Quality Management Software Market: Overview
According to the latest research reports, the global quality management software market is expected to grow at an outstanding CAGR of 9.7 % during the forecast period of 2021 to 2028.
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The global quality management software market was initially evaluated at US$ 8.25 billion in the study’s base year i.e. 2020.
The professional survey study also projects that the global quality management software market will grow during the forecast period owing to the rising significance given to customer-centric production as well as due to the constant and frequent shifts in standards and regulations for recurring compliances.
The outbreak and spreading of the novel coronavirus adversely affected the transportation and logistics as well as manufacturing industries across the world. This trend also affected the demand for services and solutions offered by the players and vendors in the global quality management software market.
The vendors working in the landscape of the global quality management software market offer their consumers with various novel services and solutions, such as non-conformances or corrective and preventive, employee training, supplier quality management, change management, document control, complaint handling, audit management, calibration management, among others.
The services and solutions in the global quality management software market are deployed through two distinct methods – namely on premise as well as cloud.
Few of the major and dominant end users for the solutions and services in the global quality management software market include transportation and logistics, defence and aerospace, healthcare IT and telecom, consumer goods and retail, and manufacturing, among others.
The growing trend of individuals around the world opting for internet based shopping platforms has led to the fast paced growth of B2C or business to consumer markets. This has intensified the need within the transportation and logistics industries for effective and timely shipping and services.
This, in turn, has proven to be beneficial for the growth of the global quality management software market.
The global quality management software market is witnessing a substantial rise, thanks to the increasing uptake of quality management tools in enterprises due to their dynamic business models. The escalating adoption of quality management software by med-sized businesses is prime factor behind this tremendous growth of this market.
Over the coming years, the worldwide market is projected to experience a tremendous rise in the demand for quality management software on the grounds of the rising trend of the globalization of the marketplaces. The augmenting emphasis on the compliance of standards and regulations is also expected to add to the growth of this market significantly in the near future.
Although the market will gain greatly from the rising focus of the enterprises on meeting the demands of consumers and the improving the efficiency of businesses over the next few years, the security threats associated with the usage of cloud-based platforms may limit the adoption of this software in the years to come, reflecting negatively on this market.
Strategic mergers, acquisitions, and partnerships are expected to surface as the most efficient methods of the leading players to gain an easy access to the developing markets as well as enhance their technological competence. Moreover, the product advancements and differentiation are anticipated to prove to be beneficial to companies functional in this market.
Global Quality Management Software Market: Summary
In order to improve operational visibility and productivity of the quality assurance process, service and product driven organizations require quality management software. The quality management software offers a variety of functions such as document control, nonconformance, calibration, change management, and complaint handling, among others, making it an indispensable utility for an organization’s overall quality control.
On the basis of application, the market can be segmented into consumer goods and retail, IT and telecom, defense and aerospace, manufacturing, transportation and logistics, healthcare, and others. Cloud and on-premise are the segments based on deployment in the market. Based on solution, the market is can be further classified into non-conformances / corrective & preventative, audit management, supplier quality management, document control, calibration management, complaint handling, change management, employee training, and other.
In the report, TMR Research presents a thorough analysis of drivers and restrictions in the global quality management software market. It also provides insight to the various segments and regions of the market.
Global Quality Management Software Market: Trends and Prospects
Globalization of marketplaces, the growing importance of standards’ and regulations’ compliance, increased concentration of organizations on meeting customer demands and improving the efficiency of businesses, and the growing demand for cloud-based QMS solutions due to implied accessibility and scalability are the major factors affecting the global quality management software market in a favorable way.
The manufacturing and transportation and logistics segment account for a large market share, and is expected to lead the market in the coming years as well. The demand is always constant from these sectors due to the strong demand for quality management software owing to the stringent regulations as well as the complex processes and integrated business systems.
Currently, the on-premise deployment segment is the key contributor to the market share, however, in the coming years the demand for cloud-based deployment is expected increase as more and more companies are moving to cloud.
The non-conformance/ corrective & preventive and document control solution segment is expected to lead the market in the forecast period. Large organizations have to mandatory maintain quality adherence in these processes, thereby increasing the demand growth.
Owing to the growing adoption of standard complaint handling processes and tools, the complaint handling segment is projected to further grow to become the market leader over the said period.
Global Quality Management Software Market: Regional Analysis
The global quality management software market can be geographically segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa. North America and Europe are expected to be the key contributors to the market, and are projected to dominate the market over the forecast period. Early adoption of software and implementation of international standards by industries are the factors supplementing the growth of the market in this region.
Asia Pacific is another promising region exhibiting lucrative opportunities for the quality management software market. The reasons for the fast development in this region include the growing awareness about standard compliance, availability of quality management software and presence of small and medium enterprises. Plus, emerging economies such as China and India are expected to fuel the growth of the market.
Global Quality Management Software Market: Key Players
The report profiles key players operating in the global quality management software market based on various attributes such as financial overview, business strategies, company overview, and recent developments. Hewlett-Packard Enterprise Co., PSC Biotech Corp., Sparta Systems, Inc., SAP SE, Parasoft Corporation, MasterControl, Inc., Siemens AG, Aras Corporation, Autodesk Inc., Dassault Systemes SE, Arena Solutions Inc., Oracle Corporation, and Microsoft Corporation are some of the prominent players in the market.
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