About Product Certification Service
Product certification services includes the services from applying for product certification to evaluation, surveillance, and issue of product certification. Product certification ensures that certain products have passed performance tests and quality assurance tests to meet the regulations and qualification criteria. More and more companies are demanding product certification services in order to increase product competitiveness in the market and increase consumer creditability through the implementation of standards. Further, the compulsion of product certification by the governments to enhance safety and quality of products will accelerate the product certification service market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that European Players will contribute the maximum growth to Global Product Certification Service market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
SGS S.A. (Switzerland), Intertek Group plc (United Kingdom), Ecocert (France), Bureau Veritas (France), CU Inspections (India), Cotecna SA (Switzerland), UL, LLC (United States), BSI (United Kingdom), Dekra (Germany), TÜV SÜD (Germany), NSF International (United States), Element Materials Technology (United Kingdom), EC International Certifications (India), ASTM International (United States) and IFC Certification Ltd (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Product Certification Service market by Type (CE Marking, FDA, FCC, CB and Others) and Region.
On the basis of geography, the market of Product Certification Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Enterprise Size, the sub-segment i.e. Small & Medium Enterprises will boost the Product Certification Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Manufacturing will boost the Product Certification Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Process, the sub-segment i.e. Application will boost the Product Certification Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased Adoption of Technological Advancements by the Service Providers to Provide High Level Service and Enhance Customer Experience
Market Growth Drivers:
Surging Demand for Product Certification Service for Food & Beverage Products to Meet the Food Safety Regulation Standards, Increased Demand for Product Certification In Order to Ensure Consistency and Gain Marketing Advantages and Implementation of Government Regulations for Compulsion of Product Certification Will Boost the Market
Challenges:
Insufficient Demand for Certified Products and Challenges Associated with Certification Products in Developing Countries
Restraints:
Complex Process and Surveillance Issues in the Product Certification Process May Hamper the Growth and Lack of Skillful Workforce and Control over Standard of Service
Opportunities:
Rapidly Emerging Small & Medium Enterprises and Startups Worldwide, Robust Growth of Manufacturing Sector in the Asia Pacific Countries will Create Significant Opportunities and Increased Adoption of Consumer Electronics Across the Globe Will Boost the Product Certification Service Market
Market Leaders and their expansionary development strategies
In 2021, Intertek acquired SAI Global Assurance, a leading provider of assurance services. SAI Global Assurance provides assurance services including management systems certification and second party audits across various industries. With this acquisition, Intertek is looking to expand its global assurance offerings and increase presence in the complementary geographic markets including Australia, US, Canada, UK, and China.
In 2021, SGS launched state of the art digital operations to become digital leader in the TIC market. SGS is world's leading testing, inspection, and certification service provider to the wide industry verticals. In order to become the digital leader in global TIC industry, SGS opened its new operation in the Portugal, which utilizes digital technologies and methodologies for fast prototyping and user centric product development.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Product Certification Service Providers, Venture Capitalists and Private Equity Firms, Government Bodies and Research Organizations, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.