How Is The Global Management System Certification Market Defined?
Management system certification refers to the process by which an independent third-party certifies that an organization's management system complies with specific standards or requirements. It is a useful tool for businesses looking to boost productivity, satisfy stakeholders, adhere to legal standards, and experience long-term success in the cutthroat business world of today.
Management System Certification Global Market Report 2024 provides data on the global management system certification market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Management System Certification market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Management System Certification Market Size Expected To Expand, And At What Annual Growth Rate?
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 growth in the historic period can be attributed to increasing focus on quality management regulatory requirements for certification, demand for improved environmental performance, emphasis on occupational health and safety and growing complexity of supply chains. 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 growth in the forecast period can be attributed to need for enhanced information security, increasing globalization of businesses, rising consumer awareness and demand for sustainable products, pressure from stakeholders for certification, competitive advantage through certification. Major trends in the forecast period include AI and automation integration, blockchain for transparency and traceability, and remote and virtual auditing, increasing use of digital tools and technologies, integration of management systems, increased adoption of remote audit technologies.
What Are The Key Drivers Fueling Growth In The Management System Certification Market?
The increasing frequency of data breaches is expected to drive growth in the management system certification market. Data breaches, unauthorized access to sensitive information, are rising due to evolving cyber threats and vulnerabilities in remote work environments. Management system certification enhances organizations' ability to prevent and mitigate data breaches by establishing robust information security frameworks and implementing effective controls. For example, the Identity Resource Theft Center reported 2,116 data breaches in 2023, surpassing the previous record of 1,862 breaches in 2021. This escalating threat landscape drives growth in the management system certification market through 2023, 2024, and beyond.
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What Are The Principal Market Segments In The Global Management System Certification Industry?
The management system certification market covered in this report is segmented –
1) By Certification Type: Product Certification, Management System Certification
2) By Service Type: Certification And Verification, Training And Business Assurance
3) By Application: Quality Management Systems, Occupational Health And Safety, Information Security And Information Technology (IT), Cyber Security, Food And Safety, Environmental Management, Other Applications
4) By Vertical: Consumer Goods And Retail, Agriculture And Food, Chemicals, Construction And Infrastructure, Energy And Power, Industrial And Manufacturing, Mining , Oil And Gas And Petroleum, Public, Other Verticals
Which Emerging Market Trends Are Altering The Management System Certification Sector?
Companies in the management system certification market are integrating artificial intelligence to enhance their competitive edge. AI can process large datasets to identify trends, patterns, and anomalies, helping certification bodies streamline processes and make data-driven decisions. For example, in January 2024, BSI, a UK-based business solutions company, introduced a new set of measures to support responsible AI management. This includes certification for an innovative management system aligned with the international standard BS ISO/IEC 42001, focusing on the safe and responsible use of AI by addressing issues such as non-transparent decision-making and machine learning.
What Is The Leading Region In The Management System Certification Market?
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.
