Quality management software is essential to manage and maintain the quality and is closely associated with customer satisfaction, competitiveness of the firm as well as performance. These three aspects can be achieved by ensuring consistency in production control and product innovation and development and also regulating various processes involved in manufacturing thus lowering the gap between the should and the can.
Transparency Market Research in its recent publication on quality management software market has covered several acumen linked with the global market. These research acumen include developments in software, trends, drivers and challenges that have an impact on the expansion of the global quality management software market. Additionally, future market projections have been included in this analytical research study that give forecast analysis on each and every segment of the quality management software market.
According to the fact based research report on the global market for quality management software, it is anticipated to show an exponential growth rate during the period of forecast. It is estimated to be valued at about US$ 24.4 Bn by the end of the forecast period and is poised to grow at a significant CAGR during the 2017-2024 timeline.
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Audit Management to Gain High Preference in the Coming Years
Audit management segment by solution type is anticipated to gain high importance in the coming years. This segment portrays high potential from market value and growth standpoints. The audit management segment is poised to expand at a robust CAGR of 15.6% throughout the period of forecast 2017-2022. It is also anticipated to gain a high BPS by the end of the forecast year. Following audit management, the complaint management segment has gained high traction, making it the second largest segment, growth wise and market share wise. It is estimated to reflect a high market valuation of around US$ 3.2 Bn by 2024 end.
Tough Call to Make Between EH & S and Supplier Quality Management
EH & S management and supplier quality management segments in the solution category are anticipated to show similar growth graphs in the coming time. Both these segments are expected to gain significant BPS by the end of the forecasted year and are poised to grow at similar CAGRs. However, the EH & S segment is a shade better than supplier quality management segment and is estimated to reflect a market valuation of more than US$ 2.5 Bn by 2024 end.
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Healthcare and Life Sciences is the Titan
Healthcare and life sciences segment by the end use industry category is the largest segment. In 2017, it reflected a market share of more than 60% and is expected to dominate the global market in the coming future. By 2024 end, it is estimated to reach a valuation of more than US$ 15.5 Bn, thus becoming the largest segment in the end user category. The automotive segment also shows good pace and is poised to reflect the highest CAGR throughout the period of forecast.
Competitive Analysis
The global market study on quality management software includes profiles of key companies that are actively involved in quality management software production and distribution. Companies such as International Business Machines Corp, Microsoft Corporation, SAP SE, Oracle Corp, Hewlett Packard Enterprise Company, Siemens AG, MasterControl Inc., Dassault Systèmes SE and Sparta Systems, Inc., are profiled in this research report.
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