The management system certification market holds some advantages in terms of higher margins and relatively lower capital expenditure than other business verticals. Players in this market tend to enter into long-term contracts and framework agreements, which help them to increase sales and revenue. The management system certification market is expected to remain a little bit resilient in the 2021 economic cycle owing to the uncertainty of the long-term impact of the COVID-19 pandemic. Growing globalized need to establish regulatory norms or standards for materials, products, systems, and processes; ever-increasing trade flows; globally integrating supply chains; and increased corporate outsourcing of R&D activities and quality assurance work to third parties have supported the long-term expansion of the management system certification market.
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