, addressing a broader range of client needs and capitalizing on growth opportunities in emerging sectors. For instance, in December 2023, Bureau Veritas SA's acquisition of IMPACTIVA GROUP SA expanded its supply chain services for the footwear and apparel industry. This strategic move enabled Bureau Veritas to offer a more comprehensive suite of services to its clients in these sectors and strengthened its market position.
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Technavio analysts predict that the Testing subsegment will lead the Service segment during 2024 and 2028 In North America, regulations and industry standards mandate that companies undergo rigorous testing to ensure compliance across sectors, including healthcare, pharmaceuticals, automotive, aerospace, consumer goods, and environmental protection. Testing services are essential for businesses seeking to meet stringent regulatory requirements related to product safety, quality, environmental impact, and public health. Prioritizing product quality and reliability is crucial for maintaining customer satisfaction, brand reputation, and market competitiveness. Testing services play a pivotal role in quality assurance, identifying defects, verifying performance, and ensuring consistency in manufacturing processes and product characteristics. Moreover, these services mitigate risks associated with product failures, safety hazards, regulatory non-compliance, and liability claims. Early identification of potential issues in the product development lifecycle enables companies to proactively address risks and prevent costly recalls, warranty claims, and legal disputes.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Testing Inspection and Certification Market in North America include:
There are several factors that are causing the market to flourish growing adoption of remote inspections and audits
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
The Testing, Inspection, and Certification (TIC) market in North America is a significant services industry that ensures the quality, safety, and compliance of goods and services. TIC procedures involve systematic evaluations of human performance, environmental factors, software, and physical inspections to identify defects, durability, dependability, and performance issues. Established standards and evaluation methods are used to verify the safety and efficiency of production processes in various industries, such as the pharmaceuticals industry, oil & gas industry, and electrical testing. Risk management is a critical aspect of TIC services, with a focus on minimizing errors and ensuring safety. TIC services include certification, quality assurance, verification, and auditing and inspection. Electrical testing, for instance, is essential in the electrical industry to ensure the safety and reliability of electrical systems. In the pharmaceuticals industry, TIC services ensure the safety and efficacy of drugs and medical devices. In the oil & gas industry, TIC services help ensure the durability and dependability of equipment and processes, reducing the risk of accidents and downtime. Overall, TIC services play a vital role in maintaining the quality and safety of goods and services in North America.
The North American Testing, Inspection, and Certification (TIC) market is a significant business sector, ensuring compliance with regulations and industry standards. Companies in this market provide essential services, including product testing, inspection, and certification, to various industries. These services mitigate risks, enhance quality, and promote safety and reliability. Market growth is driven by increasing regulatory requirements, technological advancements, and the growing demand for third-party certification.
The Testing Inspection and Certification Market in North America is experiencing significant growth, fueled by the growing adoption of remote inspections and audits. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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