Payment Monitoring Market Worth $31.05 Billion By 2027

The global payment monitoring market size is anticipated to reach USD 31.05 billion by 2027, registering a CAGR of 16.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. The payment monitoring market growth trends include increase in digital payments and need for reducing money laundering, managing Know Your Customer (KYC) compliance, and Counter Terrorism Funding (CTF) activities. Hence, various organizations are focusing on deploying payment monitoring solutions to constrain illegal activities, which shuts off the cash flow and help reduce such activities.

People are becoming more digitally connected, which is driving the adoption of online transactions, hence, data control and personal identity theft have become a major concern for online retailers. Furthermore, the cyber thefts by hackers and cybercriminals are growing at an alarming rate, which costs companies several billion dollars each year. The high-level risk of identity theft and data loss can be reduced with the usage of payment monitoring solutions. Thus, the rising need for protection against cyber frauds will drive market growth during the forecast period.

The transaction monitoring market is witnessing the development of innovative technologies that aim to improve these solutions. Vendors are incorporating Artificial Intelligence (AI) in payment monitoring to create services more secure and smarter. Smart AI enabled payment monitoring solutions are equipped with features such as intrusion detection, network threat detection, behavioral analysis, and object classification. Thus, the integration of blockchain and AI technologies with payment monitoring solutions will propel market growth over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/payment-monitoring-market

Further key findings from the report suggest:

  • The watch list screening segment is forecasted to witness remarkable growth over the next eight years, as it enables organizations to efficiently and effectively screen their customers to successfully meet anticorruption, export control, anti-bribery, and other legal regulations as well as all AML and CTF legislation
  • The support and maintenance service helps clients understand their solutions and related processes. With the evolving business requirements, clients are looking for innovative solutions and services to manage their IT infrastructure and hence the companies require support and maintenance. Hence, it is anticipated to expand at a healthy CAGR by 2027
  • The cloud management segment is forecasted to witness a higher adoption over the forecast period, as it helps to avoid the costs associated with software, storage, hardware, and technical staff. It is also helpful for organizations with stringent budgets for security investments
  • The Small and Medium Enterprise (SME) is forecasted to witness a higher growth rate during the forecast period, owing to the increasing data protection regulations. SMEs are small in terms of their size, but are swiftly catering to large customer base globally
  • The fraud detection and prevention segment is forecasted to witness a higher adoption over the forecast period, owing to the increasing use of electronic transactions and increasing level of cyber-attacks across all the regions
  • The retail segment is expected to grow at a rapid rate over the forecast period, owing to rise in trend of online shopping, which has increased online payments
  • Asia Pacific is anticipated to grow remarkably by 2027, owing to the presence of emerging economies such as India and China that have become more aware of the payment monitoring process and its benefits and started adopting them for security
  • The key industry participants include ACI Worldwide Inc.; BAE Systems; Fair Isaac Corporation; Fiserv Inc.; FIS; Nice Ltd.; Oracle Corporation; SAS Institute; Software AG; and Thomson Reuters Corporation

Insurance Fraud Detection Market Size Worth $9.7 Billion By 2025

The global insurance fraud detection market size is expected to reach USD 9.7 billion by 2025, registering a CAGR of 13.7% over the forecast period, according to a new report by Grand View Research, Inc. Detecting and preventing fraudulent activities is a global challenge for insurers. However, the emergence of advanced solutions such as the use of automated business rules, self-learning models, text mining, predictive analytics, image screening, network analysis, and device identification is expected to deliver actionable insights to improve claims processes. As a result, insurance organizations are adopting fraud detection solutions that not only recognize the genuine claims process but also reduce the number of false positives.

