Quality Management Software market was valued at USD 8.25 billion in 2020
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.
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.
Gather more insights about the market drivers, restrains and growth of the Global Quality Management Software market
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.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
Computer Aided Engineering Market – The global computer aided engineering (CAE) market size was valued at USD 8,904.2 million in 2021 and is expected to expand at a CAGR of 8.8% from 2022 to 2030, owing to the increased outsourcing of manufacturing processes to emerging economies such as China, India, and Russia, among others. The market all over the globe is witnessing a drastic shift from on-premise computing to cloud-based computing.
SaaS Market – The global SaaS market size was valued at USD 165.9 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 11.0% from 2022 to 2028. The COVID-19 outbreak further positively impacted the market for SaaS as many of the enterprises opted for cloud software platforms during the lockdown. Therefore, the significant increase in the adoption of third-party software services across the globe during the pandemic further augmented the growth of the market for SaaS.
Market Share Insights
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.
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.
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, 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 energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com