CHICAGO, Jan. 30, 2024 /PRNewswire/ -- The global management system certification market is projected to grow from USD 40.0 billion in 2024 to USD 49.5 billion by 2029, registering a CAGR of 4.3% during the forecast period according to a new report by MarketsandMarkets. The global imperative for standardized and efficient business practices primarily propels the management system certification market. Organizations across various industries increasingly recognize the value of adhering to internationally recognized standards to enhance operational effectiveness, manage risks, and ensure regulatory compliance.
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Browse in-depth TOC on "Management System Certification Market"
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343 - Pages
Management System Certification Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 40.0 billion |
Estimated Value by 2029 | $ 49.5 billion |
Growth Rate | Poised to grow at a CAGR of 4.3% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Certification Type, Service Type, Application, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Challenges faced by smaller market players in delivering certification services for emerging technologies |
Key Market Opportunities | Increasing focus on food safety and hygiene |
Key Market Drivers | Rising consumer awareness and demand for transparency |
Factors such as globalization, which necessitates standardized processes for cross-border trade, and the heightened emphasis on sustainability and quality contribute to the growing demand for management system certifications. Additionally, technological advancements, industry-specific regulations, and the need to build trust with consumers and stakeholders further drive the adoption of certification services.
During the forecast period, consumer goods and retail segments will lead the vertical segment.
The consumer goods and retail sector are projected to hold the highest market share in the certification market due to prioritized quality and safety standards, including ISO 9001 and ISO 14001. Certification ensures operational efficiency, sustainability commitment, and compliance with regulations. The rising focus on traceability and transparency, driven by consumer consciousness, makes certifications a potent marketing tool. Additionally, the global nature of supply chains in these industries necessitates standardized management systems, fostering international trade. Stringent quality requirements, regulatory pressures, and consumer preferences collectively contribute to the sector's prominence in management system certifications.
By Service Type, certification & verification is likely to record the highest growth rate during the forecast period.
The certification & verification segment is projected to grow at the highest CAGR in the management system certification market from 2024 to 2029. The growth of this segment can be attributed to the increased awareness among the masses about the use of authenticated products and adherence to strict norms and regulations imposed by governments globally to curb the supply of counterfeit products. One significant growth driver of the certification & verification segment is the increasing emphasis on transparency and accountability. Companies and organizations increasingly recognize the value of impartial assessments provided by third-party certification bodies. The need for an unbiased evaluation stem from a desire to instill trust among stakeholders, including customers, partners, regulators, and investors. Independent certification and verification offer an assurance of compliance with established standards, demonstrating a commitment to quality, environmental sustainability, or information security without the potential influence of internal biases.
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Asia Pacific is estimated to account for the largest global product and management system certification market share by 2029.
The Asia Pacific region holds the largest management system certification industry share due to a confluence of factors propelling its robust growth. Rapid industrialization and economic development in countries like China and India have driven a surge in demand for standardized processes and quality assurance, prompting businesses to seek certifications aligned with international standards. The rising affluence of the middle class across the region, coupled with heightened consumer awareness, has led to a discerning preference for certified products, emphasizing safety, quality, and sustainability. Government initiatives in Asia Pacific countries championing sustainable practices, environmental responsibility, and occupational health and safety have created a conducive environment for businesses to prioritize and undergo certification processes. Furthermore, specific environmental challenges in the region have underscored the importance of certifications such as ISO 14001, reflecting a strategic commitment to environmental management.
Key Players
Bureau Veritas (France), SGS (Switzerland), TÜV Rheinland (Germany), Intertek Group plc (UK), DEKRA SE (Germany), TÜV SÜD (Germany), Eurofins Scientific (Luxembourg), Applus+ (Spain), Lloyd's Register Group Limited (UK), and DNV GL (Norway) are the major companies in the management system certification companies.
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