The global quality management market is estimated to be valued at US$ 13,833.2 Mn in 2018 and is expected to increase to US$ 25,418.9 Mn by 2023, registering a CAGR of 12.9% over the forecast period (2018-2023). Quality management software aids organizations to maintain quality of product or services it offers. Increasing competition and government regulations for quality measures is propelling organizations across various industries to adopt effective quality management software. This is expected to aid in growth of the market.Governments of various countries have implemented various standards and regulations for maintaining product quality and this is one of the major factors increasing demand for quality management software in various verticals such as healthcare, automotive, telecommunication, and consumer goods.
International Organization for Standardization, BSI Group, Food and Drug Administration, and Food Safety and Standards Authority of India are some of the government or non-profit organizations, which have set standards for product quality. International Organization for Standardization, is a Switzerland-based non- government organization that has set worldwide industrial and commercial standards and works in 162 countries. Whereas, BSI Group is a U.K.-based national standard body that makes technical standards on a wide range of product and services. Such standards by various organizations is driving companies to adopt quality software to meet them for product quality and reduce product waste and cost. It is important for organizations to install quality management software or solutions in their process structure, which helps them in achieving these standards and also reduce process time.
Global Quality Management market is estimated to be valued at US$ 13,833.2 Mn in 2018 and is expected to witness a CAGR of 12.9% over the forecast period (2018-2023)
Fig:Global Quality Management Market, By Region(US$ Mn)
Source: Coherent Market Insights Analysis (2018)
However, increasing concerns related to data security and privacy in cloud- or SaaS-based solutions is a major factor hindering growth of the quality management market, globally. Data breaches, hacking of accounts, insider threat, malware injection, abuse of cloud services, insecure APIs, denial of service attacks, insufficient due diligence, shared vulnerabilities, data loss are some of the cloud based security concerns, which is negatively affecting adoption of cloud-based quality management software
North America accounted for the largest market share in 2016
On the basis of geography, global quality management market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa. Quality management market in North America held the dominant position in 2016 and is expected to retain its dominance over the forecast period. The quality management market in this region is projected to reach US$ 8,489.93 million by 2023. The region has technologically advanced and developed infrastructure in terms of manufacturing and information technology services. For instance, emergence of industry 4.0 has led to increasing adoption of quality management software. According to National Association of Manufacturers of the U.S., its manufacturing is the largest in the world and contributed about 18.2% of the total goods manufactured globally in 2016. The U.S. is major growth engine in this region. In addition to this, dominant conglomerates across the globe have their strong presence in the region, which paves the way for progressive adoption of quality management software. Europe and North America collectively contributed to around 60% of the total revenue in 2016 and are expected to grow at a steady rate during the forecast period.
Asia Pacific quality management market is projected to exhibit the highest CAGR of 13.2% during the forecast period. The manufacturing sector has to keep up with the growing demand for products and services. Therefore, smart technology incorporated manufacturing will help companies in this region to increase their productivity. This is expected to propel growth of the manufacturing sector in the region. This increase in manufacturing facilities is expected to aid in growth of the quality management software market in the region over the forecast period.
Major players operating in the global quality managements market include IQS Enterprise Quality Management and Compliance Software, MasterControl, Inc., EtQ, Intelex Technologies, Pilgrim Quality Solution, MetricStream Inc., Sparta Systems, Inc., SAP SE, Arena Solutions Inc., Autodesk Inc., Oracle Corporation, Aras, AssurX, Inc., Plex Systems, Inc., IQMS, Inc., Unipoint Software, Inc., Ideagen Plc, Dassault Système SE, Siemens AG, and Micro Focus.
Quality is an important aspect of any product throughout its lifecycle. Manufacturers tend to avoid and minimize risk and cost associated with poor quality due to errors in manufacturing processes and related operations. Thus, quality management software is an integral and an important part of an organization. The solutions comprises managing quality of the product and product-related processes. This helps in reducing cost incurred in rectifying errors and curtail downtime, thereby reducing overall time to market.
Governments of various countries have implemented various standards and regulations for product quality and this is one of the major factors increasing demand for quality management software in various verticals such as healthcare, automotive, telecommunication, and consumer goods. International Organization for Standardization, BSI Group, Food and Drug Administration, and Food Safety and Standards Authority of India are some of the government or non-profit organizations, which have set standards for product quality. International Organization for Standardization: - The International Organization for Standardization is a Switzerland based non- government organization that has set worldwide industrial and commercial standards and works in 162 countries. Furthermore, BSI Group: - British Standards Institution is a U.K.-based national standard body that makes technical standards on a wide range of product and services. Moreover, Food Safety and Standards Authority of India: - The Food Safety and Standards Authority of India is an India-based autonomous body, which is responsible for promoting and protecting the health of the public through regulations and supervision of food safety.
To meet these standards for product and reduce product waste and cost, it is important for organizations to install quality management software or solutions in their process structure, which helps them in achieving these standards and also reduce process time.
Key features of the study:
Global Quality Management Market
Global Quality Management Market Analysis
Global Quality Management Market Share and Competitive Landscape
Global Quality Management Market Analysis by Regions
Regional Analysis, 2013-2023
North America Quality Management by Countries
Europe Quality Management by Countries
Asia Pacific Quality Management by Countries
South America, Middle East, and Africa (SAMEA) Quality Management by Countries
Global Quality Management Market Segment by Type
Global Quality Management Market Segment by Application
Global Quality Management Market Segment by Deployment Model
Global Quality Management Market Segment by Organization Size
Global Quality Management Market Forecast
Global Quality Management Market: Sales Channel Analysis
Research Findings and Conclusion
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