Quality Management Software Market Growth & Trends
The global quality management software market size is estimated to reach USD 16.67 billion by 2028, registering a CAGR of 9.7% from 2021 to 2028, according to a new study by Grand View Research, Inc. The increasing advancements in functionalities of Quality Management Software (QMS) solutions along with the increasing integration of Artificial Intelligence (AI) and Machine Learning (ML) tools are expected to boost market growth over the forecast period.
The QMS market is anticipated to witness significant growth owing to the rising demand for effective management of organizational processes and the need for meeting consumer expectations in a highly competitive market. In addition, the rapidly increasing technological advancements in the IT and telecom sector and growing automation of the transportation and logistics industry are also contributing to the market demand. QMS software offers various functionalities, including out-of-specification test results, handling of non-conformances, calibration, ensuring compliance as well as a centralized system that ensures connection to organizations’ ERP and CRM systems. All these functionalities, coupled with benefits such as reduction of operational costs and business process optimization, are estimated to propel the adoption of QMS across a wide range of industries.
Quality management software offers increased flexibility and mobility in applications such as document control and resolution of non-conformances. The demand for cloud-based QMS solutions among end-use industries due to implied scalability and accessibility is further anticipated to boost the market growth. For instance, in January 2021, Arena Solutions, Inc. partnered with Rimsys Inc., a Regulatory Information Management (RIM) software platform provider, to offer secure cloud-based end-to-end quality and product-centric regulatory solutions for the MedTech industry. The strategic partnership is expected to enhance both the companies’ capabilities in automatically monitoring document changes and alerting users during reporting updates based on the document location.
Quality Management Software Market Report Highlights
- The document control segment is expected to witness significant growth over the forecast period. Compliance with stringent quality standards and rigorous regulations passed by FDA and other global regulations are the key factors for adherence to quality document control processes by industries worldwide
- The cloud segment is anticipated to record the highest CAGR from 2021 to 2028. The popularity of cloud technology among cost-sensitive customers and small and medium enterprises is anticipated to boost the adoption of cloud QMS solutions
- The small and medium enterprise segment is expected to record the highest CAGR from 2021 to 2028. The growing number of providers and reduced costs of QMS solutions have boosted their adoption across SMEs. Moreover, the utility of QMS solutions in process optimization and reduction of overall product costs are estimated to further drive the segment growth over the forecast period
- Healthcare is anticipated to emerge as the fastest-growing end-use segment over the forecast period. Rapid regulatory updates and innovation in medical devices vis-?-vis technology trends such as the Internet of Things (IoT) and analytics are likely to boost the demand for QMS solutions in the forthcoming years