Dublin, March 28, 2023 (GLOBE NEWSWIRE) -- The "Quality and Lifecycle Management Software Market by Solution (Quality Management and Bill of Material Management), Deployment Mode, Organization Size, Vertical (Automotive & Transport and Industrial Manufacturing) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The QLM software market size is expected to grow from USD 24.6 Billion in 2022 to USD 34.9 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.
Because of future autonomous vehicle penetration, developers working on autonomous vehicles will face a variety of increasingly complex challenges, necessitating a reevaluation of their current processes and toolkits. Fully functional autonomous driving systems necessitate some of the most sophisticated software implementations that carmakers have ever encountered for combining a variety of data feeds, such as sensor data, traffic data from the cloud, data coming from other vehicles or infrastructure, and tying it all into the vehicle's electronic and mechanical components to create a network of onboard systems that all work together reliably without user input or correction.
Cloud segment to have significant growth during the forecast period
Cloud-based quality solutions aid in the reduction of data security risks. Legacy systems raise the possibility of data security breaches, which is a major concern for life sciences manufacturers. Many businesses used to believe that data could only be secure if it was kept within their own four walls. However, with the digital revolution sweeping the world, manufacturers have realised that data is more secure in the cloud. A cloud QMS is a vision for the future, opening up enormous possibilities for how an organisation manages quality. It will allow the company to align with the most recent Quality 4.0 technologies, fostering both quality and innovation.
Consumer Goods & Retail vertical to grow at the highest CAGR during the forecast period
Retail businesses differ from other types of businesses in that they typically sell finished goods rather than products made from raw materials. E-commerce, mail order, vending machines, home party sales, and service providers, among other things, are all part of the retail sector. Quality assurance aims to keep defects and known bugs off the market. Companies provide the opportunity to correct these issues before releasing or updating their products. Businesses can mitigate identified risks by conducting QA at the start of a project before they negatively impact the business or disrupt the customer experience. Quality management is important in retail for customer satisfaction. There are businesses that use low-cost or low-quality materials to meet the market's needs or demands. They use the tactic that low-quality materials will easily spoil and that customers will return to the same brand to get that particular product. Customers, too, are constantly looking for a replacement product that is of higher quality and has a longer useful life; thus, once the quality is checked, the customer will not look for other options or products. It will form a bond, and the customer will help spread the word in their neighbourhoods and among their relatives. As a result, both productivity and profit are more likely.
QLM market in Asia Pacific to grow at the highest market size during the forecast period
During the forecast period, developing economies such as India and China will generate a large portion of OEM profit. Increased automotive production and sales of trucks and buses in countries such as India, China, and ASEAN countries, as well as a growing automotive components sector, are some of the major factors driving the market growth. The engine aftermarket is also expected to grow at a healthy rate during the forecast period. The expansion of the engine aftermarket can be attributed to the expansion of the customer specific customization and used car markets.
Manufacturing has emerged as one of India's fastest-growing industries. The "Make in India" programme places India on the global map as a manufacturing hub and gives the Indian economy global recognition. To succeed in the "Make in India" programme, Indian manufacturers must become more efficient and innovative in order to remain competitive. Smart manufacturing solutions can assist in this regard. Manufacturers can focus more on increasing competitiveness by streamlining supply chains, lowering costs, and improving workplace safety. At the same time, solutions such as robotics, analytics, and cybersecurity improve their ability to meet quality standards.
Market Dynamics
Drivers
- Increasing Use of High-Tech Electronics and Smart Devices
- Growing Adoption of Medium-Sized Businesses
- Increasing Demand from Organizations to Lower Manufacturing Cost
- Rising Need for Effective Management of Portfolios
- Increased Production of Autonomous Vehicles
Restraints
- Inadequate Quality Control and Production Planning
- Lack of Interoperability and Integration of Complex Systems
Opportunities
- Increasing Integration of PLM Solutions with IoT Platforms
Challenges
- Issues in Technological Advancements
- Issues in Improving Service Quality
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 244 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $24.6 Billion |
| Forecasted Market Value (USD) by 2027 | $34.9 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Quality and Lifecycle Management Software Market Overview and Industry Trends
6 Quality and Lifecycle Management Software Market, by Solution
6.1 Introduction
6.2 Quality Management
6.3 Bill of Material (Bom) Management
6.4 Document & Product Data Management
6.5 Cost Management
6.6 Governance & Compliance Management
6.7 Change Management
6.8 Lifecycle Analytics Management
6.9 Other Solutions
7 Quality and Lifecycle Management Software Market, by Deployment Mode
7.1 Introduction
7.2 Cloud
7.3 On-Premises
8 Quality and Lifecycle Management Software Market, by Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.3 Large Enterprises
9 Quality and Lifecycle Management Software Market, by Vertical
9.1 Introduction
9.2 Automotive & Transport
9.3 Industrial Manufacturing
9.4 IT & Telecom
9.5 Aerospace & Defense
9.6 Consumer Goods & Retail
9.7 Healthcare & Lifesciences
9.8 Other Verticals
10 Quality and Lifecycle Management Software Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent Markets
14 Appendix
Companies Mentioned
- Aras
- Arena Solutions
- Atlassian
- Autodesk Inc.
- Compliancequest
- Dassault Systemes
- Etq LLC
- Hpe Development Lp
- IBM
- Intelex Technologies
- Intellect
- Kovair Software Inc.
- Mastercontrol Solutions Inc.
- Micro Focus
- Microsoft
- Neudesic LLC
- Oracle
- Parasoft
- Ptc
- Rocket Software Inc.
- SAP
- Sas Institute
- Siemens
- Veeva Systems
For more information about this report visit https://www.researchandmarkets.com/r/yqdds4
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