The global quality management software market is projected to expand to USD 20.66 by the end of 2030, advancing at a CAGR of 10.4% from 2022 to 2030. The expansion in the industry may be accredited to the surging demand for effective management of organizational processes along with the need to meet consumer expectations in an extremely competitive market. Notably, quality management software is increasingly being used in organizations worldwide, as it helps streamline business processes. The many services offered by quality management software allow organizations to gain operational efficiency, thus reducing overall costs. Moreover, quality management software helps organizations comply with standards and regulations, another major factor supplementing the market growth.
The quality management software (QMS) industry is slated to witness tremendous growth supported by the increasing need for effective management of organizational processes along with the need to meet consumer expectations. Rapid technology advancements in telecom and IT over the years along with automation in the transportation and logistics industry is driving the business scope. Moreover, this software offers a number of advanced functionalities such as handling non-conformances, calibration, and ensuring compliances, along with a centralized system that ensures connection to enterprises’ CRM and ERP systems. These abilities along with the reduction in costs are energizing the use of quality management software across companies.
Thus, mobility and flexibility extended by quality management software in solutions like document control and non-conformance issue-resolving is complementing its popularity. Growing need for cloud-based QMS owing to implied scalability and accessibility is being used across all industrial sectors. Due to strict regulations, complex procedures, and embedded business models, in the manufacturing, transportation, and logistics sector, the implementation of QMS has risen. These regulatory implications are another major factor driving business growth.
Keeping in mind the growing environmental concerns, QMS solution providers are largely focusing on following practices that help reduce carbon emission levels. Enterprises deploy these solutions to align their processes with standards like ‘Sustainable Development Goals’ set by the United Nations. This will help expand the applicability scope of quality management software in small size to big sized- organizations.
Considering solutions, complaint handling dominated the segment, this is because it helps in anticipating client expectations and driving brand equity. To address consumer complaints effectively and efficiently, businesses are implementing standard complaint-handling systems and procedures. This further helps boost businesses’ operations.
Document control solutions is also boosting the segment as it ensures secure documentation and offers a repository for all the documents-making search and retrieval an easy task. In addition to this, it also helps save cost by incorporating closed-loop quality management solutions into a single system. With companies switching to a cloud-based system, the process of document control is highly preferred as it also helps reduce the cost of storage.
With respect to enterprise size, large enterprises led the segment as they deploy QMS solutions to save money. Many quality management software providers provide separate software suits for large businesses as a package. These suits are personalized to meet the specific needs of the clients and hence play a key role in the selection process. The mobility and flexibility of QMS is driving its demand among leading businesses, resulting in the software’s constant addition of novel features.
Organizations across the globe use a variety of software and systems to generate a vast amount of data. QMS solutions help meet the increasing needs of companies to boost productivity and efficiency in their operations, thanks to ever-rising data and surging need for technologies like machine learning and AI.
Based on end-user, manufacturing sector held the maximum market share. This is majorly due to stringent rules, complex processes, and linked business systems. Manufacturing sectors deploy QMS solutions to enhance quality through constant improvement, respond swiftly to situations such as product recalls, along with maintaining certificate compliance. This software also helps in prioritizing process enhancement initiatives, comparing the competence of production lines, and verifying product conformance. Over time, such elements are likely to act as key drivers of segment growth.
Geographically speaking, Asia Pacific has emerged as a key revenue belt for quality management software providers primarily due to the adoption of quality management software in the manufacturing industry. Rich presence of raw materials and a relatively cheaper cost of labor has led APAC countries like India and Taiwan to become manufacturing hubs for many products. Certain notable quality management software players in the region are focusing on improving sustainability practices, that help manufacturing companies reduce their carbon footprint. The presence of a robust IT industry in countries like Japan, South Korea, and India will prove to be beneficial for the market in the times to come.
Research Support Specialist, USA
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