Worldwide quality management software (QMS) market is estimated to accumulate US $15.48 billion by the year 2026, registering a 9.7 percent CAGR throughout the forecast period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
The quality management software is deployed to substitute the paper-based systems with automated quality management systems, which follow stringent rules and quality standards, to enhance the product quality, augment efficiency, and suffice customer demands. As per the report, the QMS market is likely to witness substantial growth due to the standards and regulations compliance. The key factors pushing the global QMS market ahead are the solutions and systems that are used for ensuring the high-quality products and processes.
Quality management software helps lower the risk of quality process failures and reduces the costs for numerous clients across various industries. QMS provides multiple features including track deviations, improving non-conformances, safety enhancement, and various others. Organizations can improve their overall performance and competitiveness with the adoption of the QMS.
According to the report, the demand for quality management software has surged, given the embedded business models, strict regulations, and complex procedures in the manufacturing and transportation & logistics sector. The demand for quality management software is also stimulated by the consumer goods & retail segment which offers high quality products at affordable prices, and therefore meets customer satisfaction.
Depending on the various solution types, the global QMS market is bifurcated into complaint handling, change management, audit management, document control, non-conformance/corrective & preventive, and others. The document control solution fuels the growth of QMS as it ensures document security and provides a repository for documentation that eases search and retrieval tasks.
Speaking of the deployment type, the QMS market is divided into cloud-based deployment and on-premise deployment. According to the study, cloud-based deployment, which offers scalability, flexibility as well as optimized processes, is another significant factor supplementing the growth of the QMS market. A multitude of companies are shifting to cloud-based services these days, on account of the recent developments in technology.
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Based on the application outlook, the global quality management software market is segmented into IT & Telecom, transportation & logistics, healthcare, defense & aerospace, consumer goods & retail, and manufacturing.
The regional segments of the global QMS market encompass North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The findings of the report reveal that North America was a pivotal region for the quality management software market in the year 2017. Segments such as the non-conformance/corrective & preventive solutions, are said to dominate the QMS market, while the complaint handling solution segment is anticipated to emerge as the key segment over the predicted timeline. The developing economies of APAC are impelling the demand for QMS, with its application in an array of industries including manufacturing and transportation & logistics.
The latest report provides an exhaustive examination of the global QMS market drivers, challenges, and opportunities, in addition to the present market scenario and future prospects. A detailed scrutiny of the business sphere, covering the prevailing industry trends, Porter's five forces, regional landscape, competitive ranking analysis, and competitive vistas, has also been included in the report.
The well-known companies participating in the worldwide quality management software market include Hewlett-Packard Enterprise Co., Microsoft Corporation, MasterControl Inc., Aras Corporation, Parasoft Corporation, Oracle Corporation, Dassault Systems SE, Siemens AG, Sparta Systems, SAP SE, and PSC Biotech Corp.