Testing, Inspection and Certification (TIC) Services Market Trends

Testing, Inspection and Certification Services Market Trends

Focus on Sustainability and ESG (Environmental, Social, and Governance) Criteria will help stimulate the TIC services industry growth trajectory through 2032. There is a growing emphasis on sustainability and ESG factors across industries, driving demand for TIC services that assess and verify environmental performance, social responsibility, and corporate governance practices. TIC companies are increasingly offering sustainability-related testing, inspection, and certification services to help businesses demonstrate compliance with regulatory requirements, meet stakeholder expectations, and enhance their brand reputation.
 

For example, in August 2023, DBS and the global certification authority TUV SUD forged a year-long collaboration aimed at offering extensive training, testing, verification, and validation services tailored for sustainability assurance and certifications, specifically targeting mid-cap firms and small and medium enterprises. Together, they will undertake collaborative outreach initiatives to advocate and foster the adoption of sustainability best practices. Introducing a structured four-step program, DBS aids companies in understanding, strategizing, and executing a sustainability blueprint to attain third-party validation.
 

TUV SUD plays a pivotal role within a network of both public and private sector partners curated by the bank to empower companies in developing capabilities and capacities for sustainability endeavors. As sustainability becomes a key differentiator and competitive advantage for organizations, TIC providers are anticipated to expand their offerings in this area, providing specialized services tailored to measure and validate sustainability initiatives and ESG performance.