- The inspection management software exhibited impressive growth at a CAGR of over 11% during 2013-2017. Automation making deep inroads in business ecosystems worldwide is one of the key factors upholding large-scale adoption of inspection management software.
- Worldwide deployment of inspection management software closed in on revenues worth US$ 741 Mn in 2018, and are further estimated to record strong Y-O-Y growth of over 12% in 2019
- North America continues to be the leading market for inspection management software in 2019 and beyond. Strong presence of leading vendors and readiness of regional industries to embrace automation is estimated to uphold the regional market growth.
- East Asia is estimated to be a high growth market for inspection management software through 2028, driven by proliferation of automation in business processes.
What are the Key Growth Drivers of Inspection Management Software Market?
Rising demand for hassle-free streamlining of all the inspection tasks, such as scheduling, creating forms and checklists, recording results, and tracking corrective actions, is pushing the adoption of inspection management software.
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Rising demand from enterprises to drive productivity has caused a distant move away from the conventional ‘pen & paper’ inspection management. This, in turn, is laying the groundwork for a massive growth of inspection management software market through 2028.
Availability of multiple features useful for compiling checklists, creating forms, and tracking plans, is one among the key USPs boosting deployment of inspection management software.
Industrial operators facing unreasonable pressure of increased production demands are resorting to automated solutions for seamless inspection management. This, in turn, is likely to work in favor of deployment of inspection management software over the forecast period.
What are the Key Challenges Faced by Inspection Management Software Vendors?
- Inspection management software remains prone to data integrity risks, mostly related to security lapses. Since data integrity can be highly counterproductive for organizations irrespective of their size, end users continue to show apprehension with regard to deployment of inspection management software.
- Multiple enterprises find it difficult to realize the importance of investing in the ‘operation-essential’ inspection management software. Lack of adequate resources to support and handle inspection management software becomes a challenge for the enterprise rather than a differentiator for advantage, thereby creating hindrances for the market growth.
Inspection Management Software Market – Competitive Landscape
- In 2019, Railroad Software- a leading provider of industry defining software with personalized service from rail experts- announced the launch of its exclusive bridge inspection software with TrackAsset application. This software is aimed at facilitating electronic capture of bridge inspections for the ‘federal railroad administration’ (FRA) compliance. This software enables seamless tracking and visibility for all the chief engineers and bridge managers to track upcoming inspections and generate work orders.
- In 2019, AsInt Inc. – a leading software vendor- entered into a strategic partnership with Trinity Bridge, a leading consulting company with expertise in asset reliability and integrity. This partnership was aimed at providing high-quality risk assessment and inspection planning solutions to their customer bases and to foster growth via combined expertise.