Quality Management Software Market: Continued Entry of New Players to Maintain Competition
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As per the estimations of TMR analysts, the overall valuation of the global market for quality management software is expected to rise at an exceptional CAGR of 13.20% over the period of 2017–2022, with its opportunity increasing to US$24.4 bn by the end of the period of forecast. Based on the solution type, the audit management segment has been leading the market. Expanding at a CAGR of 15.6% over the period from 2017 to 2022, the segment is anticipated to remain on the top over the forthcoming years.
Geographically, the worldwide market for quality management software is spread across North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among these, North America has emerged as the leading contributor to the global market. Reaching a value of US$10 bn by the end of 2022, the market for quality management software in North America is anticipated to continue on the top spot in the near future.
Rising Need to Maintain Quality Standard to Boost Market
“The increasing need to manage and maintain quality in product and services in enterprises is the main factor behind the growth of the global market for quality management software,” states the author of this study. With a number of government policies, emphasizing on regulating quality standards, enterprises are compelled to take up quality management software, which is boosting this market substantially.
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Over the coming years, innovation and technological advancements are likely to push this market forward. The increasing investments for research and developments are also expected to propel this market substantially in the years to come, states the research report.
Need for High Investment to Hamper Growth
Although the future of the worldwide market for quality management software looks thriving, it may be obstructed in the future due to the need for high investments for research and development. The high cost of deployment and maintenance will also prove to be a hindrance to this market over the next few years, reports the market study.
The review is based on a report by Transparency Market Research, titled “Quality Management Software Market (Deployment Type - On premise, Cloud-Based; End-Use Industry - Aerospace and Defense, Automotive, Consumer Goods and Retail, Healthcare and Life Sciences, ITES and Telecom, Other industries; Solution Type - Audit Management, Complaint Management, Training Management, CAPA Management, Document Management, Change Control, Product Registration, EH&S Management, Supplier Quality Management, Other Solutions; Organization Type- Large Enterprises, Small & Medium Enterprises) - Global Industry Analysis, Share, Size, Growth, Trends and Forecast 2017 - 2022.”
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