DUBLIN–(BUSINESS WIRE)–The “Global Management System Certification Market with COVID-19 Impact Analysis by Certification Type (Product Certification and Management System Certification), Service Type, Verticals, and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The management system certification market is expected to grow at a CAGR of 5.3% from USD 25.1 billion in 2021 to USD 32.5 billion in 2026.
Management system certification market for certification and verification services is expected to grow at highest CAGR during the forecast period
The market for certification and verification services is expected to grow at the highest CAGR during the forecast period. Certification services function as an indicator of the safety, reliability, and quality of products. The products without certification can be used for a short period owing to their cost-effective manufacturing. Uncertified products are usually developed from sub-standard components expected to fail the testing of the safety and quality standards.
Products that meet the certification requirements are safe to use. They are tested to meet the highest standards for safeguarding the health and safety of users. Certification services are available to all industries, ranging from small consumer electronics to aerospace. For instance, certification services used for agricultural products and food items check the quality of seeds and crops. The seed certification includes the seed source verifications, field inspections, seed quality analysis, seed genetic purity evaluations, and seed treatments, along with their bagging and tagging, as well as issuing relevant certificates.
Management system certification market for Consumer Goods and Retail accounted for the largest share in 2020
Day by day, consumer goods are becoming highly complex with the increasing product variety and changing consumer demands, making it necessary for the manufacturing companies to get their products and services certified. The demand for consumer products across the world is extensively driven by buyers’ trust in the products they purchase.
It is important to gain customer trust by ensuring the brand’s quality, safety, and sustainability. This creates a real point of difference for marketed products in today’s commoditized, connected world. An extensive range of players operating in the testing, inspection, and certification ecosystem offer certification services to companies from the consumer goods and retail industries. Certification service providers offer a complete range of services to manufacturers, importers, exporters, and retailers of consumer products, which helps them enhance the quality, value, and acceptability of their products.
A few TIC services such as laboratory testing, product inspection and consulting, process assessment, and technical assistance are offered to consumer goods industries across several countries. Adoption of such services helps organizations to reduce business-related risks, improve plant efficiency, and adhere to contractual or regulatory requirements throughout the existing supply chain and span across a wide range of products, such as cosmetics and personal care products, textiles, footwear, toys, hardware, household products, formulated products, and electrical and electronic goods.
APAC is expected to hold the largest market for Management system certification during the forecast period
The Management system certification market for APAC is expected to hold the largest market share. APAC is projected to be the fastest-growing market for management system certification during the forecast period. With three of the top 10 largest economies in the world-China, India, and Japan-the Asia Pacific region presents a high potential for the growth of the market. In this report, the market in the Asia Pacific mainly constitutes Japan, China, India, South Korea, and Rest of APAC. Australia, Singapore, Thailand, and Indonesia are the main countries studied and categorized under Rest of APAC.
Some key OEMs and manufacturers of semiconductor devices such as STMicroelectronics, Huawei and Infineon Technologies and consumer goods and electronic products are based in APAC. The growing demand for management system certification is attributed to the increasing number of manufacturers who constantly focus on upgrading the existing and developing next-generation telecommunication devices. Furthermore, increasing penetration of wireless communication technologies is boosting demand for product and management system certifications from the IT & telecommunications sector.
Market Dynamics
Drivers
Growing investments in latest technologies such as Ai, Ml, cloud computing, and big data Increasing focus of manufacturing companies to improve customer retention Growing illicit trade of forged and pirated goods Restraints
Varied standards and regulations across countries Opportunities
Introduction of digital certification services after outbreak of Covid-19 Challenges
Challenges in providing certification services for evolving technologies for smaller market players Companies Mentioned
ALS Limited ASTM International Al Borj Facility Management Applus+ Aurion International British Standards Institution (BSI) Bureau Veritas DNV GL DQS Dekra SE Eurofins Scientific Finecert GCL International IR Class Intertek LL-C (Certification) Lloyd’s Register Group Limited Rina S.P.A. SGS Group SIS Certifications Socotec TUV Nord Group TUV Rheinland TUV SUD United Registrar of Systems (URS) For more information about this report visit https://www.researchandmarkets.com/r/w458uh