Management System Certification Market: Industry Gowth at a CAGR of 5.2% to Outstrip USD 40.53 Billion by 2030

The global management system certification market size is expected to reach USD 40.53 billion by 2030 according to a new study by Polaris Market Research.

The industry is anticipated to grow in the approaching years owing to the surging demand for safe and reliable products and the increasing illicit trade of forged and pirated goods. In addition, the execution of stringent government rules & regulations for offering safe and quality products, coupled with the rising focus of manufacturing companies to improve customer retention, is augmenting the industry growth.

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Based on the service, the certification & verification services segment is dominating the global industry over the forecasting period. These services work as indicators for the quality, safety, and reliability of products. Besides, the verification services monitors and assures the uniformity, precision, and inclusiveness of products in terms of performance and competence at all & in-between each stage during the product development lifecycle. Accordingly, the segment offers the effectiveness, quality, and uniformity of the products that meet the growing demand of the consumers for safety and quality standards, thus, in turn, leading the segment dominance.

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Whereas the training & business assurance service segment is showing the highest growth rate in the global industry in the near future. The growing R&D investments, rapid digitalization, as well as rising emphasis on technological developments are the factors that are creating lucrative segment demand over the forthcoming years. The rising emphasis on manufacturing companies for improving customer retention is one of the primary factors likely to accelerate industry growth across the globe.

Quality products aid companies in offering maximum customer satisfaction and retention, along with also decreasing the risk and costs linked with product recalls. The introduction of the quality management standards by the companies offers them opportunities to survive in the highly competitive industry.

Major participants such as IRClass, Applus+, Dekra SE, DNV GL, ALS Limited, Eurofins Scientific, Finecert, GCL International, Intertek, Bureau Veritas, Lloyd's Register Group Limited, Rina S.P.A., SGS Group, Tüv Rheinland, and United Registrar of Systems (URS) are some of the key players operating in the global market.

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Polaris Market Research has segmented the management system certification market report on the basis of certification, service, application, and region:

Management System Certification, Certification Outlook (Revenue - USD Billion, 2018 - 2030):
Product
System

Management System Certification, Service Outlook (Revenue - USD Billion, 2018 - 2030):
Certification & Verification
Training & Business Assurance

Management System Certification, Application Outlook (Revenue - USD Billion, 2018 - 2030):
Consumer Goods & Retail
Agriculture & Food
Construction & Infrastructure
Energy & Power
Industrial & Manufacturing
Medical & Life Sciences
Oil & Gas & Petroleum
Automotive
Aerospace
Marine
IT & Telecom

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This release was published on openPR.