Global Quality Management Market to Surpass US$ 25.4 Billion by 2023

Published On : Jun 19, 2018

The Quality management market was valued at US$ 10,959.2 Mn in 2016 and is expected to increase to US$ 25,418.9 Mn by 2023, registering a CAGR of 12.9% over the forecast period, according to Global Quality Management Market Report, by Type (Non Conformances/ Corrective and Preventive, Audit Management, Quality Management, Supplier management, Change management, others), by Application (IT and Telecommunications, Manufacturing, Healthcare, and Others), by Deployment (Cloud-based and On-Premise), by Organization Size (Small and Medium Enterprises and Large Enterprises) and by Region (North America, Europe, Asia Pacific, and SAMEA (South America, Middle East, and Africa)) published by Coherent Market Insights.

Quality management software helps organizations abide by rules and norms set by respective competent authorities in the regions across the globe. By strictly abiding to these regulations organizations are able to offer qualitative products and services to its commercial and retail clientele and save on the cost incurred otherwise in producing faulty products. Increasing need to manage and maintain quality in product and services in enterprises is also one of the key driving factors for growth of the global market for quality management software. With increasing government policies, emphasizing on regulating quality standards, enterprises are compelled to adopt quality management software, which is boosting this market growth substantially. In order to sustain and compete effectively in the market players in the industry are being more persuasive for offering qualitative products to its commercial customers. This scenarios have given rise to effective and vigilant quality and production systems to be developed in the organizations. As a result the market for quality management software is poised to grow at a significant rate during the forecast period (2018-2023).

Increasing concerns related to data security and privacy issues in cloud- or SaaS-based solutions are among major factors hindering growth of the quality management market. Fraudulent breaches and data leaks have raised serious questions on the cloud-based security systems, which is negatively impacting adoption of cloud-based quality management software.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/global-quality-management-market-1825

Browse 150 market data tables* and 90 figures* on “Global Quality Management Market” - Global forecast to 2023.

Key Trends and Analysis of the Global Quality Management Market:

  • Non conformances/ corrective and preventive segment to witness growth with highest CAGR of 14.7% during the forecast period (2018–2023). This growth is attributed to increasing demand for non-conformance feature of the quality management software, which allows addressing of problem outcomes immediately before it is encountered by end user of the product or service.
  • Manufacturing sector is expected to exhibit significant adoption of quality management software during the forecast period registering a CAGR of 13.4%. The regulations and quality standards in terms of manufacturing organizations are more stringent as compared to software or service industry, owing to its direct effect on the end user.
  • Increasing trend of using cloud computing have led to high deployment of cloud infrastructure across multiple industries. Safety, reliability, and maintenance free features of cloud-based architecture over on-premise is expected to aid in growth of the segment in the near future.
  • Large organizations segment accounts for higher market share, however, in terms of growth rate SMEs segment is poised to exhibit higher CAGR. This is due to technological advancements such as cloud-based software deployments, which has led to affordable quality management software for small scale industries.
  • Major players operating in the global quality management 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., Ideageni Plc, Dassault Système SE, Siemens AG, and Micro Focus.

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