Quality and compliance management system ensures users that their services or products comply with the industry’s regulations. Quality and compliance management solution is available in a group of interrelated modules such as quality management, document, and product data, change management, audit management, supplier management, etc. Furthermore, quality management software systems aid organizations, in order to interconnect all the departments, which is important for regulated or ISO-compliant organizations. In this, employees from concerning departments can provide their feedback thereby removing the communication gap across organizations and help to increase efficiency and accuracy of the production process.
The global quality and compliance management solution market is estimated to be valued at US$ 20,728.5 Million in 2021 and is expected to exhibit a CAGR of 9.9% over the forecast period (2021-2028).
North America held dominant position in the global quality and compliance management solution market in 2020, accounting for 42.7% share in terms of volume, followed by Western Europe and APEJ, respectively.
Figure 1. Global Quality and Compliance Management Solution Market Value (US$ Mn), by Region, 2020
Global Quality and Compliance Management Solution Market - Drivers
Seamless integration with existing enterprise systems is expected to drive growth of the global quality and compliance management solution market during the forecast period. Most key players in the global quality and compliance management solution market offer quality and compliance management solutions that can be incorporated with other MES, ERM, and PLM platforms of the enterprises. This feature provides organizations numerous options since they are not bound to use the same brand’s quality and compliance solution. For instance, in September 2016, Aras launched “Manufacturing Process Planning (MPP) Application”, a product lifecycle management (PLM) platform-based application for manufacturing process planning, with the objective to cater to growing demand for process planning from the manufacturing sector.
Rising need for cost-saving and efficiency solutions is expected to propel the global quality and compliance management solution market growth. Various manufacturers are looking for solutions that can help them to increase their efficiency and minimize manufacturing costs. Quality and compliance management solutions is a major tool, which fulfills this requirement and increasing demand for these solutions.
Growing interest in mobility in quality management can present lucrative growth opportunities. Quality management software vendors are focusing on leveraging various technological advancements in mobile applications and information systems, by including mobile capabilities to enhance the operational efficiency and user experience of their quality management solutions. For instance, in October 2015, Pilgrim Quality Solutions introduced a mobile audit application with offline capability namely “SmartSolve Mobile Audit. This mobile app enables auditors to conduct audits of remote manufacturing plants or laboratories on their smart hand-held devices from anywhere.
Constant adoption of cloud-based quality management solutions can provide major business opportunities. Adoption of cloud-based quality and compliance management solutions is a new trend in the QMS market. Cloud-based quality management solutions help companies to reduce their infrastructure and resources (IT personnel) costs, while at the same time allowing them access to all features as offered by on premise software. Various vendors such as Pilgrim Quality Solutions Sparta Systems, Inc. and others that have been providing cloud-based quality and compliance management solutions in the global market for over a decade have witnessed significant growth in terms of demand for cloud-based solutions in the recent past.
|Base Year:||2020||Market Size in 2021:||US$ 20,728.5 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||9.9%||2028 Value Projection:||US$ 40,215.9 Mn|
Pilgrim Quality Solutions, Sparta Systems, Inc., MasterControl, Inc., SAP, Aras, Oracle, Arena Solutions, Inc., IQS, Inc., and EtQ
|Restraints & Challenges:||
North America holds the dominant position in the global life sciences industry and thus, there is a high competition among top life sciences industry players across the region. As a result of this, players are competing across the region, in order to enhance the ability to deliver new and advanced products in the market without time-to-market being impacted by regulatory compliance, which in turn encourages them to deploy automatic quality and compliance management solutions. Furthermore, these solutions help providers to ensure their products meet client expectations and comply with industry regulations.
Enterprises in Europe have increased their QMS adoption rate in the recent past since quality and compliance management solutions facilitate companies to increase their efficiency while minimizing time-to-market and reduce production costs. Furthermore, safety enhancement, production processes, regulatory compliance, and design innovation are a major foundation for the expansion of advanced management solutions in Europe. Rising competition and requirements for innovation are shaping the dynamics of the European quality and compliance management solution market.
Figure 2. Global Quality and Compliance Management Market Share, By Modules, 2020
Key Takeaways of the Graph:
Market Dynamics- Restraints
High cost QMS solutions are expected to restrain growth of the global quality and compliance solution market during the forecast period. High cost of quality and compliance management solutions makes it unaffordable for small and medium-sized enterprises across the globe. Most small and medium level manufacturing organizations face affordability issues to deploy quality and compliance management solutions and hence are forced to opt for manual processes over automated ones.
Varying structure of regulatory policies is expected to hamper the global quality and compliance solution market growth over the forecast period. Regulatory policies regarding the adoption of QMS solutions are different, which in turn, increases the overall cost of the QMS system.
Key players operating in the global quality and compliance management solution market are Pilgrim Quality Solutions, Sparta Systems, Inc., MasterControl, Inc., SAP, Aras, Oracle, Arena Solutions, Inc., IQS, Inc., and EtQ.
A quality management solution is a group of business processes aimed at improving their satisfaction and continually meeting client needs. It is usually aligned with the overall objective and strategic direction of an organization. Most quality management solutions are designed to make organizations meet their standards in both product development and customer satisfaction surveys. These processes work to make sure that customers are satisfied and that organizations are developing products and services that meet customer needs. By developing quality products, businesses can avoid wasting time and money and ultimately improve their bottom line.
Growing importance of custom-centric production and frequent changes in regulations is expected to boost the global quality and compliance management solution market growth over the forecast period. Many organizations have adopted quality and compliance management solutions due to rising importance of custom-centric production. Custom-centric production refers to taking customer feedback into consideration and focusing on quality to provide a greater customer experience. QMS providers an adequate framework for organizations to create and maintain customer relationships by understanding customers’ preferences and needs.
Furthermore, rising need for efficient and cost-saving solutions is expected to accelerate growth of the global quality and compliance management solution market in the near future.
Key features of the study:
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