According to a report by Grand View Research, Inc., global quality management software market is anticipated to value USD 13.94 billion by 2025. Growing requirement for effective management of organizational processes to meet consumer satisfaction is anticipated to propel demand for quality management software. Such software are likely to ensure quality assurance and reduce deviation between estimated vs delivered product quality.
Growing need for controlling product quality and processes based on industry and regulatory norms can fuel growth of market. Continual development in product quality and software delivered to consumers can influence growth of market in the forthcoming years. Integration of newer products and functionalities with existing software such as customer relationship management (CRM) and enterprise resource planning (ERP) can augment market growth during the forecast period (2014 to 2025).
The quality management software market can be segregated on the basis of application, solution, deployment, company size, and region. Based on application, the market can be categorized into IT & telecom, transportation & logistics, consumer goods & retail, defense & aerospace, manufacturing, healthcare, other. In 2016, manufacturing segment dominated the market and accounted for largest market share. It is estimated to grow at similar pace during the forecast period. Growing need for quality final products via streamlined manufacturing processes can fuel growth. Rising concerns for meeting consumer expectations and to deliver complete customer satisfaction can push manufacturing enterprises to adopt quality management software.
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Similarly, healthcare application segment is likely to grow fast during the forecast period attributed to regulations and compliance issues. In addition, changing directives and standards at international level can further aid segment growth. It is predicted to grow at CAGR of 12.1% during the forecast period.
Based on solution, the market can be classified into document control, complaint handling, employee training, non-conformances/corrective & preventative, audit management, supplier quality management, calibration management, change management, and others. In 2016, document control solution segment dominated the market and accounted for 17.6% of overall revenue. High demand for elimination of out-of-sync metadata and automating escalation, document routing, and approval can drive growth.
Similarly, complaint handling segment is expected to witness significant growth at CAGR of 13.4% during the forecast period. However, change management solutions segment is likely to grow at CAGR of 11.9% during the forecast period.
Based on company size, the market can be divided into small & medium enterprise (SME) and large enterprise. In 2016, large enterprise segment dominated the market and account for largest market share.
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Based on deployment, the market can be bifurcated into on-premise and cloud. Cloud based OMS solutions are likely to contribute for maximum market share during the forecast period attributed to rising demand among small and medium enterprises. Advantages such as mobility and flexibility are likely to surge product demand. In addition, low implementation cost for QMS owing to availability of solutions such as private, public, and hybrid cloud by cloud service providers can fuel market growth. Hence, cloud based QMS segment is expected to grow at CAGR of 12.7% during the forecast period.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In 2016, North America dominated the market and accounted for largest market share. Growing adoption of safety and compliance standards in healthcare sector is anticipated to propel growth of market. In addition, increasing use of quality management software for proper functioning of company can fuel growth of market. Moreover, strong regulations from FDA, ISO 9000, and ISO 9001 are likely to surge demand for quality management software in small medium enterprises (SMEs). This, in turn, can fuel market growth in the region.
Similarly, Asia Pacific is expected to grow at CAGR of 11.8% during the forecast period. High demand for quality management software in the region can influence growth. Moreover in Europe, the market is likely to lose its share during the forecast period.
Some of the leading companies offering quality management software are Sparta Systems, Inc.; Autodesk Inc.; MasterControl, Inc.; Aras Corporation; and SAP SE. Large number of solution providers present in the market are likely to create tough competition among players. Companies are expected to launch products loaded with additional functionalities and features to gain traction among consumers.
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