October 10, 2019: The global quality management software marketsize is estimated to reach USD 13.9 billion by 2025, registering a CAGR of 9.8% from 2019 to 2025, according to a new study by Radiant Insights, Inc. 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, reducing the quality gap between manufacturing practices and end-product expectations, tracking of deviations, and ensuring compliances. Increasing advancement in functionality of solution is anticipated to further boost the growth.
The QMS market is expected to witness tremendous growth due to increasing demand for effective management of organizational processes and the need for meeting consumer expectations in a highly competitive market. Technological advancements in IT and Telecom as well as automation of transportation and logistics industry is driving the growth of the quality management software market.
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Quality management software offers numerous functionalities including handling of non-conformances, out of specification test results, calibration, ensuring compliance as well as a centralized system that ensures connection to organizations’ Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems. All these capabilities coupled with the reduction in costs, are energizing the adoption of quality management software across a wide range of industries.
The flexibility and mobility offered by quality management software in solutions like document control and non-conformance issue resolving is driving the demand for QMS software in large enterprises, contributing to new functionalities being added 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 popularity of quality management software.
Further key findings from the report suggest:
• Cloud technology is gaining popularity among cost-sensitive customers and small and medium enterprises. The numerous benefits cloud based QMS offers without incurring additional costs is helping the market grow
• Globalization and the need for complying with international standards for products as well as processes has brought out the necessity of quality management systems to deal with 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 PSC Software Company are some of the major players operating in the quality management software market. Other key vendors are Aras Corporation; Arena Solutions Inc.; Autodesk Inc.; Dassault Systemes SE; Siemens AG; Oracle Corporation; Parasoft Corporation; Microsoft Corporation;and Hewlett-Packard Enterprise Co.
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