“As per the recent research report published by SNS Insider, the Non-destructive testing market is anticipated to reach USD 28.47 Bn by 2028, with a CAGR of 7.47% during the forecast period of 2022–2028.”
Non-destructive testing Market Overview:
A secure way for a customer to buy goods or services is through a Non-destructive testing, also referred to as a tap-and-go system. Customers can use chip cards like debit, credit, or smartcards to make Non-destructive testings, which is a simple and practical alternative to cash payments. To make simple financial transactions possible, Non-destructive testing uses Near Field Communication (NFC) and Radio-frequency Identification (RFID) technologies.
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Major Key Players:
Drivers, Restraints, Opportunities and Challenges
The Non-destructive testing market is rapidly evolving as a result of factors like rising digital payment adoption, increasing consumer demand for mobile and wearable terminals, and technological developments in payment terminals. In addition to this, strategic alliances and the substantial presence of smartphone manufacturers in this area are anticipated to accelerate the growth of the European market.
The market is also anticipated to grow as a result of rising consumer demand for wearable and mobile payment systems and merchant acceptance of technology for low-value transactions. However, the high likelihood of contactless cards being misplaced, stolen, or used inappropriately, might impede the anticipated growth of the global industry.
Impact of the COVID-19 Pandemic
Over the course of the forecast period, the COVID-19 pandemic outbreak had a favorable effect on the Non-destructive testing market's expansion. The COVID-19 pandemic has had a big impact on people's daily lives and purchasing decisions. Over the forecast period, the market is anticipated to grow due to the rising demand for contactless mobile payments in retail establishments like drug and grocery stores to help reduce the likelihood of virus transmission.
Non-destructive testing Market Segmentation 2022
The largest market was represented by smartphones and wearable segment, followed by point-of-sale (POS) terminals. The segment of smartphones and wearable is anticipated to continue to rule the Non-destructive testing market for the duration of the forecast. The use of smartphones' Near Field Communication (NFC) technology has grown as a result of their ability to connect to POS systems that support Non-destructive testings.
The Non-destructive testing market was dominated by the retail industry, which also generated the majority of global revenue. Retailers are implementing cutting-edge technologies like big data analytics, cloud computing, social networks, and digital storefronts in order to increase their presence and visibility in the market.
Major Segments and Sub-Segment of Non-destructive testing Market are Listed Below:
Segments Offering:
Segments Test method:
Segments Vertical:
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Regional Analysis
North America's Non-destructive testing market had the largest market share, registered significant revenue in recent years, and is expected to grow its revenue share over the forecast period. This significant growth is primarily attributable to the expansion of strategic partnerships and tie-ups in this area. In addition, increasingly popular smartphones, technologically advanced mobile payments, and rising NFC and QR/barcode acceptance are some of the factors propelling the expansion of this regional market.
Table of Contents -Major Key Points
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Non-destructive testing Market Segmentation, By Device
9. Non-destructive testing Market Segmentation, By Solution
10. Non-destructive testing Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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Nov 21, 2022
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