Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Quality Management Software market.
Trusted Business Insights presents an updated and Latest Study on Quality Management Software Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Quality Management Software market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Quality Management Software Market
The global quality management software market was valued at USD 6.85 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 09.0% from 2021 to 2027. Factors such as increasing importance of quality assurance, customer centric production, and changes in standards and regulations are driving the demand for quality management software (QMS). Moreover, the need to register to the ISO 14001, ISO 90001, or other international standards to meet the demand, legislative requirements, competitive pricing, and to satisfy customers has become imperative to run businesses worldwide. Thus, increasing demand and applications of QMS software across various industry sectors is likely to propel the market growth.
According to the Center for Economic and Business Research, every dollar invested in QMS solutions generates USD 6 in revenue, USD 3 in profit, and USD 16 in cost reduction. Enterprises across the world are increasingly recognizing the need for comprehensive QMS solutions to improve business performance and gain competitive advantage. They are evaluating and investing in right solutions to ensure that quality standards are maintained at every stage of the product lifecycle. Among enterprise software solutions, QMS has become one of the strategic priorities to be implemented by the organizations.
Quality management software solutions available in the market today provide a host of functionalities, including nonconformance, complaint handling, document control, calibration, and change management. These functionalities make it an essential tool for an organizations overall control over product quality. In addition, recent technological advancements such as analytics, cloud, and big data have further enhanced the existing capabilities of QMS solutions. As a result, industries such as manufacturing, life sciences, and IT and telecom are adopting QMS solutions at a rapid rate.
The QMS solutions providers are now focusing more on enhancing sustainability practices, which helps companies in reducing waste and their carbon footprint. In alignment with United Nations Sustainable Development Goals (SDGs) to reduce carbon emissions, the use of QMS solutions is expected to help organizations reduce the human impact on the environment. While numerous end-use industries are adopting quality management solutions, there exist some challenges that vendors need to address. These challenges include integration with other systems, lack of collaboration, and misalignment with the latest trends and technologies. While market vendors are trying to tackle these problems, the widespread acceptance of cloud-based deployment will prove beneficial and address the challenges of adopting QMS solutions across industries.
The stringent compliance of international technical specifications and quality management standards such as ISO 9001, IATF 16949, and AS9100 Rev.D are expected to increase the implementation of QMS across industries. Moreover, the C level management teams across organizations are taking efforts to align quality management with strategic objectives. Many organizations are taking advantage of quality management methodologies, such as ISO standards and Six Sigma, to improve efficiency, productivity, and customer satisfaction. As a result, compliance management, quality process management automation, and supplier quality assurance are expected to become the prime focus areas of QMS users over the coming years.
Solution Insights: Quality Management Software Market
The document control segment lead the quality management software market with a share of over 16% in 2019. This can be attributed primarily to the necessity of large organizations to maintain quality adherence in these processes. The complaint handling segment is expected to grow substantially over the forecast period 2021-2027. Growing adoption of standard complaint handling tools and processes will act as fundamental drivers to boost the segmental growth.
Calibration management solution provides essential connections between related maintenance tasks and additional quality processes for regulated life science and high-tech environments. Such solutions help in increasing the life of machinery and save the companys revenue by reducing the number of recalled products. As per Beamex Inc., a calibration software company, more than 75 percent of companies carry out more than 2,000 calibrations annually in the highly regulated pharmaceuticals sector. QMSs calibration management solutions will help manage instrument calibration processes and associated documentation of the organizations to make them more productive and efficient.
Deployment Insights: Quality Management Software Market
Cloud and on-premise are two types of deployment methods used by industry players. The on premise segment is anticipated to be dominant in the market with cloud based deployments gaining traction in the coming years. The scalability and flexibility of the cloud technology, security aspects, and control over the data center are some of the prime factors that will boost the utility of cloud technology in the dispersion of QMS solutions. Presently, as per the tech industry experts, around 60% of workloads are run on a hosted cloud service in 2019.
On the security front, data encryption techniques are being widely adopted to prevent the leak of sensitive QMS data. The encryption techniques serve a great purpose during data transmission. Major emphasis is being laid on improving the security levels and enterprises are explicitly demanding necessary privileges to verify, inspect, and test the cloud security at any given point of time. The rising emphasis to secure cloud technology will foster the confidence of organizations to turn towards cloud QMS solutions during the forecast period.
Enterprise Size Insights: Quality Management Software Market
The large enterprise segment lead the market with a revenue share of more than 65% in 2019. The reduction in costs is the primary motivation behind the adoption of quality management software in this segment. Many of the quality management software vendors have a different set of software suites for large enterprises and small and medium enterprises. These suites are tailored to fit the exact requirements of the clients and hence play a integral role in the selection process.
