New York, USA, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The quality management software (QMS) market was estimated at USD 9.92 billion in 2023. The market valuation is expected to be USD 24.92 billion by 2032, registering a staggering CAGR of 11.0% during the forecast period of 2024-2032.
What is Quality Management Software?
A quality management software is defined as a standardized system that records procedures, processes and accountability for obtaining quality approaches and targets. A QMS helps correlate and handle a firm’s venture to encounter consumer and administrative needs and enhance its efficacy and productivity on an ongoing basis. It helps in congregating the consumer's needs, which assists in impressing conviction in the firm, subsequently motivating more consumers, more sales, and more recurrent business. It also helps in encountering the firm's needs, which sanctions conformity with directives and furnishing of commodities and services in the most economical and most resource-methodical manner, generating space for augmentation, growth, and value.
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Key Market Stats:
- Quality management software (QMS) market size was valued at USD 9.92 billion in 2023.
- The market is anticipated to grow from USD 10.83 billion in 2024 to USD 24.92 billion by 2032.
- The market is expected to exhibit a CAGR of 11.0% during the forecast period.
Major Findings from Report:
- The market for quality management software (QMS) is expected to increase significantly due to the growing significance of consumer satiation, which plays a crucial role in the growth of the market.
- The quality management software (QMS) market segmentation is mainly based on deployment, solution, enterprise, application, and region.
- North America registered as the largest market share.
Quality Management Software (QMS) Market Drivers and Trends:
- Observation of Product and Service Quality: QMS sanctions firms to consistently observe and improve commodity and service quality, instantly influencing consumer satiation. Firms are comprehensively collecting and inspecting consumer feedback, tracing and settling protests, and ascertaining that quality problems are addressed instantly and productively.
- Growing Product Instigations: As firms consistently invent and usher contemporary commodities to market, they encounter enhanced constraints to guarantee these commodities encounter high-quality norms and administrative needs from the beginning.
- Setting Strict Standards: The food and beverage sector is exposed to strict security and quality directives involving standards established by FDA, HACCP, FSSAI, and ISO 22000. There is a provision of strong solutions involving raw substance validating, production, packaging, and dissemination for tracing and handling quality throughout the supply chain, which will enhance the quality management software (QMS) market.
- Technological Progressions: Progressions in technology, such as AI, IoT, and data analytics, are pushing notable growth in the market by improving the potential and productivity of these systems. Artificial intelligence sanctions conjectured analytics and automated governing, permitting firms to expect quality problems prior to them taking place and executing enterprising endeavors.
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Industry’s Prominent Players:
- Cority
- Dassault Systèmes
- Hexagon MI
- Honeywell International Inc.
- Ideagen
- Innovaccer, Inc.
- Intelex Technologies
- IQVIA Inc
- Katalon, Inc.
- MasterControl Solutions, Inc.
- MetricStream
Geographical Landscape:
North America accounted for the most quality management software (QMS) market share. This is a result of the growing significance of the requirement for healthcare commodities and services to encounter administrative directives, especially within medical and hospital coalitions.
Moreover, due to a surge in the acquisition of cloud computing technology amidst compact and moderate-sized undertakings in the region, the Asia Pacific region is anticipated to grow at the quickest rate over the forecast period, with a robust compound annual growth rate (CAGR).
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Market Segmentation:
By Deployment Outlook:
- On-Premise
- Cloud-Based
By Solution Outlook:
- Complaint Handling
- Document Control
- Non-Conformances/Corrective & Preventative
- Employee Training
- Mobile Incidents & Event Reporting
- Change Management
- Quality Inspection (PPAP & FAI)
- Audit Management
- Calibration Management
- Supplier Quality Management
By Enterprise Size Outlook:
- Small and Medium Enterprises
- Large Enterprises
- Others
By Application Outlook:
- Consumer Goods & Retail
- Defense & Aerospace
- Food & Beverage
- Government
- Healthcare
- IT & Telecom
- Life Sciences
- Manufacturing
- Transportation & Logistics
- Utilities
- Others
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR's QMS Market Report Coverage from Different Publications:
The global Quality Management Software Market size is expected to reach USD 24.92 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.0% during the forecast period (2024 - 2032).
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