The growing focus of organizations on standardizing business activities to gain consumer confidence is anticipated to provide opportunities for the global ISO certification market.
The ISO certification is a recognized quality standard awarded by third party or external body wherein companies comply to internationally recognized ISO management systems. The ISO certification validates a company’s credibility as well as instils confidence in customers that the product, service or process they are using is reliable and safe. As a result, the ISO certification market is expected to gain market value around USD 34.5 billion by 2028 and is projected to record a CAGR of approximately 8.3% by 2028. ISO certification is usually implemented by a business to certify their products, services and processes using international standards.
ISO certification is now applicable across sectors and products such as ISO certification for insurance companies or even an ISO certified toy. Regulators and government bodies implement ISO certification to develop better regulation. One of the key objectives of the ISO certification is to ensure that every ISO certified firm is adhering to the same standards. Thus, ISO certification facilitates, easy logistical procedures, overseas market, consumer confidence, and improves quality of business.
An automotive industry is a classic example of ISO certification services. The ISO certification market is attractive and has numerous growth opportunities in various industries. The market is comprised of well-established and emerging certification bodies that are authorised to issue certification. Ongoing developments such as carbon dioxide emissions, evolution of new technologies and need for cost efficiency amidst supply chain complexities are furthering adoption of ISO certification in the automotive industry.
Identifying the best certification body is quite challenging but there are certain firms providing exceptional and reliable services allowing them to dominate the market. Also, the emerging firms are providing specialized, integrated audit, flexibility, language translation at best prices attracting customers and increasing their scope in the ISO certification market and boost the overall global ISO certification market.
Despite the numerous benefits offered by ISO certification, challenges like resistance to ISO implementation, lack of human resources and technical expertise, high costs are some key factors acting as major barriers to the growth of global ISO certification market. On the contrary, government encouragement for implementing ISO standards, skilled leadership, ISO awareness training are some key objectives undertaken to address the challenges that are anticipated to be an opportunity to the ISO Certification Market.
Adroit Market Research report on the Global ISO Certification market presents a global outlook of the market highlighting the key factors influencing market dynamics such as drivers, threats, challenges, and underlying opportunities. Moreover, the report has pointed out various issues faced by the market. The report covers the market from 2018-2028 with base year 2020, historic years, 2018-2020, and forecast years 2021-2028. Porters Five Forces analysis is the important assessment model used for studying the aforementioned forces. The report covers all the areas and aspects of the market that are necessary for the market players to understand and further develop new strategies for 2021-2028 forecast years. Information on potential markets, detailed information of key players, opinion, in-depth research, including insights and data analytics are all offered in the research report.
The market players are bracing novel ways to stay ahead in the competitive landscape and 100% success rate on project completion, provide competent auditors, and offer audit techniques based on industry best practices. In addition to this, to seize a competitive lead against rest of the players the industry players are inking agreements, mergers and collaborations established long-term partnerships and good strategic relationship with partners and growing their business existence locally and globally.
In terms of growth, the ISO Lead Auditor Training grew significantly in places across the world due to renewal cycles for certifications and as it is increasing efficiency improving customer satisfaction and retention. This segment may reach higher than the other segment and is likely to keep the same trend in the forecasted period. Other segments identified in the market include ISO 9001:2015, ISO 14001: 2015, ISO 22301: 2012, ISO 27001-2013, ISO/IEC 27032: 2012, and ISO Lead Auditor Training are the primary segments based on certification segmentation.
The Information technology and construction showed the greatest relative growth due to increasing awareness for standardization and growing based businesses. Besides IT other potent segments include retail, machinery, construction, metallurgy, and equipment, transportation, storage and communication, chemical and fiber, aerospace, bpo, and others are the chief industry-based segments.
Based on geographical dominance, the North American region will be at the lead position throughout the projected timeline. This is due to presence of well-established research and development firms, high disposable incomes, and research studies undertaken at a huge level in this region. However, the APAC and MAE showed modest growth in the ISO certification market.
Some of the best ISO certification companies meeting specific competence requirements are DNV GL AS, Lloyd’s Register Group Services, SGS, Lakshy Management Consultant, The British Standards Institution, and Intertek. These companies are reputed, accredited, specialized in various fields, are highly experienced, conduct integrated audit, offer flexibility, and also provide language translator in certain. The companies ranked in the ISO certification market are poised to gain sporadic growth in future.
Key Segments of the Global ISO Certification Market
Certification Overview, 2018-2028 (USD Billion)
- ISO 9001:2015
- ISO 27001-2013
- ISO 22301: 2012
- ISO/IEC 27032: 2012
- ISO 14001: 2015
- ISO Lead Auditor Training
Industry Overview, 2018-2028 (USD Billion)
- Information Technology
- Machinery and Equipment
- Storage and Communication
- Chemical and Fiber
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa