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Quality Management Software Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
Quality Management Software Market Share
According to The Business Research Company's, The quality management software market size has grown rapidly in recent years. It will grow from $10.32 billion in 2023 to $11.69 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to rising penetration of smart devices, the demand for quality management software industry, on-premise deployment of quality management software, increasing awareness among manufacturers, increasing number of enterprises.
The quality management software market size is expected to see rapid growth in the next few years. It will grow to $19.49 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to rising demand for streamlining and centralizing business processes, cloud-based digital quality management systems, increasing importance of quality assurance, the rapid rise of digitalization, increasing requirements for regulatory compliance. Major trends in the forecast period include increasing adoption of new technologies improvements in the capabilities of quality management software, integration of AI and ML technologies, introducing of new products, the software's ongoing development of new features.
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Market Drivers and Trends:
The increasing consumer awareness of product safety and quality is expected to drive the growth of the quality management software market going forward. Consumer awareness of product safety and quality represents the increasing recognition and understanding among consumers regarding the safety and quality standards of the products they purchase. The growing consumer awareness of product safety and quality is due to information accessibility, high-profile product recalls, consumer advocacy groups, and corporate transparency initiatives. Quality management software is critical in fostering consumer awareness of product safety and quality by ensuring regulatory compliance, promoting transparency, enabling rapid response to quality issues, supporting continuous improvement initiatives, and enhancing communication with consumers. For instance, according to a survey among 2,000 U.S. consumers about what they thought about customer and brand experience by Qualtrics, a US-based cloud-based survey platform, around 64% of consumers are more likely to choose a brand based on how they have treated their employees during the pandemic, while 55% are more likely to choose a brand that has implemented strong safety measures. Therefore, the growing consumer awareness of product safety and quality drives growth in the quality management software market.
Major companies operating in the quality management software market are focusing on developing advanced software solutions, such as AI-powered QMS software, to gain a competitive edge in the market. AI-powered quality management software (QMS) uses artificial intelligence (AI) and machine learning algorithms to enhance quality management processes. These systems can analyze large datasets, identify patterns, and make data-driven recommendations to improve quality and efficiency. For instance, in September 2023, Intellect, a US-based software company, launched AI-powered QMS software, emphasizing its benefits in enhancing quality and safety, saving time, reducing errors, and improving decision-making. The AI-powered QMS is highly configurable, driving productivity, quality, and efficiency in quality management initiatives, offering features like audit readiness, risk assessments, automation, insights, and time-saving capabilities.
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Major Key Players of the Market:
Microsoft Corporation, Amazon Web Services Inc., Siemens AG, Hewlett-Packard Company, Cisco Systems Inc., Oracle Corporation, Broadcom Inc., Adobe Systems Inc., ServiceNow Inc., Dassault Systemes SE, Autodesk Inc., OpenText Corporation, Citrix Systems Inc., SAP SE, Atlassian Corporation Plc, Splunk Inc., IFS AB, Zendesk Inc., Zoho Corporation, Freshworks Inc., Arena Solutions Inc., Sparta Systems Inc., Intelex Technologies Inc., MasterControl Inc., Aras Corporation
Quality Management Software Market 2024 Key Insights:
• The quality management software market size is expected to see rapid growth in the next few years. It will grow to $19.49 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• Consumer Awareness Driving Growth In Quality Management Software Market
• Intellect's AI-Powered QMS Revolutionizing Quality Management Software
• North America was the largest region in the quality management software market in 2023
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