Quality Management Software Industry Overview
The global quality management software market was valued at USD 8.25 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.7% from 2021 to 2028.
The growing importance of customer-centric production and frequent changes in regulations and standards that demand recurring compliances are driving the growth of the market. Registration to ISO 90001, ISO 14001, and other international standards has become imperative for organizations to run businesses worldwide as it enables them to meet market demands, competitive pricing, legislative requirements, and satisfy customer needs. The outbreak of the COVID-19 pandemic has negatively impacted the manufacturing and transport and logistics industries. The suspension of production and trade of various goods and services is expected to affect the QMS market in the short term.
Gather more insights about the market drivers, restraints, and growth of the Global Quality Management Software market
However, individuals across the globe have turned to the internet for online shopping, leading to the rapid growth of the business-to-consumer markets. The volumes of goods being shipped have increased, along with enhancements in the profiles of the goods. In response to this, logistics companies have started fast-tracking their development, quality and safety management standards, and growth strategies with significant investments in e-commerce, assets, and people. Such developments are likely to boost the growth of the quality management software market in the transport and logistics domain over the coming years.
Businesses across the globe are widely recognizing the need for an inclusive QMS to enhance business performance and gain a competitive advantage. They are proactively assessing and investing in QMS solutions to ensure that quality standards are maintained at every stage of the product lifecycle. Technological advancements such as cloud computing, analytics, and big data have further enhanced the existing capabilities of QMS in terms of scalability, cost-efficiency, flexibility, and platform independence, among others. As a result, end-use industries such as life sciences, manufacturing, and IT and telecom are rapidly adopting QMS solutions.
QMS solution providers are focused on enhancing sustainability practices to help companies reduce wastes and carbon footprint. Organizations deploy these solutions to align their processes with standards such as United Nations’ Sustainable Development Goals (SDGs) to reduce carbon emissions. While QMS solutions offer several benefits to users, they also involve some challenges such as lack of collaboration, and misalignment with the existing IT infrastructure. While vendors have proactively been trying to tackle these issues, the widespread acceptance of cloud-based deployment of QMS is expected to prove beneficial in addressing these challenges across industries and verticals.
The stringent compliance of quality management standards and international technical specifications such as IATF 16949, AS9100 Rev.D, and ISO 9001is expected to increase the implementation of QMS across end-use industries. Moreover, the C-level executives across organizations are taking efforts to align quality management with strategic business objectives. Many organizations are taking advantage of quality management methodologies such as ISO standards and Six Sigma to improve process efficiency, productivity, and eventually customer satisfaction. As a result, quality process automation, supplier quality assurance, and compliance management are anticipated to become the prime focus areas of QMS end users over the coming years.
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Market Share Insights
December 2020 - Honeywell International Inc., a provider of industry-specific solutions for automotive and aerospace products, agreed to acquire Sparta Systems Inc. to expand its software and life science capabilities. Through this acquisition, the company aims to further strengthen its competencies in digital transformation solutions, industrial automation, and enterprise performance management software.
August 2020 - MasterControl, Inc. launched its new solution, MasterControl Manufacturing Excellence, to enhance manufacturing operations by driving efficiency and quality. The new solution would enable manufacturers to create dynamic connections among enterprise systems, processes, data sources, and people for a holistic view of production and quality data.
Key Companies profiled:
Some prominent players in the global Quality Management Software market include
- Aras Corporation
- Arena Solutions Inc
- Autodesk Inc
- Dassault Systemes SE
- Hewlett-Packard Enterprise Co.
- MasterControl, Inc.
- Microsoft Corporation
- Oracle Corporation
- Parasoft Corporation
- PSC Software
- SAP SE
- Siemens AG
- Sparta Systems, Inc.
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