Market Synopsis
According to MRFR, the global quality management software market is expected to secure USD 12 billion at CAGR 12.67% over the forecast period 2020 to 2027.
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Drivers and Restraints
Implementing software for quality management helps organizations meet customer requirements which benefit from increasing customers and meeting the requirements of the organization. QMS helps comply with regulations in the manufacturing of products, creating a way to expand customer base at low operating costs. The adoption of quality management tools varies depending on the size of the organization. Small organizations push quality data through precise entry points while data runs through a central system in the case of large enterprises, which helps to execute and process corrections. Master Control, a document management software solutions provider, offers software and solutions to the companies' challenges. Integrated applications for the business are web-based, and have the ability to access all organizational divisions irrespective of their location. QMS applications from the Master Control are able to streamline and manage quality control processes effectively. Quality management software is gaining momentum in the healthcare sector due to the increasing population and rising healthcare-related costs Healthcare adopted this technology to help improve patient satisfaction and service. QMS helps track patient progress and satisfaction level that changes from time to time. Patient health management mechanism consists of both objective and subjective processes, which are useful in enhancing their services. The retail sector faces tremendous competition where customer satisfaction plays an important role. The major outcomes of QMS in retail are improving the supply chain, quality of goods & services. Sparta Systems, a quality management software provider, has developed Trackwise9, which enables companies to get customer feedback and help in analysing the data and implement strategic ideas to increase customer base.
Market growth is fuelled by increasing awareness among organizations of producing quality products and services and rising regulations for quality constraints across different industries. But QMS associated high cost of deployment hampers market growth.
Splitting
The global market for quality management software is segmented by type of solution, implementation, and type of company, sector, and region. The segment is further classified by type of solution into audit management, complaint management, training, CAPA management, document management, product registration, EH&S management, quality management of suppliers and others. On-cloud and on-premise quality management software may be deployed. The group is further categorized into SMEs and large organizations by organization size. The software for quality control can be used in various industries, such as retail, healthcare, aerospace, transportation, oil and gas, IT & telecommunications, manufacturing and others.
Regional Analysis:
Regionally, North America dominates the market for global quality control applications. The adoption of quality management tools across industries is the major factor fuelling the market in this region. Growth in cloud-based software and acceptance of international standards drive the growth of the market. During the forecast period Europe is expected to witness a moderate growth rate. The market is driven by high adoption of QMS in manufacturing sectors. In the forecast period Asia Pacific is about to witness a rapid growth rate. Improving business efficiency, customer-focused enterprises are the key factors driving the region's market. Developing countries such as India China, and Taiwan are playing a major role in the adoption of quality management software among numerous industries.
Competitive Analysis
Some of the major players in global quality management software market are Sparta Systems, Inc. (U.S.), Pilgrim Quality Solutions, Inc. (U.S.), IQS, Inc. (U.S.), MetricStream, Inc. (U.S.), SAP SE (Germany), MasterControl, Inc. (U.S.), Plex Systems, Inc. (U.S.), Intelex Technologies, Inc.(Canada), Arena Solutions, Inc. (U.S.), QUMAS (U.S.), General Electric (U.S.), AssurX, Inc.(U.S.), Autodesk Inc,(U.S.), IBM Corporation (U.S.), Hewlett Packard Enterprise (U.S.) among others.
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