The prevention and detection of fraud capabilities are increasing with the growing awareness of perpetrators and sophisticated crimes. Global concerns about the ever-increasing cases of insurance frauds coupled with sophisticated organized crime, have signaled a need for coherent action by all insurance companies. As per a research conducted by the Federal Bureau of Investigation (FBI), the total estimated cost of insurance fraud in the U.S. is expected to be more than USD 40 billion per year. As a result, in the U.S., it has led to an increased premium of approximately USD 420 to 700 per year for the average earning family. Similarly, according to the Association of British Insurers in the U.K., insurer unearthed more than 113,000 fraudulent claims and 449,000 dishonest insurance applications, valued at USD 1.3 billion. Thus, to curb fraudulent claims coupled with the various stringent regulations set by the government, enterprises are expected to adopt these solutions in the near future. These solutions are expected to enable an enterprise to identify fraudulent activities with higher speed and accuracy, thereby improving the consumer experience by realizing fast payouts.

In the insurance sector, fraudulent activities are primarily categorized as criminal and cultural. In criminal type, professional perpetrators habitually try to identify a weak system to attack. While in cultural type, a genuine claimant is opportunistic by exaggerating a claim. With the help of data analytics, insurance companies can analyze and detect the possibility of fraudulent activities. The user can enter data, and claim applications are automatically given a score to indicate the likelihood that scam has occurred. Thus, the use of predictive modeling can potentially produce a quantified score that helps a company to understand the propensity of a scam. Monitoring the arrived score through the use of advanced solutions is expected to show more accurate and effective results than that of traditional fraud detection methods. However, relying solely on technology for suspecting the fraudulent activities to be flagged is expected to be a key challenge for the insurers. Thus, to overcome such challenges, analysts are required to initiate immediate action and follow appropriate measures to help the company reduce losses.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/insurance-fraud-detection-market

Further key findings from the report suggest:

  • Solutions segment held the leading market share in 2018 and is expected to continue leading over the forecast period
  • Managed services segment is anticipated to exhibit the fastest CAGR of 15.6% over the forecast period
  • Large enterprise segment dominated the market with highest revenue share in 2018
  • The Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period

Plant Biotechnology Equipment Market Worth $18.35 Billion By 2025

The global plant biotechnology equipment market size is estimated to reach USD 18.35 billion by 2025, according to the new report by Grand View Research, Inc. it is likely to expand at a CAGR of 12.8% over the forecast period. High demand for transgenic crops and biofuel is driving the market growth. Demand for transgenic crops has been rising owing to various benefits, such as improvement in yield, productivity, and quality of output and development of insect-resistant cultivars in crops.

In transgenic plants, one or more species are introduced in the genome using genetic engineering processes. Inserting a combination of genes in a plant makes it more productive. Transgenic plants are also produced to cater to the particular needs of the pharmaceutical sector. The advent of various genetic engineering processes is expected to drive market growth over the forecast period.

Advanced techniques, such as next-generation DNA sequencing, can be availed by breeders to boost the rate of genetic improvement by molecular breeding. Plant cell culture methods can also be used for enhancing food grain quality and increasing food production. These methods are also useful for postharvest applications of food materials. Plant biotech equipment, such as plant phenotyping equipment, cell culture equipment, and smart farm equipment, can play an instrumental role in these methods.

Advances in biotechnology and the rising use of biotech equipment for biofuel production are anticipated to further drive the growth of the plant biotech equipment market over the forecast period. Biofuel is gaining popularity due to rising crude oil prices and uncertainty in fuel supply stemming from depleting natural resources. Biofuel is considered as one of the alternatives to fossil fuels owing to its various benefits.

Biofuel can be produced domestically, can be cheaper than fossil fuels, and is also environment-friendly. Technological challenges associated with biofuel production can be addressed using biotech solutions and equipment, which in turn, is expected to boost the demand for plant biotech equipment over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/plant-biotechnology-equipment-market

Further key findings from the report suggest:

  • Rapidly rising global population has boosted demand for agricultural produce
  • Advances in technology coupled with increasing government funding have enabled the plant biotechnology industry to grow at a significant growth rate in recent years
  • Agriculture sector has witnessed tremendous developments in terms of advanced technologies in recent times. Usage of electronic sensors, smart devices, and other biotechnological methods have transformed conventional farming into innovative and sustainable farming
  • Benefits, such as high-quality crops and increased yield, facilitated by biotech equipment are expected to drive the growth of plant biotech equipment market over the forecast period
  • Advancements in imaging techniques are facilitating a better assessment of plant characteristics, thereby helping in developing better plant breeds.

