Quality Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023

 

The global quality management market is estimated to be worth US$ 13,833.2 million in 2018 and is expected to grow to US$ 25,418.9 million by 2023, at a CAGR of 12.9% over the forecast period. Quality management software assists organizations in maintaining the quality of the products or services they provide. Increasing competition and government regulations for quality measures are driving organizations across multiple industries to implement effective quality management software. This is expected to aid market growth. Governments in various countries have implemented various standards and regulations to maintain product quality, which is one of the major factors driving demand for quality management software in industries such as healthcare, automotive, telecommunications, and consumer goods.

The Quality Management Market Extends Beyond Manufacturing to Other Industries The Quality Management Systems (QMS) market focuses on modern QMS solutions that represent the evolution of quality management to its current portfolio of solutions.

The Quality Management Market focuses on modern QMS solutions that represent the evolution of quality management to its current portfolio of solutions. A comprehensive portfolio of quality solutions today would include audit management, compliance management, corrective and preventive actions (CAPA), defect tracking, document management, feedback tracking, incident management, nonconformance tracking, risk management, and supply chain quality. Some QMS providers specialize in specific areas such as SPC, quality assurance assessment, and enterprise quality consulting.

While quality assurance and overall continuous improvement methods have been in place for decades in discrete manufacturing, the adoption of Quality Management Market quality methods has spread to other industries such as life sciences/pharma, medical devices, consumer goods and services, and non-manufacturing industries such as power generation and utilities, financial and banking services, consumer goods, and food & beverage. Overall growth in the quality management software market will be driven primarily by consumer demand for more dependable products in emerging markets. One of the major trends in this market is the rapidly growing sales of goods over the Internet, which will necessitate producers offering quality products that, ideally, will not be returned, as processing these returns represents a significant cost center that can erode profit margins.

Key Players

MasterControl, Inc., EtQ, Intelex Technologies, Pilgrim Quality Solution, MetricStream Inc., Sparta Systems, Inc., SAP SE, Arena Solutions Inc., Autodesk Inc., Oracle Corporation, Aras, AssurX, Inc., Plex Systems, Inc., IQMS, Inc., Unipoint Software, Inc., Ideagen Plc, Dassault Système SE, Siemens AG, and Micro Focus are among the major players in the global quality management

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