NEW YORK, June 12, 2024 /PRNewswire/ — The global quality management software market size is estimated to grow by USD 6.60 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.22% during the forecast period. Rise in adoption of cloud-based quality management software offerings is driving market growth, with a trend towards growing adoption of saas-based quality management software solutions. However, threat from open-source quality management software providers poses a challenge. Key market players include Aras Corp., Autodesk Inc., Cority Software Inc., Dassault Systemes SE, Hewlett Packard Enterprise Co., Hexagon AB, Honeywell International Inc., Intelex Technologies ULC, IQVIA Holdings Inc., MasterControl Solutions Inc., MetricStream Inc., Microsoft Corp., Oracle Corp., Parasoft Corp., PSC Software, QT9 Software Inc., SAP SE, Siemens AG, UniPoint Software Inc., and Wolters Kluwer NV.
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Application (IT and telecom, Transportation and logistics, Consumer goods and retail, Healthcare, and Banking), Deployment (On-premises and Cloud-based), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)
Region Covered
North America, Europe, APAC, Middle East and Africa, and South America
Key companies profiled
Aras Corp., Autodesk Inc., Cority Software Inc., Dassault Systemes SE, Hewlett Packard Enterprise Co., Hexagon AB, Honeywell International Inc., Intelex Technologies ULC, IQVIA Holdings Inc., MasterControl Solutions Inc., MetricStream Inc., Microsoft Corp., Oracle Corp., Parasoft Corp., PSC Software, QT9 Software Inc., SAP SE, Siemens AG, UniPoint Software Inc., and Wolters Kluwer NV
Key Market Trends Fueling Growth
SaaS-based quality management software is gaining traction among enterprises, particularly SMEs. This model eliminates the need for software installation and offers a subscription-based access. End-users pay a monthly fee for device management, which covers maintenance and upgrades. SaaS’s advantages, such as data security, scalability, and low upfront costs, are driving its adoption among SMEs with limited IT infrastructure. These factors are expected to fuel the growth of the global quality management software market.
The printing industry continues to adopt advanced technology with Quality Management Software becoming a trend. This software assists businesses in managing and improving processes, ensuring customer satisfaction. The cloud-based technology allows for easy access and automation of tasks.
Customizability is a key feature, enabling businesses to tailor the software to their specific needs. The use of analytics provides valuable insights into performance and areas for improvement. Additionally, the integration of this software with other business systems streamlines operations. The adoption of this technology is expected to increase in the coming years due to its benefits in enhancing efficiency and productivity.
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Market Challenges
The open-source quality management software market poses a significant challenge for vendors due to the availability of free solutions from providers like FlinkISO and Odoo. These tools cater to various platforms and functionalities, making them attractive for SMEs with limited budgets, particularly in developing countries. This trend may negatively impact revenue and market share for quality management software vendors, potentially hindering market growth.The Quality Management Software market faces several challenges in implementing and optimizing systems. These include the need for real-time reporting and analytics to improve processes (real-time reporting, analytics). Additionally, ensuring compatibility with various systems and integrations is crucial (compatibility, integrations).Furthermore, user-friendliness and customization are essential for widespread adoption (user-friendliness, customization). Lastly, ensuring data security and compliance with regulations is a significant challenge (data security, compliance). Addressing these challenges requires continuous innovation and improvement in the Quality Management Software industry. (innovation, improvement)
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Segment Overview
Application1.1 IT and telecom1.2 Transportation and logistics1.3 Consumer goods and retail1.4 Healthcare1.5 BankingDeployment2.1 On-premises2.2 Cloud-basedGeography3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America
1.1 IT and telecom- Businesses continue to prioritize efficiency and consistency in their operations, leading to a significant demand for Quality Management Software (QMS). This market encompasses solutions that help organizations manage and improve processes, ensuring product and service quality. QMS streamlines workflows, enhances collaboration, and provides valuable data for continuous improvement. Companies across industries rely on these tools to meet customer expectations and regulatory requirements.
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Research Analysis
In the dynamic business landscape, the Quality Management Software (QMS) market continues to evolve, particularly in sectors such as Pharma companies, healthcare, and manufacturing. The Six Sigma approach, driven by Industrial robotics and Machine learning techniques, plays a pivotal role in enhancing quality standards and adhering to regulations. QMS solutions enable manufacturers to streamline processes, improve quality, and ultimately, boost customer happiness. In the healthcare and pharmaceuticals sectors, where customer expectations are high and regulations stringent, QMS software is essential for Manufacturer practises.
Additionally, sectors like the IT and Telecom industries, which prioritize automation and Artificial Intelligence, are also significant consumers of QMS solutions. The integration of 3D printing and Machine learning in manufacturing processes further expands the application scope of QMS software. Overall, the QMS market is poised for growth, driven by the need for continuous quality improvement and the increasing adoption of advanced technologies.
Market Research Overview
The Quality Management Software market encompasses solutions designed to help businesses manage and improve processes, ensure compliance, and enhance customer satisfaction. These tools employ various features such as data analysis, reporting, and automation to streamline operations and identify areas for improvement.
Key functions include defect tracking, corrective and preventive actions, and continuous process optimization. The software caters to various industries, including healthcare, finance, and manufacturing, among others. It enables organizations to maintain high standards, increase efficiency, and ultimately drive business growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ApplicationIT And TelecomTransportation And LogisticsConsumer Goods And RetailHealthcareBankingDeploymentOn-premisesCloud-basedGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