Mining Automation Market Size Worth $6.2 Billion By 2025

The global mining automation market size is expected to reach USD 6.2 billion by 2025 at a CAGR of 7.3% during the forecast period, according to a report by Grand View Research, Inc. Increasing need to enhance accuracy and productivity of mining operations is expected to drive market growth.

Need for optimizing production costs, reducing human intervention, and changing the mining landscape are key growth-driving factors for the market. Increasing investment in digital technologies, including analytics and human-machine interactions, is also expected to be one of the key factors boosting industry growth. Furthermore, complex stages involved in supply chain activities and growing sophistication in mining operations are driving the need for automation and robotics technology in this sector.

Growing automation has led to adoption of drones as a step toward the evolution of unmanned and aerial data collection technology in mines. Automated drone systems are expected to become an essential technology in future mining automation and digitization activities.

Several companies such as Tata Steel, Rio Tinto Group, and Komatsu Ltd. are the early adopters of drone technology. Usage of these systems enables quick data collection by enhancing accuracy in designing mine plans and making necessary changes, thereby boosting operational productivity.

Changing mining landscape across the globe along with dependence on specific technologies is expected to create growth opportunities over the next few years. Such changes in operations are challenging the viability of traditional exploration and drilling technologies and processes, thereby providing opportunities for the adoption of new technologies.

Rising need for Geographic Information Systems (GIS) in mineral exploration activities has boosted market growth. GIS enables professionals to perform in-depth analysis of insights related to mineral exploration, mining conditions, and geochemical or hydrological data.

Several economies including India, Africa, and Brazil lack the potential for growth owing to use of conventional exploration techniques and equipment. Increased need for exploration in these economies with the adoption of advanced technologies is expected to accelerate demand for automated solutions over the forecast period.

Rising investments and government support, along with ongoing initiatives such as Digital Transformation Initiative (DFT) for a digital transition in the mining sector, would significantly boost the adoption of automated solutions. For instance, in 2017, the Government of Australia announced its plans to invest approximately USD 79 million to encourage medium- and small-sized miners to carry out exploration activities.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/mining-automation-market

Further key findings from the report suggest:

  • The equipment automation segment is projected to expand at a CAGR of 7.5% over the forecast period. Retrofitting existing equipment with automated technology is expected to substantially contribute to segment growth
  • The autonomous trucks sub-segment is expected to dominate the equipment automation segment over the forecast period, on account of their increased deployment to boost productivity and safety
  • The metal mining application segment is expected to grow at a significant rate over the forecast period, which can be attributed to increased gold exploration activities globally
  • The revenue share of Asia Pacific is expected to surpass 40.0% by 2025, owing to growing penetration of automation solutions in economies including Australia and India
  • Prominent market players include Rockwell Automation, Inc.; Komatsu Ltd.; Rio Tinto Group; and Caterpillar Inc.
  • Increased investments in developing automated solutions by either launching new products or retrofitting existing equipment are some of the growth strategies adopted by key players.

Payment Security Market Worth $43.76 Billion By 2025

The global payment security market size is expected to reach USD 43.76 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 12.3% during the forecast period. Rising need for PCI DSS (payment card industry data security standard) compliance and adoption of digital payment mode by consumers are likely to stoke the growth of the market. The payments industry is going through a movement of infrastructure transformation, which is essential to compete efficiently with non-bank trendsetters and address progressing customer requirements.

