Market Insights:
IT architecture has developed considerably in the recent years and with growing urbanization, and commercialization, many industry verticals are experiencing flourishing growth. This has resulted in a high adoption of Quality Management Software (QMS) for the improvement of operational efficiency. Market Research Future (MRFR) has found and recorded several projections in its report on the global Quality Management Software Market.
According to MRFR, the global QMS market is poised to witness an above average growth of 12.67% during the forecast period of 2017 to 2023 and reach an estimated evaluation of USD 12 Bn by the end of 2023.
Varying QMS tools exist in proportion to the size of the business organizations. These applications are capable of streamlining and managing the quality control process. Use of QMS helps ease quality compliance that may be required in certain industries making it highly necessary and leading to market growth. The increasing focus on quality control from consumers and the rising implementation of quality control regulations across various industry verticals have increased the demand for QMS solutions. However, deployment costs of QMS solutions are high and are expected to hamper market growth. Despite this, the development of integrated QMS is expected to offer market expansion opportunities.
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Major Key Players:
MRFR’s analysis of the global quality management software market includes the study of the competitive landscape and participating market players. These players use mergers & acquisitions, R&D activities, and product launches as key marketing strategies to secure strong market positions. Prominent players included in the report are Pilgrim Quality Solutions Inc., IQS Inc., Sparta Systems Inc., MasterControl Inc., MetricStream Inc., SAP SE, QUMAS, General Electric, Autodesk Inc., IBM Corporation, Hewlett Packard Enterprise, Plex Systems Inc., Intelex Technologies, MetricStream Inc., and QUMAS among others.
Market Segmentation:
The global quality management software has been segmented in MRFR’s report on the basis of solution type, deployment, organization type, industry, and region. Based on solution type, the market is segmented into audit management, complaint management, CAPA management, document management, change control, training management, product registration, EH&S Management, supplier quality management, and others.
Deployment of QMS software is divided between on-premise and on the cloud. By organization size, the market is segmented into the small & medium organization and large enterprises. Quality management software finds applications across various industry verticals which include aerospace, retail, healthcare, transportation, IT & telecommunications, oil & gas, manufacturing, and others.
Regional Analysis:
The Asia-Pacific is set to experience rapid growth during the forecast period. With foreign investments rolling in, and the urbanization across the region business organizations are improving efficiency to meet consumer expectations. Moreover, the emergence of cloud computing ant the presence of rapidly growing industry verticals in emerging markets has led to the growth in demand for QMS solutions. Countries such as China, India, and Taiwan are key to the development of the global QMS market.
North America leads market growth and is closely followed by Europe. These regions have a high adoption of cloud computing and maintain international standards which require quality compliance. Moreover, these regions, particularly North America have many leading key players who are prominent in the market.
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Latest Industry News:
Epazz Inc, a leading cloud-based business software provider, has announced the launch of its updated version of EQM, version 4. Version 4 is a new QMS solution, food inspection software, and audit software in an effort to offer compliance management solutions to businesses and governments.
Aegis Software has announced that its FactoryLogix is now generally available. The new release increases its capabilities to include administrative quality management. The software is expected to assist in the manufacturing sector and assist in quality compliance.
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