PUBLISHER: The Business Research Company | PRODUCT CODE: 1499880
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499880
Management system certification involves an independent third-party certifying that an organization's management system aligns with specific standards or requirements. This process serves as a valuable tool for businesses seeking to enhance productivity, meet stakeholder expectations, comply with legal regulations, and achieve sustained success in today's competitive business environment.
The primary types of management system certification include product certification and management system certification. Product certification ensures that a particular product meets predetermined standards or requirements established by regulatory agencies or industry associations. Various services are offered, including certification and verification, training, and business assurance, catering to diverse applications such as quality management systems, occupational health and safety, information security and technology (IT), cyber security, food safety, and environmental management. These services span multiple sectors, including consumer goods and retail, agriculture and food, chemicals, construction and infrastructure, energy and power, industrial manufacturing, mining, oil and gas, public services, among others.
The management system certification market research report is one of a series of new reports from The Business Research Company that provides management system certification market statistics, including management system certification industry global market size, regional shares, competitors with a management system certification market share, detailed management system certification market segments, market trends, and opportunities, and any further data you may need to thrive in the management system certification industry. This management system certification market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The management system certification market size has grown strongly in recent years. It will grow from $29 billion in 2023 to $30.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The expansion observed in the historic period can be attributed to several factors, including a heightened emphasis on meeting quality management regulatory standards for certification, increased demand for enhanced environmental performance, a focus on improving occupational health and safety measures, and the growing complexity of supply chains. These factors collectively contributed to the growth trajectory during this period.
The management system certification market size is expected to see strong growth in the next few years. It will grow to $38.83 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The projected growth in the forecast period is driven by several factors, including the imperative for heightened information security, the expanding globalization of businesses, a rising tide of consumer awareness and demand for sustainable products, pressure from stakeholders for certification, and the pursuit of competitive advantage through certification initiatives. Key trends expected in this period encompass the integration of artificial intelligence (AI) and automation, the utilization of blockchain technology for transparency and traceability purposes, the implementation of remote and virtual auditing methods, an increased reliance on digital tools and technologies, the convergence of management systems, and a heightened adoption of remote audit technologies.
The growth of the management system certification market is being driven by the increasing frequency of data breaches. These breaches involve unauthorized access to sensitive data such as financial records, intellectual property, or personal information. The surge in data breaches is attributed to evolving cybercriminal tactics and vulnerabilities in remote work setups. Management system certification significantly enhances an organization's ability to prevent and manage data breaches by establishing robust frameworks for information security risk management and implementing effective security measures. For instance, in November 2023, the Identity Resource Theft Center reported 2,116 data breaches, surpassing the previous record of 1,862 breaches in 2021. This trend underscores the importance of management system certification in mitigating data breach risks and driving market growth.
Leading companies in the management system certification sector are leveraging artificial intelligence (AI) techniques to gain a competitive advantage. AI can analyze large datasets from diverse sources, identifying trends, patterns, and anomalies. This analysis aids certification bodies and organizations in streamlining certification processes, pinpointing areas for enhancement, and making data-driven decisions. For instance, in January 2024, BSI, a UK-based business solutions provider, introduced measures to promote responsible AI management. This initiative includes certification to a cutting-edge management system designed for safe and ethical AI use, aligned with the BS ISO/IEC 42001 standard. It addresses concerns such as non-transparent automated decision-making, machine learning utilization, and continuous learning, thereby facilitating responsible AI adoption.
In January 2024, Amtivo Group, a UK-based certification and quality assurance firm, acquired Advanced Certification Ltd. for an undisclosed sum. This acquisition aligns with Amtivo Group's strategy to broaden its UK portfolio and integrate Advanced Certification into its operations, bolstering its service offerings and market position in ISO certification. Advanced Certification Ltd., based in the UK, specializes in certifications for health, safety, and environmental management systems.
Major companies operating in the management system certification market are SGS SA, Bureau Veritas Group, Eurofins Scientific Group, DEKRA Group, Intertek Group, TUV SUD Group, TUV Rheinland Group, Underwriters Laboratories Group, DNV GL Group, Technischer Uberwachungsverein Nord Group, Lloyd's Register Group, SOCOTEC Certification Group, British Standards Institution Group, Kiwa Group, SAI Global Group, NSF International Group, APCER Group, DQS Inc., National Quality Assurance Group, ABS Quality Evaluations Group, International Association of Plumbing and Mechanical Officials Group, Quality Austria Group, Global Compliance Certification Group, QMS International Group
Asia-Pacific was the largest region in the management system certification market in 2023. The regions covered in the management system certification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the management system certification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The management system certification market includes revenues earned by entities by providing services such as auditing, evaluating, and certifying an organization's management system against recognized standards. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Management System Certification Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on management system certification market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for management system certification? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The management system certification market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.