Quality Management Software Market Highlights:
The global quality management software market 2020 can touch an attractive valuation of USD 12 billion by 2023, reckons Market Research Future (MRFR). MRFR believes that the market can achieve a CAGR of 12.67% from 2017 to 2023 (forecast period).
Quality management software is in high demand on account of the numerous functionalities it offers, such as out of specification test results, handling of non-conformances, ensuring compliance, calibration, and a centralized system that helps ensure the connection to organizations’ Enterprise Resource Planning (ERP) as well as Customer Relationship Management (CRM) systems. Along with these capabilities, the ability to reduce costs also boosts the adoption of Quality Management Software Market across a variety of industries around the globe.
The QMS market can note tremendous growth in the near future, owing to the skyrocketing demand for the efficacious management of organizational processes coupled with the rising need to meet with consumer requirements in an intensely competitive market. Technological developments in IT and telecom combined with the automation of the logistics and transportation industry can also spell success for the market during the review period.
Cloud technology has been a hot property since its inception and has been a big hit among the cost-sensitive customers as well as small and medium enterprises. The use of cloud-based QMS offers without the incurrence of any additional cost can boost its demand in the market. Therefore, the rising demand for cloud-based QMS solutions can be a major growth booster in the quality management software market in subsequent years.
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The prominent companies inducing the growth of the global market for quality management software include Pilgrim Quality Solutions, Inc. (U.S.), IQS, Inc. (U.S.), MasterControl, Inc. (U.S.), MetricStream, Inc. (U.S.), Plex Systems, Inc. (U.S.), Intelex Technologies, Inc.(Canada), IBM Corporation (U.S.), SAP SE (Germany), AssurX, Inc.(U.S.), Autodesk Inc,(U.S.), Arena Solutions, Inc. (U.S.), Hewlett Packard Enterprise (U.S.), Sparta Systems, Inc. (U.S.), General Electric Company (U.S.), QUMAS (U.S.), and others.
The market for quality management software has been dissected depending on solution type, deployment, organization type, and industry.
- The solution types discussed are complaint management, document management, audit management, EH&S Management, CAPA management, supplier quality management, training management, change control, product registration, and others.
- Quality management software is either deployed on-cloud or on-premise.
- Depending on the organization size, the market segments are small and medium enterprises (SMEs) as well as large enterprises.
- Quality management software finds use in a variety of industries like manufacturing, retail, IT & telecommunications, aerospace, healthcare, oil and gas, transportation, and others. In the healthcare industry, quality management software has gained significant momentum on account of the expanding population along with the increasing costs associated with healthcare. Healthcare makes extensive use of this technology to enhance patient satisfaction as well as service.
Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), as well as North America, are the primary regions across which the quality management software market is projected to expand during the evaluation timeframe.
North America is the ruling market for quality management software, thanks to the early adoption of the latest technologies by renowned companies and rapid technological advancements. The mounting demand for safety, as well as amenability standards within the healthcare industry, can also benefit the regional market in the years to come.
APAC is all set to note an expeditious growth in the following years, on account of the elevating efficiency of businesses coupled with the higher focus on fulfilling customer demands. Emerging countries like India, China, and Taiwan are major adopters of quality management software in the region. The regional market also gets a significant boost from the rising deployment of cloud-based services, given the growing need for flexibility, scalability, and optimized processes.
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