from USD 25. 1 billion in 2021 to USD 32. 5 billion. Increasing demand of Management system certification products in the healthcare and IT & telecommunications industry will drive the market.
New York, July 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Management System Certification Market with COVID-19 Impact Analysis by Certification Type, Service Type, Verticals And Region - Global Forecast to 2026" - https://www.reportlinker.com/p06101183/?utm_source=GNW
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. 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.
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. Key certification services applicable across these products are Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH); chemical data management system certification; Zhaga certification; BRC certification; ISO 9001; CE certification; and GC mark; among many others. The product and management system certification helps manufacturers build a trust factor among consumers, which, in turn, enables product acceptance and improves plant efficiency.
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.
Breakdown of the profile of primary participants:
• By Company Type: Tier 1 – 30 %, Tier 2 – 38%, and Tier 3 – 32%
• By Designation: C-level Executives – 44%, Directors - 38%, and Others -18%
• By Region: APAC – 30%, North America– 25%, Europe – 26%, and RoW – 19%
The major players profiled in this report include:
• SGS Group (Switzerland)
• Bureau Veritas (France)
• Intertek (UK)
• TÜV NORD (Germany)
• Eurofins Scientific (Luxembourg)
• DEKRA (Germany)
• DNV GL (Norway)
• UL (US)
The study segments the Management system certification market report into certification type (Product Certification and System Certification), services type (certification and verification, training and business assurance) and applications (consumer goods & retail, agriculture and food, construction and infrastructure, energy and power, industrial and manufacturing, medical and life sciences, oil & gas and petroleum, automotive, aerospace, marine, IT and Telecom). The study also provides market size for various segments regarding four main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to buy the report
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the Management system certification market comprehensively provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report provides a detailed analysis of the Management system certification market with the help of competitive leadership mapping, including crucial companies in the market and their relations in the ecosystem.
3. The report helps stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
4. This report would help stakeholders understand their competitors better and gain insights to enhance their position in the business. The competitive landscape section includes the competitor ecosystem, product developments, partnerships, and mergers & acquisitions in the Management system certification market.
Read the full report: https://www.reportlinker.com/p06101183/?utm_source=GNW
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