Software testing certification services market to reach $260bn
The software testing, inspection, and certification services market is set to reach $260bn by 2025, according to a new industry report, propelled by the increasing trend of outsourcing services.
The Global Market Insights report states that companies are leveraging third-party companies to minimize their operation costs and focus on their core business competencies, with stringent government regulations pertaining to product safety and health concerns also driving the demand for the testing, inspection, and certification services market.
New trade partnerships between the nations are encouraging companies to outsource their business operations offshore. This is augmenting the demand for the third-party service providers to inspect the supply chain, raw material, and quality control procedures to ensure the safety and quality of products. Furthermore, the rise in conscious consumerism along with the development of the brand protection policies across the globe also support the market’s growth.
Software testing services accounted for over a 65% stake in the testing, inspection, and certification services market. The growth is credited to the increasing concerns among consumers for improved quality of products & services.
On the other hand, certification services are anticipated to grow at a CAGR of more than 9% during the forecast period. The continuous efforts by governments to reduce carbon dioxide emissions and energy consumption will drive the demand for the certification services.
The testing, inspection, and certification services market is rapidly witnessing demand from the healthcare and life sciences segment, with test and inspection reports of pharmaceutical equipment being critical in assessing whether the international standards are met. TIC companies are trying their best to evolve with technological developments and remain up to date with new regulations pertaining to safety and quality.
Europe is leading the testing, inspection, and certification services market with more than 40% share in the revenue. The growth is credited to the stringent government standards to promote consumer safety and improve the product quality. Moreover, the presence of commonly accepted standards across the European Union member countries has further nurtured the growth. On the other hand, Asia Pacific is anticipated to grow substantially at a CAGR of over 9% during the forecast period. The demand is driven by the rapid urbanization and industrialization in the emerging economies including India and China.
The major players in the testing services market are SGS SA, Intertek, Bureau Veritas, Eurofins, DNV GL, Applus+, Corelab, Kiwa Group, RINA, Apave, TUV Nord, ALS, SOCOTEC LR SYNLAB, TUV Rheinland TUV SUD, and DEKRA. These players are adopting merger and acquisition activities to gain the share and increase the global footprint.