12.63 billion by 2024, according to a new report by Grand View Research, Inc. The increasing advancement in the functionality of solution is anticipated to boost the industry growth over the forecast period.
Quality Management Software (QMS) is used to better manage and control quality concerns regarding performance, customer satisfaction, and competitiveness of the organization. This is done by the controlling processes as well as products for consistent quality assurance, reduction in the quality gap between manufacturing practices and end-product expectations, tracking of deviations, and ensuring compliances.
The QMS market is expected to witness a tremendous growth due to the increasing demand for the effective management of organizational processes and the need for meeting consumer expectations in a highly competitive market. The growing technology advancements in IT and telecom as well as the automation of the transportation and logistics industries are driving the market growth.
Quality management software offers numerous functionalities including the handling of non-conformances, out of specification test results, calibration, ensuring compliance, as well as a centralized system that ensures connection to organizations’ ERP and CRM systems. All these capabilities, coupled with the reduction in the costs, are energizing the adoption of quality management software across a wide range of industries.
The flexibility and mobility offered by the quality management software in solutions such as document control and non-conformances’ issue resolving are driving the demand for QMS software in large enterprises, contributing to the addition of new functionalities to the software every day. The increasing demand for cloud-based QMS solutions due to implied scalability and accessibility is a major factor for increasing the popularity of the quality management software.
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Further key findings from the study suggest:
- The cloud technology is becoming popular among cost-sensitive customers and small & medium enterprises. The numerous benefits that the cloud-based quality management software offers without incurring additional costs are helping the market grow. Quality management software is also being adopted by the small- and medium-sized enterprises.
- Globalization and the need for complying with international standards for products as well as processes have brought about the necessity of quality management systems to deal with the increased pressure of numerous regulations and directives. This is an important factor affecting the spread of versatile and customized quality management solutions across industries.
- MasterControl, Inc., Sparta Systems, Inc., SAP SE, and Siemens AG are some of the major industry players in this domain. Other key vendors include Aras Corporation, Arena Solutions Inc., Autodesk Inc., Dassault Systemes SE, PSC Biotech Corp., Oracle Corporation, Parasoft Corporation, Microsoft Corporation, and Hewlett-Packard Enterprise Co.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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