Quality and Lifecycle Management Software Market Growing at 7.5% CAGR to Hit USD 49.7 Billion by 2032| Growth, Company Profiles

According to a new report published by Allied Market Research, titled, "Quality and Lifecycle Management Software Market," The quality and lifecycle management software market was valued at $24.4 billion in 2022, and is estimated to reach $49.7 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.

Quality lifecycle management software system is used in manufacturing to manage a product and its associated data through all stages of the product lifecycle. While primarily used by design and engineering teams working with computer-aided design (CAD) data, a QLM system can provide visibility into the product design process for all business stakeholders. Moreover, it can provide 'single source of truth' visibility to business stakeholders and suppliers for easy delivery of feedback early in the product development process.

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Furthermore, increase in adoption of medium-sized business and increase in use of high-tech connected devices and factories is boosting the growth of the global quality and life cycle management software market. In addition, increase in use of digital transformation technology positively impacts growth of the quality and life cycle management software market. However, lack of interoperability and integration of complex system and Inadequate quality control and production planning is hampering the quality and life cycle management software market growth. On the contrary, increasing integration of product life-cycle management (PLM) solutions with IoT platform is expected to offer remunerative opportunities for expansion during the quality and lifecycle management software market forecast.

Depending on enterprise size, the large enterprise segment holds the largest quality and lifecycle management software market size as a result of the amount of data and resources, as well as the increased need to build a strong network and brand identity. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to advancements in technology to cater to the needs of smaller organizations and decrease in cost of cloud-based deployments.

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Region-wise, the quality and lifecycle management software market share was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to, the presence of major key players such as IBM, Microsoft, SAP SE, and Oracle, among others operating in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing opportunities in the region along with various investments made in QLM.

The quality and lifecycle management software market has witnessed stable growth during the COVID-19 pandemic, owing to rise in demand for quality and compliance management and various others solutions during the pandemic situation. In addition, the COVID-19 pandemic has resulted in changes in model performance, as continuous monitoring and validation is required to mitigate various types of risks, compared to static validation and testing methods, which, in turn, drive the development of advanced quality machine software models. In addition, with rapid digital transformation, various governments have introduced stringent regulations to protect end user's software quality and lifecycle such as General Data Protection Regulation (GDPR), U.S. Food, Drug, and Cosmetic Act (FDA), and the California Consumer Privacy Act (CCPA).

Thus, governments in various countries have taken strict actions toward the defaulters of COVID-19 regulations, and natural language processing technology is helping organizations to scan their internal policies as well as to check their compliance with different regulatory policies. However, COVID-19 pandemic is making it even harder for larger businesses to keep pace, and even more difficult for midsize and smaller businesses to adopt software, owing to long development timelines and high investment requirements.

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In addition, technologies such as IoT, cloud computing, and other software assistants collate massive volumes of data to generate significant insights, which can provide cost-saving opportunities, thus propelling the growth of the market. Moreover, investments in deep learning are becoming popular day-by-day, owing to increase in attention toward data to help organizations to find out the future performance of the firm to take corrective measures at an early stage in case of any probable crisis in future, which, in turn, is contributing toward the growth of the quality and lifecycle management software industry.

Furthermore, supply chain was quickly restored due to the increasing adoption of cloud-based services. The growth in cloud computing has brought a transformation in the digital industry, and therefore most software and services can be easily supplied on a cloud basis related to industries insights during COVID-19 pandemic, which is driving the growth of the market.

KEY FINDINGS OF THE STUDY

1. By component, the solution segment accounted for the largest quality and lifecycle management software market share in 2022.

2. Region wise, North America generated highest revenue in 2022.

3. Depending on industry vertical, the aerospace and defense goods generated the highest revenue in 2022.

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The key players profiled in the quality and lifecycle management software market analysis are Autodesk Inc, IBM Corporation, Micro Focus, Microsoft Corporation, Dassault Systemes, Oracle Corporation, SAP SE, SAS Institute Inc., Siemens AG, and Arena Solutions. These players have adopted various strategies to increase their market penetration and strengthen their position in the quality and lifecycle management software industry.

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