Quality Management Software Market Share, Trend Analysis, Key

“The business research company recently published a comprehensive report on global quality management software market size and trends analysis with forecast 2024-2033. This latest market research report provides a wealth of valuable insights and data including global market size, regional shares, etc. It also covers current trends, future opportunities and essential data for success in the industry.

According to The Business Research Company, the quality management software market 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 historical period is due to increasing penetration of smart devices, demand for quality management software in industries, on-site deployment of quality management software, increasing awareness among manufacturers, and increasing number of companies.

The quality management software market is expected to witness rapid growth in the next few years. In 2028, it will grow to $19.49 billion at a compound annual growth rate (CAGR) of 13.6%. The growth during the forecast period is attributed to increasing demand for streamlining and centralizing business processes, cloud-based digital quality management systems, increasing importance of quality assurance, rapid rise in digitalization and increasing regulatory compliance requirements. Key trends during the forecast period include increasing adoption of new technologies, improvements in quality management software capabilities, integration of AI and ML technologies, new product launches, and continuous development of new features of the software.

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Market drivers and trends:

Increasing consumer awareness about product safety and quality is expected to drive the growth of the quality management software market. Consumer awareness of product safety and quality reflects consumers’ increasing recognition and understanding of the safety and quality standards of the products they purchase. Growing consumer awareness of product safety and quality is driven by accessibility of information, high-profile product recalls, consumer advocacy groups and corporate transparency initiatives. Quality management software is critical to increasing consumer awareness of product safety and quality by ensuring regulatory compliance, promoting transparency, enabling rapid response to quality issues, supporting continuous improvement initiatives, and improving communication with consumers. According to a survey by Qualtrics, a US-based cloud-based survey platform, of 2,000 US consumers about their opinions on customer and brand experience, about 64% of consumers are more likely to choose a brand based on the experience they have with their employees during the pandemic, while 55% are more likely to choose a brand that has implemented strict safety measures. Therefore, growing consumer awareness about product safety and quality is driving the growth in the quality management software market.

Large companies operating in the quality management software market focus on developing advanced software solutions such as: B. AI-powered QMS software to gain a competitive advantage in the market. AI-powered quality management software (QMS) uses artificial intelligence (AI) and machine learning algorithms to improve quality management processes. These systems can analyze large data sets, identify patterns, and make data-driven recommendations to improve quality and efficiency. For example, Intellect, a US-based software company, launched AI-powered QMS software in September 2023, highlighting its benefits in improving quality and safety, saving time, reducing errors, and improving decision-making. The AI-powered QMS is highly configurable, increases productivity, quality and efficiency in quality management initiatives and offers features such as audit readiness, risk assessments, automation, insights and time-saving features.

Key benefits for stakeholders:

• Comprehensive market insights: Stakeholders gain access to detailed market statistics, trends and analysis that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With detailed competitive analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company provides customized reports tailored to specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global perspective: Reports cover various regions and markets, providing a comprehensive overview that helps stakeholders expand and operate successfully on a global scale.

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Key Market Players:

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

Key Insights on Quality Management Software Market 2024:

• The quality management software market is expected to witness rapid growth in the next few years. In 2028, it will grow to $19.49 billion at a compound annual growth rate (CAGR) of 13.6%.
• Consumer awareness drives growth in the quality management software market
• Intellect’s AI-powered QMS revolutionizes quality management software
• North America was the largest region in the quality management software market in 2023

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The economic research company (www.thebusinessresearchcompany.com) is a leading market research firm known for its expertise in business, market and consumer research. With a global presence, TBRC’s consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals and technology, providing unparalleled insight and strategic advice to clients worldwide.

This press release was published on openPR.