Over the past few years, major economies have modernized their payment infrastructures and many others are scheduling to upgrade. Digital payments aid merchants in maintaining continuous compliance with PCI DSS, which is further anticipated to bolster the growth of the payment security market. In March 2015, Worldpay noted over 133,000 fraudulent transactions reported, which interpreted stolen card details being used every 20 seconds. Thus, payment security providers help its customer’s systems to protect itself from threats and aim to provide secure businesses by getting them to comply with PCI DSS. Therefore, the payment security market is estimated to be driven by the adoption of PCI DSS compliance.

Fraud detection and prevention solutions hold the largest share in the overall market. These solutions provide various fraud analytics solutions such as big data and predictive analytics. Big data and predictive analytics helps to detect and avoid frauds.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/payment-security-market

Further key findings from the report suggest:

  • The global payment security market had a valuation of USD 15.79 billion in 2017
  • Encryption platform emerged as the fastest growing segment over the forecast period
  • Large enterprises represented the leading segment in terms of organization in 2017 and are projected to generate revenue over USD 29.80 billion by 2025
  • The education market is poised to witness the highest CAGR of 13.4% over the forecast period
  • North America was the leading revenue contributor in 2017. Rising number of startups in the retail industry and presence of prominent payment security providers in the region is expected to drive the North America payment security market
  • Key players include Braintree, CyberSource, Ingenico, and Index among others. These players commanded the leading revenue share in the market in 2017.

Edge Computing Market Worth $43.4 Billion By 2027

The global edge computing market size is anticipated to reach USD 43.4 billion by 2027, exhibiting a CAGR of 37.4% over the forecast period, according to a new report by Grand View Research, Inc. 5G technology is expected to act as a catalyst for market growth. Applications using the 5G technology are expected to change traffic demand patterns, enabling technology growth avenues for the telecom providers. The cloud leaders see this as a threat and have started investing in the edge ecosystem by engaging in partnerships with telecom companies. It’s quite evident that 5G and its probable benefits have the potential to create a powerful network based on the technology that is expected to reorganize the industry architecture.

The rise in the adoption of the technology by telecom companies is expected to embrace new opportunities in Multi-access Edge Computing (MEC) market space. MEC allows companies to mitigate network congestion and ensure higher application performance by bringing processing tasks and running applications closer to the cellular customer. Furthermore, the implementation of MEC at mobile base stations or edge nodes is expected to facilitate the rapid and flexible deployment of new services and applications for customers, which promises healthy market growth.

Furthermore, there has been an anticipated wave of micro Edge Data Center (EDC) capacity that differs from the large centralized data centers to support the centralization of hyperscale computing. These data centers are expected to range from small clusters of the edge cloud resources located on a streetlight to a few racks located in a shelter at the base of a cell tower or inside buildings. Additionally, the 5G networks use EDC to provide efficient local data services, which enables the EDCs to redirect edge traffic away from the carrier networks to local public internet networks. Also, various start-ups such as EdgeMicro is in the process of deploying commercial mini data centers for IT computing stack, redundant cooling, fire suspension, and biometric security.

The development of edge Artificial Intelligence (AI) is continually expanding due to the increase in the number of connected devices globally, which is expected to propel edge computing market growth over the next few years. Edge AI is expected to allow real-time operations, including data creation, reducing power consumption, and reduce the costs for data communications for wearable devices and self-driving cars. Various companies such as NVIDIA Corporation; Google Inc.; and Intel Corporation are developing processors specifically designed for the computing technology to accelerate the inferencing process. For instance, Atos SE launched AI-enabled high-performing server based on the technology to manage data. The installed BullSequana Edge Server steadily processes and manages IoT data, close to the source where it is generated.