The mobility and flexibility offered by QMS software are driving the demand in large enterprises, contributing to new functionalities being added to the software every day. While integration and deployment do not exactly constitute the product usage features, it forms the first and most crucial step of the entire process. Organizations today use a host of different software and systems and produce a large amount of data. With ever increasing data, artificial intelligence, and machine learning technologies, QMS solutions are anticipated to cater to the organizations needs to bring in efficiency and productivity over a period of time.
End-use Insights: Quality Management Software Market
The manufacturing and transportation and logistics segment have a strong demand for quality management software owing to the stringent regulations as well as the complex processes and integrated business systems. Both segments are expected to dominate the market followed by the IT and telecom segments. The healthcare segment is expected to be one of the largest adopters of quality management software. Moreover, a large number of healthcare QMS vendors are offering software to maintain current good manufacturing practices and medical device regulations including European Union Medical Device Regulation (EU MDR), FDA 21 CFR part 820, and ISO.
An effective complaint management system is critical to meeting the critical objectives of the companies such as compliance with industry regulations, avoidance of potential product liability lawsuits, and customer retention. For instance, QMS solution helps telecom service providers support their communication strategy, by complying with the highest quality standards in the telecommunications products and services industry including TL9000 requirements. Moreover, the QMS vendors are taking into consideration the needs of Quality Excellence for Suppliers of Telecommunications Forum (QuEST), which promotes continuous improvements to the quality and reliability of telecom products and services.
Regional Insights: Quality Management Software Market
North America lead the market with a share of over 40% in 2019. Asia Pacific is anticipated to be the fastest growing regional market driven by the growing awareness about the standards and the quality among the emerging economies such as China and India. The increasing regulatory pressure in European region and reforms in the EU data protection rules for protecting the enterprise data is remarkably impacting the adoption of quality management software. Moreover, across the globe, in various regions such as European Union, Asia Pacific, and U.S. and Canada, proof of ISO 9000 registration has become a prerequisite for conducting trade with companies and government agencies tracked by industry and government regulations.
Patient Protection and Accountable Care Act (PPACA), 2010, was enacted in North America to provide quality healthcare facilities to comply with quality standards. In addition, in European countries, SaaS providers deploying solutions on cloud-based platforms need to comply with the European Data Protection Directive (Directive 95/46/EC) and General Data Protection Regulation. Moreover, European Medical Device Regulation (EU MDR) to replace Medical Device Directive in 2020 requires medical companies to meet requirements such as device classification and updating QMS. These factors will boost the QMS market in the regions significantly during the forecast period.
Key Companies & Market Share Insights: Quality Management Software Market
Partnerships and strategic mergers and acquisitions are anticipated to be the most effective way for industry players to gain quick access in emerging markets. Also, product differentiation and upgradation is expected to pave the way for business expansion. In January 2020, Cority Software Inc., acquired Enviance, a U.S based environment, health, safety (EHS) software provider. Acquisition of Enviance will help Cority Software Inc., in enhancing additional functional capabilities to its solution platform and increase its customer base worldwide. In December 2019, Arena Solutions Inc. partnered with Product Realization Group (PRG), a product development and project management company, and announced a new array of services for product lifecycle management and quality management systems. The partnership aimed at helping their clients to launch their products to full commercial scale at a lower cost and reduced risks. Some of the prominent players in the quality management software market include:
Key companies Profiled: Quality Management Software Market Report
- MasterControl, Inc.
- SAP SE
- Sparta Systems, Inc.
- PSC Software Company
- Arena Solutions Inc.
- Aras Corporation
- Autodesk Inc.
- Dassault Systemes SE
- Oracle Corporation
- Siemens AG
- Parasoft Corporation
- Hewlett-Packard Enterprise Co.
- Â Microsoft Corporation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global quality management software market report based on solution, deployment, enterprise size, end use, and region:
Solution Outlook (Revenue, USD Million, 2016 – 2027)
- Document Control
- Non-Conformances/Corrective & Preventative
- Complaint Handling
- Employee Training
- Audit Management
- Supplier Quality Management
- Calibration Management
- Change Management
Deployment Outlook (Revenue, USD Million, 2016 – 2027)
Enterprise Size Outlook (Revenue, USD Million, 2016 – 2027)
- Small & Medium Enterprise (SME)
- Large Enterprise
End-use Outlook (Revenue, USD Million, 2016 – 2027)
- IT & Telecom
- Transportation & Logistics
- Consumer Goods & Retail
- Defense & Aerospace
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