This is owing to the surging demand for quality products, mounting construction activities, escalating healthcare infrastructure, growing modes of public transportation, and surging engagement of enterprises in safe and effective TIC practices.

Further, governments’ strict regulations for quality assurance of pharmaceutical products and the growing end-use sectors such as consumer goods retail due to expanding consumer base are responsible for the growth of the industry.

The medical and life sciences category witnessed the fastest growth during the forecast period, advancing at a CAGR of more than 4%. This is due to the surging need for medical equipment, including PPE kits, ventilators, sterilizers, oxygen cylinders, masks, and others.

The construction category will go through significant growth in the coming years. This growth is due to the growing infrastructural practices primarily in developing nations, high requirements for quality assurance, high construction spending and development programs run by governments, and the growing industrial and manufacturing sectors.

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The testing services category accounted for the largest revenue share. This is due to the widespread utilization of such services in the manufacturing, energy utilities, oil gas, and automotive industries.

The inspection services category will record significant growth in the coming years. This can be due to the burgeoning demand for these services for product inspection, quality control, supplier audits, and others, to ensure the quality of end products.

The APAC accounted for the largest revenue share, around 40%, in testing, inspection and certification market. This is due to the upsurge in economic development in countries such as China, India, Japan, and South Korea.

The growing end-use industries, including consumer goods retail, industrial manufacturing, and IT telecommunication; and the rising consumer spending associated with the increase in per capita income also adding to region’s growth.

The surging demand for good-quality products globally, escalating construction activities and increasing healthcare infrastructure are the factors which will lead the industry toward a promising future.