Global sales of pirated and counterfeit goods have dramatically increased. Consumer electronics, medical technology, and aerospace are just a few of the businesses that are known to use these unethical methods. The underground marketplaces for fake medications are attractive to counterfeiters because to the high profit margins, low likelihood of being caught and prosecuted, lenient punishments, and simplicity with which buyers can be fooled into believing the counterfeit goods are legitimate. Subpar medications are sold on the market as a result of unethical actions and insufficient quality control measures (such as testing, inspection, and certification during manufacturing). Stakeholders in testing, inspection, and certification can assist companies that make drugs to satisfy quality standards by supporting all of these projects. Services for testing, inspection, and certification are performed on manufactured goods before they are marketed. Technology is evolving across industries at a never-before-seen pace. There have been significant technological developments in the healthcare sector. It will be feasible to detect and treat health issues in people even before they show any symptoms because to the capacity to collect data from wearable technology, such as smart watches.
According to Coherent Market Insights, The value of the global Testing, Inspection, and Certification (TIC) Market was estimated at US$ 225.1 billion in 2022, growing at a 3.2% CAGR from 2023 to 2030.
Prominent Companies in the Testing, Inspection And Certification Tic Industry:
1. SGS Group
The company was started in 1878 and is based in Geneva, Switzerland. The business offers services for certification, testing, inspection, and verification. SGS joined forces with the Fairness, Integrity, Safety, and Health (FISH) Standard for Crew (US) in January 2023 to provide a voluntary, unbiased, and acknowledged third-party certification program for labor practices. Microsoft and SGS announced their collaboration in January 2022.
2. Bureau Veritas SA,
The firm was founded in 1828 and is based in Neuilly-sur-Seine, Paris, France. The business specializes in certification, testing, and inspection. Bureau Veritas SA offers a variety of consulting services, including international inspection, audit, testing, and certification for quality, hygienic conditions, and health.
3. TUV Rheinland Group
The company was started in 1872 and is based in Cologne, Germany. The business offers services for certification, testing, and development. To certify solar modules installed in distinctive buildings around the world, TÜV Rheinland published a test standard (2 PfG 2796/02.22) in November 2022.
4. Intertek Group PLC
The firm was started in 1996 and is founded in London, United Kingdom. The business conducts testing on textiles, toys, building supplies, chemicals, electronics, and agricultural items. Intertek purchased the Assurance and Standards Business divisions of SAI Global in May 2021. Intertek Group was chosen to participate in the US Food and Drug Administration's (FDA) Accreditation Scheme for Conformity Assessment (ASCA) Pilot Program as an approved testing laboratory in April 2021.
5. ALS Limited
The firm was started in 1863 and is based in Brisbane, Australia. The business offers testing, inspection, registration, and verification services. To provide clients with discovery-vectoring consultancy services, ALS Limited (ALS) purchased the ExplorTech Division of Earthlabs Inc. in December 2022. This division was originally known as GoldSpot Discoveries Corp. (Canada).
6. Underwriters Laboratories Inc.,
The company was started in 1894 and is based in Northbrook, Illinois, United States. The business certifies the safety of items and components by testing them. To fulfill the demand for the assessment and verification of smart buildings, UL Solutions introduced the SPIRE Qualification Program in December 2022.
7. MISTRAS
The firm was started in 1978 and is based in New Jersey, United States. Globally, Mistras Group, Inc. offers asset protection solutions supported by technology. Services, International, and Products and Systems are the three divisions through which the corporation works. It provides conventional non-destructive testing, inspection services, and engineering support.
*Definition: TIC is the industry association for testing, inspection, and certification. In order to protect people and the environment, the independent TIC sector offers conformity assessment services (such as testing, validation, declaration of compliance, etc.), either for legal or ethical considerations.
