The certificate testing and inspection services help the organizations and industry manufacturers to meet the industrial standards. These services help the manufacturers to improve and maintain the production quality. Certification services also certify the standards developed by the private and government standardization institutes. According to the researchers, the testing, inspection and certification market is expected to grow at a steady rate. This growth is mainly driven by rapid industrialization around the world. Apart from that, technological advancements and changes in the standardization are also expected to influence the growth of this market.
Segmentation in Certificate Testing Market
The researchers segment the testing, inspection and certification market on the basis of the types of applications and geographic regions. The basic applications of these services are categorized into aerospace and life science. The life science applications of the market are further categorized into agriculture, food, healthcare, personal care, medical devices, and environmental applications. the aerospace applications are sub-segmented into North America, Europe, Asia Pacific and the rest of the world. According to the researchers, analysis of all these segments helps with a better understanding of the growth trends, industry drivers, restraints and business opportunities for the market across various geographic regions.
Market Drivers and Restraints
According to the researchers, the testing, inspection and certification market is mainly driven by four vital driving factors. These factors include growth in the regulations and industrial standards. Apart from that, rapid rise in globalization is also expected to drive the demand for this market across the world. Rising concerns about the quality and safety of the production is also driving the businesses to adopt the services available in the certificate testing market. Rise in outsourcing of the certification, testing and inspection services is also expected to play vital role in the overall growth of this market. According to the latest reports, long lead-time and changing rules and regulations are expected to be the major restraints for this market.
What to Expect?
As per the latest reports, the testing, inspection and certification market is expected to grow at a steady CAGR of 5.8% from 2014 to 2020. At the expected growth rate, the market is expected to become worth $50.44 billion by the end of the year 2020. As per the researchers, this growth of the market is mainly driven by the emerging markets and growth in demand from the small and medium companies in the industry. According to the reports, North America is expected to dominate the overall shares in this market. However, globalization and industrialization are expected to create better business opportunities across the emerging markets like Asia Pacific and Middle East.
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