The inspection management software market is expected to grow from USD 7.6 billion in 2021 to USD 13.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period. Inspection management software market is rapidly gaining acceptance worldwide by hospitals, enterprises and corporates. It aids in quality control, lowers manufacturing costs, eliminates scrap losses, and identifies the root causes of defective work.
The solution segment is expected to hold a higher market share during the forecast period
Inspection management software also includes visual platform which is a complete rounds with asset pins in the same screen as the digital floor plans, making it easy to find each stop within an inspection, automated inspection schedules which helps to make recurring inspection schedules that generate assigned work orders on a daily, weekly, monthly, and annual basis, custom rounds helps to create customized rounds with specific instructions and asset information for each of your buildings and floors, form builders helps to create custom inspection checklists and forms in minutes, address corrective measure helps to create and complete associated work orders in the field, documenting that the failed inspections have been corrected, inspection reporting allows to track inspection progress across the portfolio and drill down into specific programs and buildings.
The on-premises segment is expected to hold a higher market share during the forecast period
In this deployment method, all the information gets stored within enterprise premises. The on-premises deployment mode offers high speed, scalability, flexibility, and security but lacks in the remote access of stored data. The market share of the on-premises deployment mode is anticipated to steadily grow in the coming years due to its advantages. It is witnessing growth due to the ownership of private individual data and the digital rights management associated with the digital assets of enterprises.
The telecom vertical is expected to witness huge opportunities due to the need comply with government regulations.
To meet the telecom-specific requirements for hardware, software, and services, powerful inspection management software is required. It will contribute to address critical service challenges by increasing visibility of service quality and user experiences. In the telecommunications industry, streamlining device inspections is critical to reducing downtime. Exo is a quality assurance and inspection solution provider company. TIA condition assessments, post-modification, due diligence, as built and weld inspections, non-destructive foundation mappings, and rebar scans are all included in Exo inspection solution.it also has Aerial Inspections (UAV/Drone Inspection).
North America to dominate the inspection management software market in 2021
In North America, there is certification launched by Bureau Veritas to IATF 16949, which indicates the commitment to quality and readiness to compete in today’s complicated, fast expanding industry. IATF 16949 helps drive customer satisfaction, create a culture of continuous improvement, detect, and mitigate risk in the automotive industry. The manufacturing industry has undergone tremendous changes, with digitized processes designed to meet increased demand, market dynamics, and disruptive innovation. This has increased the requirement for industrial processes to use inspection management software and integrate it into numerous operational domains via business process automation. The high usage and adoption of AI, cloud computing, big data, and 3D printing technologies are driving the North America market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The breakup of the profiles of the primary participants is as follows:
- By Company Type: Tier I: 30%, Tier II: 38%, and Tier III: 32%
- By Designation: C-Level: 31%, D-Level: 36%, and Others:33%
- By Region: North America: 40%, Europe: 24%, APAC: 20%, Row: 16%
The report profiles the following key vendors:
SAP (Germany), Oracle (US), Siemens (Germany), Dassault Systemes (France), PTC (US), Hexagon (Sweden), Wolters Kluwer (Netherlands), Ideagen (UK), Autodesk (US), Veeva Systems (US), ETQ (US), Gensuite (US), Intelex (Canada), IQS (US), MasterControl (US), MetricStream (US), Penta Technologies (Canada), Pilgrim (US), Plex (US), ReachOutSuite (US), Cority (Canada), ComplianceQuest (US), Omnex Systems (US), Field Eagle (US), MoonVision (Austria), Thrive Technologies (US), Sparta Systems (US), Aras (US), AssurX (US), and Qualityze (US).
The inspection management software market is segmented by component, organization size, development mode, vertical, and region. By component, the inspection management software market has been sub-segmented into solution and services. By organization size, the market has been sub-segmented into large enterprises and SMEs. By deployment type the market has been segmented into cloud and on-premises. By vertical, the market has been sub segmented into aerospace and defense, manufacturing, automotive, energy and utilities, transport and logistics, consumer goods and retail, telecom, healthcare and lifesciences, and others. Others includes hospitality, construction, government, chemical, metal and mining. By region the market is segmented into North America, Europe, APAC, MEA and Latin America.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the inspection management software market with information on the closest approximations of the revenue numbers for the overall inspection management software market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.