Competition in the global quality management software market is expected to increase considerably in the coming years, states Transparency Market Research (TMR) in its recent report. The entry of new players will further trigger the competition in this market. This has also resulted in the market highly fragmented. Numerous players in the global quality management software market are adopting advanced technologies to offer highly efficient and advanced products. Product differentiation is also one of the major concern of these players. Partnership, mergers and acquisition, and collaboration are favorable strategies of prominent players. Recently, Sparta Systems launched the industry’s first AI-augmented decision-making capabilities for the quality management system. The aim of the company was to provide proactive quality management rather than reactive services. Such initiatives will augment growth in this market.
Leading players are experimenting with different software and adding new features in order to upgrade software in use. Some of the prominent players operating in the global quality management software market include Hewlett Packard Enterprise Co., International Business Machines Corp., MasterControl Inc., Oracle Corp., and Dassault Systèmes SE.
Regarding the statistical information presented in TMR’s report, the global quality management software market is expected to cross US$24.4 bn by the end of 2025. The market is anticipated to progress at impressing rate of 13.20% CAGR between 2017 and 2025.
With respect to geographical reach, developed regions standout and perform outstandingly in enhancing growth in the global quality management software market. Rapid technological advancements and the presence of leading software companies in the region has made North America hold top position in this market.
The highest demand for quality management software is seen in the healthcare and life science sectors. With increasing concentration to provide advanced healthcare services and to initiate fast-track experiments and drug development has encouraged the use of quality management services in these two sectors.
Need for Quality Assurance Enhanced Market Performance
With the rising application of quality management software in industries like manufacturing, healthcare and life sciences, telecom and IT, automotive, consumer goods and retail, aerospace and defense, and various other have boosted growth in the global quality management software market. Adoption of this software helps in the efficient management of organizational processes and developments and assists in meeting customer requirement for advanced products.
As quality management software provides functionalities, such as complaint handling, nonconformance, calibration, and document control, its use has grown substantially across the globe. Moreover, rising focus towards the cloud, analytics, and big data/information have augmented the adoption of this software. Relating to all these factors, the global quality management software market is expected to rise at a considerable rate in the next few years.
High Deployment and Maintenance to Challenge Growth of Quality Management Software
Having said that, few factors such as high investments to put in research and development activities and high cost involved in maintenance and deployment of quality management software is likely to hamper growth in the global quality management software market. Risk related to data theft and privacy of that data is also raising concerns of deployment of this software.
Over the period, the effect of these restraints will reduce due to increasing advancement in technology that will secure data and drive the adoption of quality management software. Moreover, increasing government policies in regulating quality standards will provide momentum in advancing the quality management software market.
The review is based on a market research report by TMR, titled, “Quality Management Software Market (Deployment Type - On premise, Cloud-Based; End-Use Industry - Aerospace and Defense, Automotive, Consumer Goods and Retail, Healthcare and Life Sciences, ITES and Telecom, Other industries; Solution Type - Audit Management, Complaint Management, Training Management, CAPA Management, Document Management, Change Control, Product Registration, EH&S Management, Supplier Quality Management, Other Solutions; Organization Type- Large Enterprises, Small & Medium Enterprises) - Global Industry Analysis, Share, Size, Growth, Trends and Forecast 2017 - 2022.”
The segmentation in the global quality management software market is based on:
- On premise
- Aerospace and Defense
- Consumer Goods and Retail
- Healthcare and Life Sciences
- ITES and Telecom
- Other industries
- Audit Management
- Complaint Management
- Training Management
- CAPA Management
- Document Management
- Change Control
- Product Registration
- EH&S Management
- Supplier Quality Management
- Other Solutions
- Large Enterprises
- Small & Medium Enterprises
- North America
- Latin America
- Asia Pacific Excluding Japan (APEJ)
- Middle East and Africa (MEA)
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