Management System Certification Market worth $32.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 24, 2021 /PRNewswire/ -- According to the new market research report "Management System Certification Market with COVID-19 Impact Analysis by Certification Type (Product Certification and Management System Certification), Service Type, Verticals, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the overall 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%. Management system certification services help product manufacturers ensure if their products adhere to regulatory norms, improve product quality, and enhance production capacity. The market is experiencing growth due to the adoption of advanced technologies in the industrial, healthcare, and consumer electronics sectors and the introduction of new services and solutions such as virtual inspections, visual inspection, and remote auditing in the middle of the COVID-19 pandemic.
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Product certification segment to hold the largest share of the Management system certification market, by certification type, in 2021
Product certification can be described as a process of certifying products that meet the requirements mentioned in contracts, regulations, or specifications. These products pass all the necessary quality assurance and performance tests. Product certification plays a critical role for the manufacturers of customer-centric products so that the products developed by them meet the desired quality local and international norms and standards. It also allows companies to market their products across multiple geographies. Certified products have increased acceptance owing to their clear differentiation from other products placed on crowded shelves. They also meet the requirements of customers. Product certification is applicable for an extensive range of products used across multiple applications. Some key certifications are CE marking, Food and Drug Administration (FDA), CB certification, etc.
Most Management system certification offer high bandwidth, more accuracy, and higher resolution than those in the earlier ones. Some prominent verticals in which such equipment are used include IT & telecommunications, healthcare, automotive, and industrial.
The market for medical and life sciences sector to grow at the highest CAGR during the forecast period
Medical and life sciences is one of the world's most critical industries in terms of health and safety. The overall industry is subjected to a wide range of testing and certification requirements that vary across multiple applications within the industry. For instance, medical devices need to be certified before they are commercialized. Thus, the market growth for certification services is extensively driven by the consumers' demand for medical devices that meet the highest safety standards. Increasing customer focus on a healthy lifestyle is forcing the manufacturers of medical devices and healthcare equipment to design and develop products that meet international standards.
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217 – Tables
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APAC to hold the largest share of Management system certification market by 2021
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.
A few key management system certification market players are SGS (Switzerland), Bureau Veritas (France), INTERTEK (UK), TÜV SÜD (Germany), Eurofins Scientific (Luxembourg), TÜV Rheinland (Germany), DEKRA (Germany), DNV GL (Norway), and Applus+ (Spain).
Related Reports:
Testing, Inspection, & Certification Market with COVID-19 Impact Analysis by Offering (In-house & Outsourced Services), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals, Energy & Power, Automotive, IT & Telecommunications) & Geography - Global Forecast to 2025
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