Quality Management Market Outlook, Sales Revenue, Strategy to 2023

Quality Management Market Outlook, Sales
Revenue, Strategy to 2023
Quality Management Market research provides industry analysis by
type, manufacturer, application along with key factors influencing
the growth of the market which include growth drivers, restraints,
opportunities and challenges, strategically profile key players and
comprehensively analyze their market share and core
competencies.
The global quality management market is estimated to be valued at US$ 13,833.2 Mn in 2018
and is expected to increase to US$ 25,418.9 Mn by 2023, registering a CAGR of 12.9% over the
forecast period (2018-2023). Quality management software aids organizations to maintain
quality of product or services it offers. Increasing competition and government regulations for
quality measures is propelling organizations across various industries to adopt effective quality
management software. This is expected to aid in growth of the market.
Governments of various countries have implemented various standards and regulations for
maintaining product quality and this is one of the major factors increasing demand for quality
management software in various verticals such as healthcare, automotive, telecommunication,
and consumer goods.
International Organization for Standardization, BSI Group, Food and Drug Administration, and
Food Safety and Standards Authority of India are some of the government or non-profit
organizations, which have set standards for product quality. International Organization for
Standardization, is a Switzerland-based non- government organization that has set worldwide
industrial and commercial standards and works in 162 countries.
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Whereas, BSI Group is a U.K.-based national standard body that makes technical standards on a
wide range of product and services. Such standards by various organizations is driving
companies to adopt quality software to meet them for product quality and reduce product waste
and cost. It is important for organizations to install quality management software or solutions in
their process structure, which helps them in achieving these standards and also reduce process
time.
Global Quality Management market is estimated to be valued at US$ 13,833.2 Mn in 2018 and is
expected to witness a CAGR of 12.9% over the forecast period (2018-2023).However, increasing
concerns related to data security and privacy in cloud- or SaaS-based solutions is a major factor
hindering growth of the quality management market, globally. Data breaches, hacking of
accounts, insider threat, malware injection, abuse of cloud services, insecure APIs, denial of
service attacks, insufficient due diligence, shared vulnerabilities, data loss are some of the cloud
based security concerns, which is negatively affecting adoption of cloud-based quality
management software.
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North America accounted for the largest market share in 2016
On the basis of geography, global quality management market is segmented into North America,
Europe, Asia Pacific, Middle East, and Africa. Quality management market in North America held
the dominant position in 2016 and is expected to retain its dominance over the forecast period.
The quality management market in this region is projected to reach US$ 8,489.93 million by
2023. The region has technologically advanced and developed infrastructure in terms of
manufacturing and information technology services.
For instance, emergence of industry 4.0 has led to increasing adoption of quality management
software. According to National Association of Manufacturers of the U.S., its manufacturing is the
largest in the world and contributed about 18.2% of the total goods manufactured globally in
2016. The U.S. is major growth engine in this region. In addition to this, dominant conglomerates
across the globe have their strong presence in the region, which paves the way for progressive
adoption of quality management software.
Europe and North America collectively contributed to around 60% of the total revenue in 2016
and are expected to grow at a steady rate during the forecast period.Asia Pacific quality
management market is projected to exhibit the highest CAGR of 13.2% during the forecast
period. The manufacturing sector has to keep up with the growing demand for products and
services. Therefore, smart technology incorporated manufacturing will help companies in this
region to increase their productivity. This is expected to propel growth of the manufacturing
sector in the region. This increase in manufacturing facilities is expected to aid in growth of the
quality management software market in the region over the forecast period.

Key companies
Major players operating in the global quality managements market include IQS Enterprise Quality
Management and Compliance Software, 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.
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