The global quality management software (QMS) market is anticipated to reach USD 13.94 billion by 2025, according to a new report by Radiant Insights, Inc. The market is expected to witness considerable growth due to the increasing demand for effective management of organizational processes and the need for meeting consumer expectations in a highly competitive market.
The need for controlling processes and product quality in accordance with regulatory and industry norms coupled with increasing compliance pressure are some of the key factors responsible for the growing adoption of quality management software. Furthermore, as numerous manufacturing companies are focusing their efforts on ensuring quality assurance and reducing deviations in the expected versus delivered product quality, the demand for QMS is expected to maintain a consistent growth rate over the forecast period.
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Recent advancements in product capabilities and software delivery to end users have had a considerable effect on market development. As a result, newer functionalities and product integration with existing software platforms such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) are boosting the adoption of quality management software across a wide range of industries.
An important parameter in the industry is the adoption of cloud platforms and Software-as-a-Service (SaaS) solutions. It has not only reduced the overall cost of solutions but has also resulted in lesser infrastructure management overheads and affordable scalability and flexibility. While concerns regarding security and data integrity still exist among users, cloud deployment has become a key asset for QMS deployment.
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Further key findings from the report suggest:
• Small and medium enterprises are leading the market in terms of adoption of new solutions across all industries.
• The adoption of QMS in SMEs is primarily driven by the proliferation of cloud deployment and the need for cost flexibility and agility among SMEs.
• Globalization and competition for international market spaces have led to the need for complying with numerous international standards and directives.
• The manufacturing application segment witnessed the highest demand for QMS in 2016.
• The key players in the market include MasterControl, Inc., Sparta Systems, Inc., SAP SE, Arena Solutions Inc., and Autodesk Inc., among others.
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