The global quality management software market size is estimated to reach USD $17.08 billion by 2027, registering a CAGR of 10.1% from 2020 to 2027, according to a new study by Grand View Research, Inc. Quality management software (QMS) is used to better manage and control quality concerns regarding performance, customer satisfaction, and competitiveness of the organization. This is done by controlling the processes as well as products for consistent quality assurance, reducing the quality gap between manufacturing practices and end-product expectations, tracking of deviations, and ensuring compliances. Moreover, owing to the increasing advancements in functionality of solutions with the help of artificial intelligence (AI) and machine learning (ML) tools, the market is anticipated witness rapid growth.
The QMS market is expected to witness tremendous growth due to the increasing demand for effective management of organizational processes and the need for meeting consumer expectations in a highly competitive market. Rapid technology advancements in IT and telecom as well as the automation of transportation and logistics industry are driving the market growth. QMS software offers numerous functionalities including handling of non-conformances, out of specification test results, calibration, ensuring compliance as well as a centralized system that ensures connection to organizations’ ERP and CRM systems. All these capabilities coupled with the reduction in the costs are energizing the adoption of quality management software across a wide range of industries.
The flexibility and mobility offered by quality management software in solutions such as document control and non-conformances’ issue resolving is driving the demand for QMS software. The increasing demand for cloud based QMS solutions due to implied scalability and accessibility is becoming increasingly popular among all industrial sectors. For instance, in July 2019, MasterControl launched a new solution named MasterControl Manufacturing Excellence to help organizations bridge the gap between smart manufacturing and operational excellence by automating the last mile of production.
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Document control segment is expected to witness phenomenal growth over the forecast period. Compliance to stringent quality standards, rigorous regulations passed by FDA and other global regulations are prime factors for adherence to quality document control processes by the industries worldwide
The cloud segment is likely to grow rapidly during the forecast period. The popularity of cloud technology among cost-sensitive customers and small and medium enterprises is anticipated to boost the adoption of cloud QMS solutions
The small and medium enterprise segment is predicted to and at the highest CAGR from 2020 to 2027. An increase in the number of providers and reduced costs of QMS solutions has pushed its adoption by SMEs. Moreover, the utility of QMS solutions has also helped in process optimization and reduction in overall product costs
The healthcare segment is likely to grow at a rapid pace during the forecast period, owing to rapid regulatory updates and innovation in medical devices vis-à-vis technology trends such as the IoT and analytics are likely to boost the utility of QMS solutions in the forthcoming years
Grand View Research has segmented the global quality management software market on the basis of solution, deployment, enterprise size, end use, and region:
Quality Management Software Solution Outlook (Revenue, USD Million, 2016 - 2027)
Non-conformances/Corrective & Preventative
Supplier Quality Management
Quality Management Software Deployment Outlook (Revenue, USD Million, 2016 - 2027)
Quality Management Software Enterprise Size Outlook (Revenue, USD Million, 2016 - 2027)
Small & Medium Enterprise (SME)
Quality Management Software End Use Outlook (Revenue, USD Million, 2016 - 2027)
IT & Telecom
Transportation & Logistics
Consumer Goods & Retail
Defense & Aerospace
Quality Management Software Regional Outlook (Revenue, USD Million, 2016 - 2027)
List of Key Players in Quality Management Software Market:
Arena Solutions Inc.
Dassault Systemes SE
Hewlett-Packard Enterprise Co.
Sparta Systems, Inc.
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