Management System Certification Market Projected to reach $32.5 billion by 2026

Posted July 9, 2021 by jackmartin011

Management System Certification Market with COVID-19 Impact Analysis by Certification Type (Product Certification and Management System Certification), Service Type, Verticals, and Region
The global Management system certification market is expected to grow from USD 25.1 billion in 2021 to USD 32.5 billion by 2026, at a CAGR of 5.3%. The market is expected to grow to the increasing demand of medical and life sciences products in healthcare industry.

The Management system certification market for system certification is expected to grow at the highest CAGR during the forecast period. Business organizations worldwide require management systems to ensure their success. These systems are critical as they provide policies and processes to ensure that business organizations achieve their objectives with minimized business risks. Certified management systems ensure that business organizations are on par with internationally recognized standards. A wide range of the key players operating in the TIC ecosystem, including Bureau Veritas, SGS, INTERTEK, DEKRA, TÜV SÜD, DNV, etc., offer management system certification services. These players help companies improve their organizational performance and mitigate operational risks through certification to the international standards published by various bodies such as ISO. Business organizations can also train their internal staff to develop their competencies in terms of a range of topics related to the required international standards. The management systems are used in aerospace, agriculture and food, automotive, medical and life sciences, and consumer goods and retail applications.

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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. Verification services check the uniformity, completeness, and accuracy of products in terms of efficiency and performance at each stage and between each stage of the product development lifecycle. They evaluate products during each production phase to ensure that they meet the compliances formulated in the previous phases. For instance, Intertek provides various verification services, including document verifications, initial production checks, in-production checks, and import and export verifications.

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.
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Last Updated July 9, 2021