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Inspection Management Software Market Outlook, Trends, Analysis, Insights, Overview And Forecast To 2033
Inspection Management Software Market Outlook
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According to The Business Research Company's, The inspection management software market size has grown strongly in recent years. It will grow from $6.65 billion in 2023 to $7.3 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to quality assurance, operational efficiency, risk mitigation, globalization, increased data volume.
The inspection management software market size is expected to see rapid growth in the next few years. It will grow to $10.97 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to emphasis on predictive maintenance, enhanced mobile capabilities, evolving cybersecurity concerns, market expansion across industries. Major trends in the forecast period include Industry 4.0 integration, rising demand for cloud-based solutions, technological advancements, digital transformation, and cloud-based solutions.
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Market Drivers and Trends:
The rising demand for inspection tasks such as scheduling, making documents and checklists, recording results, and following actions in an organization will propel the growth of the inspection management software market in the forecast period. Regardless of industry or size, inspections are essential for preserving product quality. It necessitates a lot of documentation, including checklists, recording nonconformances of defective material, and so on. For instance, in 2021, according to the report published by the KMPG fraud survey, employees were cited as the most significant single source of risk by 62% of respondents, followed by suppliers and contractors. Forensic data analytics or artificial intelligence were claimed to be used by 38% of respondents to aid in the detection of fraud and corruption. According to 51% of respondents, the new operating environment has hampered their ability to probe potential fraud or misconduct. Therefore, the rising demand for inspection tasks drives the inspection management software market growth.
Major companies operating in the inspection management software are launching new software to increase their profitability in the market. Inspection Management Software (IMS) is a type of software designed to streamline and automate the process of inspections within various industries. For instance, in February 2021, Asset Integrity Engineering, a UAE-based asset integrity services and management provider launched Veracity Inspection. Veracity Inspection is an advanced software merging cutting-edge technology with inspection and maintenance tasks for precise asset performance assessment and compliance with regulations. The software is designed to enhance efficiency in analysis and inspection procedures by offering a unified platform for planning, executing, and evaluating maintenance and inspection programs. It is geared towards facilitating ISO 14224 compliant asset registers, ensuring a centralized and integrated approach to these critical processes. Veracity Inspection provides a flexible, integrated platform with diverse data analytics options for comparing and evaluating multiple asset categories, seamlessly integrating with Veracity analysis modules and client CMMS.
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Major Key Players of the Market:
Siemens AG, GE Inspection Technologies, Oracle Corporation, SAP SE, Schlumberger Limited, Baker Hughes Company, Halliburton Company, KLA Corporation, Olympus Corporation, Hexagon AB, Keysight Technologies Inc., Weatherford International plc, Vistech Corporation, Trimble Inc., MKS Instruments Inc., Teradyne Inc., Carl Zeiss Meditec AG, Dassault Systèmes SE, AVEVA Group plc, Topcon Corporation, Autodesk Inc., Bentley Systems Inc., Cognex Corporation, Leica Geosystems AG, SST Systems Inc., Ideagen plc, Ag Leader Technology, ASM Technologies Limited, Inspectivity Inc., e-Inspections Software Ltd.
Inspection Management Software Market 2024 Key Insights:
• The inspection management software market size is expected to see rapid growth in the next few years. It will grow to $10.97 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• The Surging Demand For Inspection Management Software In Modern Organizations
• Cutting-Edge Inspection Management Software Sets New Standards
• North America was the largest region in the inspection management software market in 2023
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