SAN FRANCISCO, May 12, 2021 /PRNewswire/ — The global quality management software market size is estimated to reach USD 16.67 billion by 2028, registering a CAGR of 9.7% from 2021 to 2028, according to a new study by Grand View Research, Inc. The increasing advancements in functionalities of Quality Management Software (QMS) solutions along with the increasing integration of Artificial Intelligence (AI) and Machine Learning (ML) tools are expected to boost market growth over the forecast period.
Key suggestions from the report:
- The document control segment is expected to witness significant growth over the forecast period. Compliance with stringent quality standards and rigorous regulations passed by FDA and other global regulations are the key factors for adherence to quality document control processes by industries worldwide
- The cloud segment is anticipated to record the highest CAGR from 2021 to 2028. 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 expected to record the highest CAGR from 2021 to 2028. The growing number of providers and reduced costs of QMS solutions have boosted their adoption across SMEs. Moreover, the utility of QMS solutions in process optimization and reduction of overall product costs are estimated to further drive the segment growth over the forecast period
- Healthcare is anticipated to emerge as the fastest-growing end-use segment over the forecast period. Rapid regulatory updates and innovation in medical devices vis-à-vis technology trends such as the Internet of Things (IoT) and analytics are likely to boost the demand for QMS solutions in the forthcoming years
Read 185 page research report with ToC on «Quality Management Software Market Size, Share & Trends Analysis Report By Solution (Document Control, Complaint Handling, Change Management), By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2021 – 2028» at: https://www.grandviewresearch.com/industry-analysis/quality-management-software-market
The QMS market is anticipated to witness significant growth owing to the rising demand for effective management of organizational processes and the need for meeting consumer expectations in a highly competitive market. In addition, the rapidly increasing technological advancements in the IT and telecom sector and growing automation of the transportation and logistics industry are also contributing to the market demand. QMS software offers various functionalities, including out-of-specification test results, handling of non-conformances, calibration, ensuring compliance as well as a centralized system that ensures connection to organizations’ ERP and CRM systems. All these functionalities, coupled with benefits such as reduction of operational costs and business process optimization, are estimated to propel the adoption of QMS across a wide range of industries.
Quality management software offers increased flexibility and mobility in applications such as document control and resolution of non-conformances. The demand for cloud-based QMS solutions among end-use industries due to implied scalability and accessibility is further anticipated to boost the market growth. For instance, in January 2021, Arena Solutions, Inc. partnered with Rimsys Inc., a Regulatory Information Management (RIM) software platform provider, to offer secure cloud-based end-to-end quality and product-centric regulatory solutions for the MedTech industry. The strategic partnership is expected to enhance both the companies’ capabilities in automatically monitoring document changes and alerting users during reporting updates based on the document location.
Grand View Research has segmented the global quality management software market based on solution, deployment, enterprise size, end-use, and region:
- QMS Solution Outlook (Revenue, USD Million, 2016 – 2028)
- Document Control
- Non-conformances/Corrective & Preventative
- Complaint Handling
- Employee Training
- Audit Management
- Supplier Quality Management
- Calibration Management
- Change Management
- QMS Deployment Outlook (Revenue, USD Million, 2016 – 2028)
- QMS Enterprise Size Outlook (Revenue, USD Million, 2016 – 2028)
- Small & Medium Enterprise (SME)
- Large Enterprise
- QMS End-use Outlook (Revenue, USD Million, 2016 – 2028)
- IT & Telecom
- Transportation & Logistics
- Consumer Goods & Retail
- Defense & Aerospace
- QMS Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
List of Key Players in the Quality Management Software (QMS) Market
- Aras Corporation
- Arena Solutions Inc
- Autodesk Inc
- Dassault Systemes SE
- Hewlett-Packard Enterprise Co.
- MasterControl, Inc.
- Microsoft Corporation
- Oracle Corporation
- Parasoft Corporation
- PSC Software
- SAP SE
- Siemens AG
- Sparta Systems, Inc.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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