The management system certification market is anticipated to reach a valuation of US$ 43.6 Bn by 2032 from US$ 26.4 Bn in 2022, rising at a CAGR of 5.1% during the forecast period.
The demand for management system certification is projected to rise as they help businesses increase customer satisfaction and retention while also lowering the risk and costs of product recalls.
By adhering to quality management standards and utilizing management system certification, businesses get a competitive advantage. As a result, the adoption of management system certification is projected to grow during the forecast period.
Furthermore, the demand for management system certification provided by recognized and reliable authorities is growing as they assist such businesses in increasing their legitimacy and general efficiency.
Companies connect with clients through advertisements and marketing methods, assuring them of the product’s quality. As a result, many individuals prefer things that are labeled and certified.
This is one of the major factors propelling the demand for management system certification. Governments also promote the adoption of management system certification and certified products and services to ensure people’s safety.
During the forecast period, the management system certification market size is predicted to grow at the fastest rate as management system certification acts as an indicator of a product’s safety, dependability, and quality.
Due to their practical production, non-certified products can only be used for a limited time. Uncertified items are often made up of subpar components that are likely to fail the wellbeing and quality standards testing. On the other hand, the demand for management system certification is growing as it is safe to use products that meet the certification requirements.
Shortly, new market challenges for management system certification players are projected to emerge as a result of the new digital experience. For example, the consumer landscape for augmented reality (AR) and virtual reality (VR) testing is highly competitive; firms are constantly striving to differentiate themselves and drive greater customer interaction.
The existence of an immersive component makes automated or lab testing difficult, making certification of AR/VR technologies a difficulty. As a result, this factor is projected to affect the demand for management system certification during the forecast period.
In terms of revenue movement from industrialized to developing economies, the management system certification market is projected to witness significant shifts.
Smaller economies such as Bangladesh and Nepal, for example, are working on enhancing their certification services for industries such as medical and life sciences to ensure that medical gadgets are tested and operate safely while treating patients.
The growing demand for management system certification can be ascribed to the growing number of manufacturers that are constantly upgrading existing communications devices and developing next-generation devices.
Furthermore, as wireless communication technologies become more widely adopted, demand for management system certification in the IT and telecommunications sectors is expanding.
These technological developments are projected to drive the management system certification market growth during the forecast period.
- By certification type, the product certification segment is projected to dominate the management system certification market with a CAGR of 4.5%.
- based on service type, the certification and verification segment is anticipated to lead the management system certification market with a CAGR of 4.3%.
- The growing demand for management certifications in the global IT industry is primarily responsible for the market’s expansion in North America.
- Furthermore, the presence of several of the major companies in the worldwide management system certification market is projected to benefit the overall development of the North American regional segment.
- The likelihood of additional projects being added in the approaching years of the forecast period is projected to boost the overall growth of the North American management system certification market.
- The market for management system certification in APAC is likely to be the largest. During the projection period, APAC is expected to be the fastest-growing management system certification market.
The key players in the management system certification are SGS Group, Bureau Veritas, Intertek, TÜV Rheinland, and Eurofins Scientific.
Many certification providers across the world continue to provide analog services. Although improved digitalized services create new market prospects, some services, such as food and beverage product certification, are still provided through the old market strategy.
Digital audits, remote audits, online sampling, and recertification services are among the services offered by key companies in the management system certification market.
SGS acquired RGIPL (Singapore) in December 2020, a Singapore-based provider of geoengineering solutions for the construction and infrastructure industry, including soil research, instrumentation and monitoring, and geotechnical engineering. With the help of RGIPL, SGS was able to provide quality, safety, and compliance services for important infrastructure and construction projects.
Bureau Veritas released a comprehensive array of services for Electric Vehicle Charging Stations (EVCS) in December 2020, covering the entire lifecycle—from design to construction to commissioning and operations. Intertek said in August 2020 that it would increase its presence in the APAC region by delivering 5G assurance, testing, and certification services.