Quality Management Software (QMS) Market to Reach USD 10 Billion in 2022, with 11% CAGR Forecasted for Rapid Growth Period

The Quality Management Software (QMS) Market size was USD 10 billion in 2022 and is projected to experience a significant Compound Annual Growth Rate (CAGR) of 11% during the forecast period. The growth in demand for efficient quality control and management systems across various industries, including healthcare, manufacturing, Information Technology (IT), and aerospace, is one of the key drivers of market revenue growth.

QMS enables companies to regulate and manage quality issues related to customer satisfaction, performance, and competitiveness of a company. This is achieved by monitoring and controlling processes and products for constant quality assurance, reducing the gap between manufacturing practices and end-product expectations, tracking deviations, and ensuring compliance. With the use of QMS software, organizations can streamline their quality control and management procedures, leading to increased productivity, efficiency, and profitability.

Moreover, cloud-based QMS solutions are increasingly being used by businesses to manage quality processes and data remotely, providing flexibility and scalability. With cloud-based QMS systems, organizations can access and manage quality data in real-time, which accelerates decision-making and improves overall productivity.

Furthermore, the adoption of QMS software in healthcare institutions has increased due to the growing emphasis on patient safety and legal compliance. QMS software helps healthcare firms manage quality control and compliance, risk management, and training management.

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Segments Covered in the Report

The Quality Management Software (QMS) market can be analyzed based on various solution types, deployment types, organization sizes, and industry verticals.

In terms of solution types, the market can be segmented into audit management, document control, non-conformance/corrective and preventive actions (CAPA), complaints handling, and others. Audit management refers to the process of planning, scheduling, and conducting audits to assess compliance with regulations and standards. Document control includes the management of documents, records, and other types of information to ensure their accuracy, completeness, and security. Non-conformance/CAPA refers to the process of identifying and correcting issues that may arise in the quality management system. Complaints handling involves the management of customer complaints, feedback, and inquiries to ensure their timely resolution.

Regarding deployment types, the market can be segmented into on-premises and cloud-based solutions. On-premises solutions are installed and run on the company's servers and infrastructure, while cloud-based solutions are hosted and managed by third-party providers on the cloud.

In terms of organization size, the market can be segmented into large enterprises and Small and Medium-sized Enterprises (SMEs). Large enterprises are companies with a significant workforce and revenue, while SMEs are smaller companies with fewer employees and revenue.

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Strategic development:

Microsoft Corporation recently announced the acquisition of CloudKnox Security, a provider of identity and access management solutions, on 22 July 2021. This strategic move is intended to strengthen Microsoft's security capabilities and provide customers using Microsoft's quality management software with a more complete solution.

Similarly, on 26 June 2019, Oracle Corporation announced its acquisition of Oxygen Systems, a provider of cloud-based quality management software. This acquisition aimed to enhance Oracle's cloud-based quality management solutions and provide customers with a more comprehensive offering.

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Competitive Landscape:

SAP SE,Microsoft Corporation, IBM Corporation, Oracle Corporation, Adobe Inc., Hewlett Packard Enterprise (HPE), Siemens AG, MasterControl, Inc., Plex Systems, Inc., IQMS

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