The new report from ResearchAndMarkets.com values the market for safety testing at $33 billion in 2021, with the market projected to reach $60.5 billion by 2031, CAGR of 6.32 percent from 2022 to 2031.
According to the report, key factors driving growth in the market include a surge in demand for interoperability testing for connected devices and IoT.
In line with this finding, the report found that in 2021 the in-house segment of the safety testing market – which include IoT devices used in smart homes - is projected to grow at a notable CAGR of 5.44 percent during the forecast period.
Factors that hamper the growth of the market identified in the report include the high cost of product safety testing services, due to diverse standards and regulations across different regions.
While safety testing includes a number of industries, the report noted that the consumer electronics and foods and beverages segment together accounted for around 37 percent of the consumer product safety testing market trends in 2021.