The Latin America, Middle East and Africa Testing, Inspection and Certification (TIC) Market would witness market growth of 6.3% CAGR during the forecast period (2023-2030).
New conformity assessment programs (or schemes) are needed to accommodate the increasingly sophisticated technologies that underpin blockchain and contemporary telecommunications infrastructure like 5G. The hazards posed by new telecommunications networks have been mitigated by TIC players' services, who have invested in 5G facilities that can evaluate 5G-enabled devices against regional and national regulatory criteria. For instance, TIC companies have the resources to test and certify products to international standards in fields like radio frequency, interoperability, specific absorption rate, and electromagnetic compatibility. Therefore, with the expansion of the 5G deployments nationwide, the need for TIC services will expand further.
The growing customer knowledge of standard and certified products through online e-commerce portals also contributes to the growth of the market. The need for testing and certification services is increasing nationally due to this growth in the consumer products and retail sectors. Manufacturing, oil & gas, chemicals, agriculture, and food are all predicted to have significant growth, resulting in more international trade activity in these industries. TIC services are required by the increase in import-export international transactions for product verification and quality assurance, fueling the expansion of the market.
The advantages of using AI for testing are being studied more and more in Middle Eastern and African countries. South Africa and the United Arab Emirates are particularly interested in putting this technology into use to increase software testing speed and quality. According to the UAE Centennial 2071, the nation hopes to become a global leader in artificial intelligence (AI) by 2031, creating over AED 335 billion in revenue while providing new educational, economic, and social opportunities for its citizens, governments, and enterprises. The national government projects that by 2025, this country's AI sector will be worth USD 118.6 billion. This development is mostly attributable to rising IoT usage and connected device numbers. Because of the increased government backing for the technology in the next years, there will be a rise in the need for testing, inspection, and certification services in this region.
The Brazil market dominated the LAMEA Testing, Inspection and Certification (TIC) Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,192.5 million by 2030. The Argentina market is showcasing a CAGR of 6.8% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 6% during (2023 - 2030).
Based on Application, the market is segmented into Consumer Goods & Retail, Agriculture & Food, Chemicals, Infrastructure, Manufacturing, Medical & Lifesciences, Mining, Oil & Gas, Automotive, Public Sector, and IT, Telecom & Others. Based on Sourcing Type, the market is segmented into In-house, and Outsourced. Based on Service Type, the market is segmented into Testing, Inspection, and Certification. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Testing, Inspection and Certification (TIC) Market is Projected to reach USD 280.1 Billion by 2030, at a CAGR of 3.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SGS S.A., Bureau Veritas S.A., Intertek Group PLC, Eurofins Scientific SE, TÜV Rheinland AG, Applus+ Group, TÜV Nord Group, DEKRA SE, TUV SUD and DNV AS.By Application
By Sourcing Type
By Service Type
By Country
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