North America dominated the market in 2019 and accounted for largest share in terms of revenue. The growth is attributed to rising adoption of the technology among manufacturers in U.S. Increasing number of startups developing advanced business solutions based on the technology is driving the market in the region. Asia Pacific is anticipated to witness highest CAGR over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/edge-computing-market

Further key findings from the report suggest:

  • The software segment is envisioned to witness the fastest growth due to large scale deployment of edge computing-based software stack platforms
  • The data center segment is expected to grow the fastest over the forecast period owing to the growing trend to shift from a centralized cloud server to edge server on account of reduced latency
  • The Asia Pacific region is expected to emerge as the fastest-growing regional market owing to the advent of 5G in the region and rising uptake of IoT-backed applications
  • Some of the key players in the edge computing market are Amazon Web Services (AWS), Inc.; Belden Inc.; Cisco Systems, Inc.; Digi International Inc.; Hewlett Packard Enterprise Development LP; Intel Corporation; Microsoft Corporation, and IBM Corporation.

Nanosatellite and Microsatellite Market Worth $4.95 Billion By 2025

The global nanosatellite and microsatellite market size is expected to reach USD 4.95 billion by 2025, expanding at a CAGR of 22.2% over the forecast period, according to a new report by Grand View Research, Inc. Upsurge in earth observation missions, along with development of Small Satellite Launch Vehicles (SSLV), is expected to propel market growth.

The emerging role of small satellites in the telecom sector has enabled telecom providers to accelerate 5G deployment globally, along with creating market opportunities for satellite communication (satcom) industry stakeholders. Deploying small satellites for 5G deployment can particularly benefit in the form of wide area coverage, cost-effectiveness, and reliability. At the same time, latest technologies, such as new solar panel cell technology and star tracker technology, are also allowing small satellites to strengthen their position in the broader satellite industry.

The growth of the communications sector, coupled with the continued adoption of Internet of Things (IoT), is expected to open opportunities in the global market. The continued adoption of IoT will particularly encourage start-ups to launch their small satellites. For instance, Hiber is expected to launch its first nanosatellite in 2019 to deliver internet connectivity to remote locations using Hiberband modem and support potential IoT projects globally.

Government support is a key factor encouraging companies to launch nanosatellites and microsatellites for communication and navigation, earth observation, and remote sensing applications. Several governments are developing means to utilize the information obtained from such satellites in a more efficient manner for the public sector. For instance, the UK Space Agency’s Space for Smarter Government Program (SSGP) allows departments to share expertise, data, and services related to nanosatellites and microsatellites as well as information obtained from these satellites.

However, despite substantial growth of the global market, frequent delays in satellite launches are leading to skepticism. Nevertheless, independent launch vehicles being developed and low-cost sensors being manufactured by key companies are likely to help overcome these growth barriers.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/nanosatellite-microsatellite-market

Further key findings from the report suggest:

  • The nanosatellites segment is expected to grow at a significant rate over the forecast period. The progression toward low-cost satellite-based internet services is enabling a transition towards the adoption of these satellites
  • The earth observation/remote sensing segment is poised to grow at a steady rate over the forecast period as the development of low-mass and low-power navigation sensors in small satellites provides impetus to new remote sensing and earth observation missions
  • The civil segment is expected to grow at a CAGR of close to 25% over the forecast period as commercialization of small satellites introduces academic institutions and research organizations to space technology
  • Asia Pacific is expected to be the fastest-growing regional market over the forecast period, owing to increased nanosatellite launches by various academic institutions and increased government support for developing space programs
  • Key players in the market include GomSpace, Innovative Solutions in Space (ISIS), SpaceQuest Ltd., and Sierra Nevada Corporation.

Insurance Fraud Detection Market Size Worth $9.7 Billion By 2025

The global insurance fraud detection market size is expected to reach USD 9.7 billion by 2025, registering a CAGR of 13.7% over the forecast period, according to a new report by Grand View Research, Inc. Detecting and preventing fraudulent activities is a global challenge for insurers. However, the emergence of advanced solutions such as the use of automated business rules, self-learning models, text mining, predictive analytics, image screening, network analysis, and device identification is expected to deliver actionable insights to improve claims processes. As a result, insurance organizations are adopting fraud detection solutions that not only recognize the genuine claims process but also reduce the number of false positives.

