Quality and Lifecycle Management Software Market worth $34.9 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 16, 2023 /PRNewswire/ -- The global Quality and Lifecycle Management Software Market size is expected to grow from USD 24.6 billion in 2022 to USD 34.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period, according to a new report by MarketsandMarkets™. The major factors driving the growth of the market include increasing proliferation of the smart devices/products, demand of organizations for the low manufacturing cost, and increasing demand in small and medium businesses.
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Quality management solution segment to hold the largest market size during the forecast period
Quality management software helps organizations to reduce product and operating costs while helping them to improve product quality. Thus, quality management software is necessary to capture various complaints, defects, and non-conformances. Quality management software helps identify, analyze, and share critical product quality data, which helps the design, manufacturing, and quality improvement teams share and analyze their views. The growth is mainly contributed by decreasing complexities and increasing the effectiveness of cloud-based deployments. Additionally, the advancements in security measures in cloud-based databases have further bolstered the demand for hosted solutions. Thus, hosted quality management allows organizations to identify, analyze, and share critical product quality data in a secure environment at any given location. These benefits have necessitated the urgency of hosted quality management solutions for organizations to maintain their competitiveness in their respective industry vertical.
Consumer goods & retail vertical to record the highest CAGR during the forecast period
Competition in consumer goods, such as food, beverages, and apparel, has increased vastly over the past few years. The industry continues to face great production and pricing demand from customers. In addition, there is a constant flow of new entrants in this industry, and the supply chains and product structure are growing increasingly complex. Organizations must also comply with the ever-changing regulations and safety requirements for ingredients, packaging, environment, and more. Moreover, the growth in the retail industry is equally notable. Hence, companies are now using QLM software to control and manage product data and work better with suppliers. Quality and lifecycle software provides them with solutions for formula and recipe management, raw material management, change management, document and data control, quality and regulatory compliance, packaging, labeling, and more. Therefore the adoption of QLM software in the consumer goods indutry has been increasing and will continue to do so. This vertical will become one of the major spending industries in this market.
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North America is projected to have the largest market size during the forecast period
North America is expected to have the largest market size in the QLM market, and the trend is expected to continue till 2027. It is also the frontrunner in embracing various next-generation technologies, including IoT, advanced telecommunication technologies (4G, 5G, and LTE), advanced analytics, Augmented Reality (AR), AI, and ML. The market is growing steadily and has the potential to grow further in the region, as several companies and industries are adopting QLM systems at various product development stages to sustain in the market, increase productivity, and improve their manufacturing process. Key countries considered for analysis in the region are the US and Canada, where the US contributes the maximum market share. Oracle, PTC, and Autodesk are some of the key vendors in the region. North America has been the most promising region for verticals such as aerospace and defense, healthcare and life sciences, retail and consumer goods, energy and utilities, industrial machinery and heavy equipment, IT and telecom, and others. The QLM software market in North America is in the maturity phase; however, IT spending in the region is still increasing, with newer technologies being developed through constant innovations. In North America, the US has the major share in terms of the size of the QLM Market.
Some prominent players across all service types profiled in the Quality and Lifecycle Management Software Market study include Aras (US), Arena Solutions (US), Autodesk (US), Dassault Systemes (France), Oracle (US), Parasoft (US), SAP (Germany), SAS Institute (US), ComplianceQuest (US), Siemens (Germany), PTC (US), Atlassian (Australia), HPE (US), IBM Corporation (US), Microsoft (US), Veeva Systems (US), Intellect (US), Kovair Software (US), Micro Focus (UK), Neudesic (US), Rocket Software (US), MasterControl (US), ETQ (US), and Intelex Technologies (Canada).
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