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Albany, New York, April 24, 2019 (GLOBE NEWSWIRE) -- The competitive landscape of the global quality management software market looks like fairly fragmented and highly competitive, observes Transparency Market Research (TMR). The market is facing a high level of competition among several players who are scattered worldwide.
With rapid technological advancements, the larger players in the global quality management software market are constantly brushing up their skills and knowledge to offer highly efficient and advanced products. These players are experimenting with numerous software to understand about their functionality. Many companies in the global quality management software market are also adding latest features which help in software upgradation.
However, the degree of competition in the market is escalating day by day with the rapid entry of new participants and flourishing software outsourcing companies. Some of the topmost players’ names in the global quality management software market include Microsoft Corp., SAP SE, International Business Machines Corp., Oracle Corp., Hewlett Packard Enterprise Co., and Siemens AG.
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According to TMR analysts’ estimations, the growth of the global quality management software market is prophesized to occur at a meteoric CAGR of 13.20% during the assessment period. The market will be worth US$24.4 bn by the end of the forecast period, projects TMR’s report.
From the perspective of end-users, life-sciences and healthcare segment is gaining maximum traction and is anticipated to witness the largest share in the global quality management software market. Geographically, North America is the leading contributor in the global quality management software market. This is because of the presence of several software companies and rapid technological advancements in the region.
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Soaring Demand for Effective Management of Organizational Processes Boost Market
Quality management software solutions offer a horde of functionalities which include nonconformance, complaint handling, document control, and calibration. Therefore, such software solutions are the heart for any organization for controlling quality of their products. Moreover, recent technological developments, especially analytics, cloud, and big data/information have improved all the obtainable capabilities of quality management software. Consequently, numerous industries such as manufacturing, healthcare, life-sciences, automotive, and telecom & IT are adopting quality management software at a fast pace. Such factors are majorly fueling growth in the global quality management software market.
Furthermore, the demand in the global quality management software market is further bolstered by the dire need for efficient management of organizational processes and developments. Along with this, enormous demand for meeting customers’ expectations and requirement for high product quality are also propelling expansion in the global quality management software market. Above all, the major factor responsible for fueling adoption of the global quality management software market includes the need for controlling processes in agreement with regulatory and industry norms along with increasing compliance demands. Along with this, many companies are ensuring quality assurance and decreasing deviations in order to deliver products with high quality. Such factors are also boosting the global quality management software market.
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High Investment Requirement May Hinder Market’s Growth
The future of the global quality management software market looks promising. However, the growth of the market may be hampered in the future because of the need for heavy investments in research and development. Along with this, the high cost of maintenance and deployment would also be responsible for obstructing the growth of the global quality management software market. Nonetheless, rising governments’ policies in regulating quality standards would help underpin the growth momentum in the future.
The review is based on a market research report by TMR, titled, “Quality Management Software Market (Deployment Type - On premise, Cloud-Based; End-Use Industry - Aerospace and Defense, Automotive, Consumer Goods and Retail, Healthcare and Life Sciences, ITES and Telecom, Other industries; Solution Type - Audit Management, Complaint Management, Training Management, CAPA Management, Document Management, Change Control, Product Registration, EH&S Management, Supplier Quality Management, Other Solutions; Organization Type- Large Enterprises, Small & Medium Enterprises) - Global Industry Analysis, Share, Size, Growth, Trends and Forecast 2017 - 2022”.
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The segmentation of global quality management software market is based on:
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