The prevention and detection of fraud capabilities are increasing with the growing awareness of perpetrators and sophisticated crimes. Global concerns about the ever-increasing cases of insurance frauds coupled with sophisticated organized crime, have signaled a need for coherent action by all insurance companies. As per a research conducted by the Federal Bureau of Investigation (FBI), the total estimated cost of insurance fraud in the U.S. is expected to be more than USD 40 billion per year. As a result, in the U.S., it has led to an increased premium of approximately USD 420 to 700 per year for the average earning family. Similarly, according to the Association of British Insurers in the U.K., insurer unearthed more than 113,000 fraudulent claims and 449,000 dishonest insurance applications, valued at USD 1.3 billion. Thus, to curb fraudulent claims coupled with the various stringent regulations set by the government, enterprises are expected to adopt these solutions in the near future. These solutions are expected to enable an enterprise to identify fraudulent activities with higher speed and accuracy, thereby improving the consumer experience by realizing fast payouts.

In the insurance sector, fraudulent activities are primarily categorized as criminal and cultural. In criminal type, professional perpetrators habitually try to identify a weak system to attack. While in cultural type, a genuine claimant is opportunistic by exaggerating a claim. With the help of data analytics, insurance companies can analyze and detect the possibility of fraudulent activities. The user can enter data, and claim applications are automatically given a score to indicate the likelihood that scam has occurred. Thus, the use of predictive modeling can potentially produce a quantified score that helps a company to understand the propensity of a scam. Monitoring the arrived score through the use of advanced solutions is expected to show more accurate and effective results than that of traditional fraud detection methods. However, relying solely on technology for suspecting the fraudulent activities to be flagged is expected to be a key challenge for the insurers. Thus, to overcome such challenges, analysts are required to initiate immediate action and follow appropriate measures to help the company reduce losses.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/insurance-fraud-detection-market

Further key findings from the report suggest:

  • Solutions segment held the leading market share in 2018 and is expected to continue leading over the forecast period
  • Managed services segment is anticipated to exhibit the fastest CAGR of 15.6% over the forecast period
  • Large enterprise segment dominated the market with highest revenue share in 2018
  • The Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period

Digital Experience Platform Market Size Worth $15.80 Billion By 2025

The global digital experience platform market size is projected to reach USD 15.80 billion by 2025, expanding at a CAGR of 10.9% from 2019 to 2025, based on a new study conducted by Grand View Research, Inc. The growing inclination of companies for developing customer centric strategies to deliver superior customer interaction is expected to drive the growth. Furthermore, the adoption of digital platforms by large Multi-national Companies (MNCs) and Small and Medium Enterprises (SMEs) as the primary channel for customer service and engagement is also anticipated to propel the adoption Digital Experience Platforms (DXPs).

The digital experience platform enables companies to design and deliver personalized user experience across multiple channels, touchpoints, and devices throughout the customer interaction and engagement process. DXP can be a single offering, however, in most of the cases, it usually consists of integrated set of technologies such as digital Content Management System (CMS), Web Experience Management (WEM), and related services. The capability of the DXPs to provide an architecture for companies to deliver connected customer experiences, digitize business operations, and gather actionable customer insight is expected to drive its adoption over the forecast period.

Due to the confluence of factors, such as digital transformation and disruption, many companies are now radically reengineering their business practices to be extremely customer oriented. Hence, the companies focus on digital experience platforms due to their omnichannel orchestrations and superior content customization and management capability. They leverage these capabilities to provide an integrated multi-channel experience spanning across applications, portals, websites, and devices. Due to the growing demand for DXPs across multiple end-use industries, the key solution providers in the digital experience platform market are aggressively focusing on acquisitions and new product development to establish a strong presence in the fragmented market.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/digital-experience-platform-market

Further key findings from the study suggest:

