Artificial Intelligence
Remote Testing, Inspection & Certification Market Size Worth USD 281.17 Billion, Globally, by 2029 at a CAGR of 18.6%
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Pune,India, April 03, 2023 (GLOBE NEWSWIRE) — The global Remote Testing, Inspection And Certification Market size stood at USD 72.40 billion in 2021. The market is estimated to expand from USD 85.08 billion in 2022 to USD 281.17 billion by 2029, exhibiting a CAGR of 18.6% over the projected period. The surge can be attributed to increasing advancements in technologies such as smart sensors, Big Data, cloud, and others. This information is provided by Fortune Business Insights™ in its research report, titled “Remote Testing, Inspection, and Certification (TIC) Market, 2022-2029”.
List of Key Players Mentioned in the Report:
- SGS SA (Switzerland)
- Bureau Veritas (France)
- DEKRA (Germany)
- Intertek Group PLC (U.K.)
- TÜV SÜD AG (Germany)
- Applus+ (Spain)
- DNV (Norway)
- Socotec Group (France)
- Cotecna (Switzerland)
- Element Materials Technology (U.K.)
- Super.AI. (U.S.)
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Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022-2029 CAGR | 18.6% |
| 2029 Value Projection | USD 281.17 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 72.40 billion |
| Historical Data | 2018-2020 |
| No. of Pages | 184 |
| Segments covered | By Device, Service Type, Sourcing Type, Technology, Industry, Region |
| Growth Drivers | Advancement in Technologies and Rising Digitalization to Drive the Remote Testing, Inspection, And Certification (TIC) Market Growth |
COVID-19 Impact:
Industry Value Surged Driven by Increase in Remote Inspections
The coronavirus pandemic boosted digitalization across the inspection, testing, and certification sector. Several organizations deploy artificial intelligence and smart glass technology for these functions. This created a range of opportunities for market growth during the pandemic period considering the enforcement of lockdown restrictions by governments across various countries.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/remote-testing-inspection-and-certification-tic-market-107358
Market Segments Analysis:
Unmanned Aerial Vehicles (UAVs)/Drones Segment to Gain Notable Traction Owing to Development of Robust Vehicles
On the basis of device, the market for Remote Testing, Inspection, and Certification (TIC) is categorized into Unmanned Aerial Vehicles (UAVs)/drones, Remotely Operated Underwater Vehicles (ROVs), robotic crawlers, robotic arms, and remote cameras. The Unmanned Aerial Vehicles (UAVs)/drones segment is slated to register considerable growth throughout the estimated period. The surge can be credited to the adoption of robust and superior UAVs.
Testing Segment to Record Commendable Surge Due to Growing Adoption in Various Fields
Based on service type, the market is segmented into inspection, testing, and certification. Of these, the testing segment is expected to record substantial expansion over the forecast period. The rise is being driven by the growing deployment of testing in numerous industries such as oil & gas, automobile, commodities, medical, life sciences, consumer goods, and others.
In-house Segment to Register Appreciable Growth Owing to the Advantage of One-time Investment
On the basis of sourcing type, the market for Remote Testing, Inspection, and Certification (TIC) is fragmented into outsource and in-house. The in-house segment is set to register appreciable growth over the study period. The rise is on account of the advantage of one-time investments and the elimination of recurring charges that would be spent on the TIC agency.
Cloud and Cybersecurity to Depict Notable Expansion Owing to High Adoption of these Solutions
Based on technology, the market is subdivided into cloud and cybersecurity, Big Data and analytics, blockchain, Virtual/Augmented Reality (VR/AR), and 5G/6G networks. The cloud and cybersecurity segment is estimated to record considerable surge throughout the forecast period due to their rising adoption in several industries such as consumer goods and retail, oil & gas, chemicals, mining, industrial, transportation, minerals, and others to conduct remote TIC.
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Automotive Segment to Exhibit Lucrative Growth Impelled by Rising Digitalization
By industry, the market is fragmented into consumer goods & retail, agriculture & food, oil & gas, manufacturing, aerospace, healthcare, chemicals, automotive, construction, and others. Of these, the automotive segment is poised to register an appreciable surge over the estimated period. The growth can be credited to increasing digitalization and surging automobile production in developing and developed countries.
By geography, the market is segmented into Europe, North America, South America, Asia Pacific, and the Middle East & Africa.
Report Coverage:
The report gives a comprehensive analysis of the key trends propelling the global business landscape over the forecast period. It further provides an insight into the significant factors boosting the industry scenario over the forthcoming years. Additional aspects of the report comprise the key steps taken by major market participants for the consolidation of their industry position.
Drivers and Restraints:
Growing Advancements in Technology to Propel Market Expansion
One of the vital aspects propelling the remote Testing, Inspection, and Certification (TIC) market growth is the rising advancements in technology and increasing digitalization. The use of digitalization technologies such as smart sensors helps in offering inspection and remote monitoring capabilities.
However, the industry growth is likely to be hampered on account of the high technical requirement associated with the installation of these systems.
Regional Insights:
Europe to Emerge as Prominent Region Owing to Increasing Participation of Global Players
The Europe remote Testing, Inspection, and Certification (TIC) market share is poised to grow at a commendable pace throughout the forecast period. The surge can be credited to the soaring participation of global players for increasing their sales footprint.
The North America market is expected to emerge as the second-leading region over the study period. The rise is being impelled by the escalating demand for automation-based solutions and services.
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Competitive Landscape:
Pivotal Industry Players Ink Partnership Agreements to Expand Geographical Footprint
Leading market participants are focused on the adoption of various strategic initiatives for the consolidation of their industry position. These include merger agreements, partnerships, collaborations, and formation of alliances. Some of the other initiatives include an increase in research activities and the development and launch of new products.
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Remote Testing, Inspection, and Certification (TIC) Market Key Players Market Share Insights and Analysis, 2021
- Company Mapping
- By Industries
- By Technology
- By Device
- Case Studies
- Global Remote Testing, Inspection, and Certification (TIC) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Device (USD)
- Unmanned Aerial Vehicles (UAVs)/Drones
- Remotely Operated Underwater Vehicles(ROVs)
- Robotic Crawlers
- Robotic Arms
- Remote Cameras
- By Service Type (USD)
- Testing
- Inspection
- Certification
- By Sourcing Type (USD)
- In-house
- Outsource
- By Technology (USD)
- Cloud and Cybersecurity
- Big Data and Analytics
- Blockchain
- Virtual/Augmented Reality (VR/AR)
- 5G/6G Networks
- By Industry (USD)
- Consumer Goods & Retail
- Agriculture & Food
- Oil & Gas
- Manufacturing
- Aerospace
- Healthcare
- Chemicals
- Automotive
- Construction
- Others (Energy, Maritime)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- Rest of the World
Key Industry Development:
January 2022 – SGS entered into a partnership with Microsoft for the creation of new digital TIC services. The latter’s cross-industry knowledge will be deployed for the production of novel solutions.
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