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.
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