  • Platform segment dominated the digital experience platform (DXP) market in 2018 and is also anticipated to emerge as the fastest-growing segment over the forecast period owing to increasing adoption of the component by organizations to deliver superior customer interaction and engagement
  • The cloud segment is expected to gain traction over the forecast period owing to the growing preference for cloud based DXPs due to the rapid deployment capability and reduced investments in physical infrastructure
  • Business-to-Consumer (B2C) application is anticipated to witness the fastest CAGR over the forecast period due to the increasing demand for content personalization to enable superior customer engagement
  • The retail segment is anticipated to witness significant growth over the next six years owing to the rapid growth of online B2C and B2B e-tailers and the increased focus on omnichannel marketing
  • Asia Pacific is expected to expand at the fastest CAGR from 2019 to 2025 owing to the growing consumer preference coupled with high adoption of web and mobile shopping applications in developing countries such as India and China
  • Key players operating in the market include Acquia Inc.; Adobe; CoreMedia AG; Episerver; IBM Corporation; Liferay Inc.; Oracle Corporation; Microsoft Corporation; SAP SE; Open Text Corporation; Salesforce.com, Inc.; and Sitecore among others

TIC Market Size Worth $404.7 Billion By 2025

The global testing, inspection, and certification market size is expected to reach USD 404.7 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 5.2% from 2019 to 2025. Testing, inspection, and certification (TIC) services are being adopted rapidly due to the strict implementation of testing, inspection, and certification regulations. The market incumbents cater to various range of industries and sectors across the globe with a variety of legislation and standards.

Owing to the increasing presence of international players in growing economies, such as India and China, governments are taking the help of these industry participants for regulating the quality of various products and services through third-party inspection services. Furthermore, with the gradual development of these economies, issues concerning food safety standards and environmental protection are anticipated to emerge over the forecast period. Consumer concerns related to health and safety issues arising from the use of consumer electronics, as well as the quality of consumer goods, has necessitated governments to regulate the quality of the products manufactured domestically.

Also, an upsurge in the volume of traded goods has a direct impact on the number of certifications and inspecting services. With globalization, supply chains are increasingly becoming more complex. Increasing end-user quality expectations and outsourcing have led to a rise in the demand for independent TIC services. Organizations are aiming to ensure that processes, infrastructures, and products meet the required regulations and standards in terms of social responsibility, environmental protection, health and safety, and quality, thus reducing the risk of accidents and failure. This includes services such as the inspection and testing of bulk carriers that might be carrying different types of commodities, such as livestock, grains, or petroleum.

The Asia Pacific regional TIC market is expected to witness steady growth over the forecast period, owing to the growing economic and regulatory factors. The governments of several countries in the region are promoting various development plans in multiple application areas such as manufacturing, infrastructure, automotive, agriculture, and food. Also, the role of TIC is expected to change with the emergence of digital technologies such as connected devices, connected vehicles, mobile payments, and artificial intelligence. With the penetration of such technologies in this region, the inspection and testing of software and software-based service would gain importance similar to that of hardware testing and inspection.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/testing-inspection-certification-market

Further key findings from the report suggest:

  • The rise in manufacturing, construction, and infrastructure sectors provides a higher number of growth opportunities for the testing, inspection, and certification (TIC) market
  • The increase in the outsourcing of testing, inspection, and certification services by major industries operating in the automotive, manufacturing, and consumer goods, is projected to boost the market growth
  • The government of different countries in APAC are promoting various development plans. For instance, the 13th Five Year Plan of China stated the development of green transportation solutions for the advancement of the transportation sector in China
  • Key market players are considering partnerships and acquisition of startups providing innovative products to expand their outreach in the market
  • The key competitors in the TIC market are ALS Limited; Applus+; Bureau Veritas SA; UL LLC; DNV GL; Eurofins Scientific; Element Materials Technology; Intertek Group plc; SGS SA; TÜV NORD GROUP; MISTRAS Group, Inc.; TÜV Rheinland; TÜV SÜD; and DEKRA SE.