Quality Management Market to Incur Considerable Upsurge During 2018-2026

Quality is an important aspect of any product throughout its lifecycle. Manufacturers tend to avoid and minimize risk and cost associated with poor quality due to errors in manufacturing processes and related operations. Thus, quality management software is an integral and an important part of an organization. The solutions comprises managing quality of the product and product-related processes. This helps in reducing cost incurred in rectifying errors and curtail downtime, thereby reducing overall time to market.

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The global quality management market is estimated to be valued at US$ 13,833.2 Mn in 2018 and is expected to increase to US$ 25,418.9 Mn by 2023, registering a CAGR of 12.9% over the forecast period (2018-2023). Quality management software aids organizations to maintain quality of product or services it offers. Increasing competition and government regulations for quality measures is propelling organizations across various industries to adopt effective quality management software. This is expected to aid in growth of the market.Governments of various countries have implemented various standards and regulations for maintaining product quality and this is one of the major factors increasing demand for quality management software in various verticals such as healthcare, automotive, telecommunication, and consumer goods.

Market Dynamics

Governments of various countries have implemented various standards and regulations for product quality and this is one of the major factors increasing demand for quality management software in various verticals such as healthcare, automotive, telecommunication, and consumer goods. International Organization for Standardization, BSI Group, Food and Drug Administration, and Food Safety and Standards Authority of India are some of the government or non-profit organizations, which have set standards for product quality. International Organization for Standardization: - The International Organization for Standardization is a Switzerland based non- government organization that has set worldwide industrial and commercial standards and works in 162 countries. Furthermore, BSI Group: - British Standards Institution is a U.K.-based national standard body that makes technical standards on a wide range of product and services. Moreover, Food Safety and Standards Authority of India: - The Food Safety and Standards Authority of India is an India-based autonomous body, which is responsible for promoting and protecting the health of the public through regulations and supervision of food safety.

To meet these standards for product and reduce product waste and cost, it is important for organizations to install quality management software or solutions in their process structure, which helps them in achieving these standards and also reduce process time.

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Detailed Segmentation:

Global Quality Management Market, By Type:

Non-Conformances/ Corrective and Preventive
Audit Management
Quality Management
Supplier Management
Change Management
Others

Global Quality Management Market, By Application:

IT & Telecommunications
Manufacturing
Healthcare
Others

Global Quality Management Market, By Deployment:

Cloud-Based
On-Premise

Global Quality Management Market, By Organization Size:

Small & Medium Enterprises (SMEs)
Large Enterprises

Global Quality Management Market, By Geography:

North America

U.S.

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This release was published on openPR.