What Is The Overview Of The Global Quality Management Software Market?
Quality management software (QMS) refers to a set of computer-based tools and applications designed to streamline and automate the processes involved in managing quality within an organization. This software encompasses a range of functionalities to ensure the products or services meet predefined quality standards, regulatory requirements, and customer expectations.
Quality Management Software Global Market Report 2024 provides data on the global quality management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The quality management software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Quality Management Software Market?
The quality management software market has expanded from $10.32 billion in 2023 to $11.69 billion in 2024, representing a CAGR of 13.3%. Growth in the recent period has been fueled by the rising penetration of smart devices, demand for quality management systems, on-premise software deployment, increased awareness among manufacturers, and a growing number of enterprises. Looking forward, the market is projected to grow to $19.49 billion in 2028 at a CAGR of 13.6%. Factors such as the need for streamlining and centralizing business processes, the shift to cloud-based systems, greater importance of quality assurance, digitalization, and regulatory compliance will drive this growth. Emerging trends include the adoption of new technologies, improvements in software capabilities, AI and ML integration, introduction of innovative products, and the development of new features.
What Are The Core Factors Supporting Growth In The Quality Management Software Market?
The heightened awareness among consumers regarding product safety and quality is projected to boost the quality management software market. Increased access to information, product recalls, advocacy efforts, and corporate transparency have raised consumer expectations for safety and quality standards. Quality management software ensures compliance, supports transparency, and enables efficient responses to quality issues, fostering consumer trust. A survey by Qualtrics found that consumer preferences are influenced by a brand's safety measures and employee treatment, highlighting the importance of quality management. This growing awareness is driving demand for quality management solutions.
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What Are The Major Segments Within The Global Quality Management Software Market?
The quality management software market covered in this report is segmented –
1) By Solution: Document Control, Non-Conformances Or Corrective And Preventative, Complaint Handling, Employee Training, Audit Management, Supplier Quality Management, Calibration Management, Change Management, Other Solutions
2) By Deployment: Cloud, On-Premise
3) By Organization Size: Small And Medium Enterprise (SME), Large Enterprise
4) By End Use: Information Technology And Telecom, Transportation And Logistics, Consumer Goods And Retail, Defense And Aerospace, Manufacturing, Healthcare, Other End-Uses
Which Trends Are Expected To Transform The Quality Management Software Market?
Companies in the quality management software market are focusing on developing advanced solutions, such as AI-powered QMS software, to enhance their competitiveness. AI-powered quality management systems utilize machine learning algorithms and AI to improve quality management processes. These systems analyze large datasets, recognize patterns, and offer data-driven recommendations to improve efficiency. For instance, in September 2023, Intellect, a U.S.-based software company, launched AI-powered QMS software to enhance quality and safety, reduce errors, and improve decision-making. This software offers features like audit readiness, risk assessments, automation, and time-saving capabilities, driving productivity and efficiency in quality management.
What Is The Fastest Growing Region In The Quality Management Software Market?
North America was the largest region in the quality management software market in 2023. The regions covered in the quality management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
