Global Inspection Management Software Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Deployment Mode, By Vertical, By Regional Outlook and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Inspection Management Software Market
Market Report Description
The Global Inspection Management Software Market size is expected to reach $14.9 billion by 2027, rising at a market growth of 12.5% CAGR during the forecast period.
Inspection management software is a digital tool that consists of work order management systems, checklists, and reporting & analytics dashboards. This software is utilized in order to assure the safety of a company's facilities. Inspection management software enables customers to digitalize their inspection process completely or partially, which includes tasks like scheduling checklists, inspections, developing and storing, and monitoring documents. They help enterprises in adhering to health and safety regulations set forth by government agencies such as OSHA.
In addition, Inspections are most essential for an organization for preserving product quality in all organizations. It necessitates a lot of documentation, including recording nonconformances of defective material, checklists, and much more. Moreover, the latest and advanced inspection management software is more efficient and effective than various traditional inspection methods. Organizations must migrate to a cloud-based Inspection management process in order to standardize their inspection processes and achieve applicable regulatory compliance while avoiding product quality and supplier risks at the beginning phases of production to comply with the rapidly evolving trends across the industry. In addition, it allows a user to save a lot of costs, time, and resources while maintaining product quality.
The two wheels on which a firm is balanced are customer safety and satisfaction. Any defect that dissatisfies customers or puts them at risk in any manner can result in product recalls brand erosion and revenue loss. Businesses may personalize the inspection workflow with inspection management software to help identify quality concerns as well as non-conformance, conduct CAPA or Root Cause Analysis as appropriate, and effect continuous operation improvement through a data-driven and collaborative approach.
In addition, inspection management software also connects with the remaining EQMS, resulting in a collaboration system that makes it easier to enlist the help of relevant stakeholders intending to deal with inspection findings.
COVID-19 Impact Analysis
The COVID-19 outbreak severely impacted various economies across the world. The pandemic significantly demolished all the businesses, including the private and public sectors. In addition, governments all over the world were forced to impose lockdowns in their countries in order to regulate the spread of the novel coronavirus. The lockdown resulted in an industrial shutdown which majorly devastated various manufacturing units across the world. Moreover, Transportation concerns arose as a result of the pandemic, affecting the worldwide supply chain business. In addition, the end-user within the supply chain is looking for suppliers who can deliver high-quality items on time and at a fair price.
Market Growth Factors:
Features various advantages in comparison to traditional inspection techniques
Simple forms and checklists are available in inspection management software. Following up on measures such as remedial actions, the inspection management software analyses the results using a robust reporting engine. In addition, inspection management software can also perform various jobs such as creating inspection checklists, assigning inspection frequency and responsibility, tracking in-progress, missed as well as completed inspections, identifying results along with conducting corrective actions and allowing the user to conduct inspections offline as well as online via mobile apps. This software helps in decreasing costs, increasing productivity and efficiency, reducing risks, managing compliances, and standardizing reporting by scheduling inspections, recording results, and tracking corrective actions to completion.
Increasing penetration of IoT, AR, and cloud technologies across operations
Inspectors and auditors benefit from AR and IoT because they can complete their tasks faster and more correctly. They can look through task instructions, checklists, and troubleshooting methods, as well as seek real-time video help from remote specialists. Inspection management software can be established in as little as one day using no-code workflows or connected into prevailing systems for a complete digital record. AR technology, which provides hybrid, on-premises, and SaaS solutions and establishes a closed-loop in between the real and digital worlds, is used by organizations to transform engineering, production, and servicing.
Marketing Restraining Factor:
High installation cost along with the requirement of expert installation
The entire installation process of inspection management software is costly and can drive organizations into financial difficulties in order to deploy the software. Various factors, such as the utilization of correct materials, work sequences, certain types of equipment, periodic inspections, as well as a higher quality of design, also increases the costs of the entire process. In addition, the installation of inspection management software requires expert services. In addition, inspection software can only be installed by a supplier, manufacturer, or mechanical subcontractor. Moreover, the deployment must adhere to the manufacturer's recommendations as well as the design documentation, code requirements, quality assurance.
Based on Component, the market is segmented into Solution and Services. In 2020, the services segment registered a significant revenue share of the inspection management software market. All of the documents required to complete the inspection procedure are provided by the tool. Inspection management service companies offer a wide range of services, including advice, installation, support, and maintenance. Inspection management software creation, as well as smooth installation, implementation, and maintenance of existing solutions, are provided by these services to end-users. Certain service providers help end-users in developing bespoke solutions for their businesses.
Deployment Mode Outlook
Based on Deployment Mode, the market is segmented into On-premise and Cloud. In 2020, the on-premise segment witnessed the largest revenue share of the inspection management software market. The growth of this segment is attributed to the fact that this method allows the user to track the condition of the site on their own desktops or other systems. The on-premise inspection management systems enable the user to fully control or manage their inspection management software as the software is deployed on the premises of the company.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). In 2020, the large enterprises segment procured the maximum revenue share of the inspection management software market. Change control management, CAPA, market compliance, investigation, audit management, risk management, and training management are included in large organizations' EQMS. This provides all stakeholders with real-time business data, electronic records, as well as signatures.
Based on Vertical, the market is segmented into Healthcare & Lifesciences, Consumer goods & Retail, Transport & Logistics, Manufacturing, Telecom, Aerospace & Defense, and Others. In 2020, the consumer goods and retail segment held a substantial revenue share of the inspection management software market. The increasing growth of the segment is owing to the increasing demand for various goods and services for the consumer goods industry. Due to the rising per capita disposable income of people across the world, the demand for premium and best-in-class products or solutions is growing. In order to meet the demand for high-quality products, numerous companies are deploying inspection management software.
|Market size value in 2020||USD 6.9 Billion|
|Market size forecast in 2027||USD 14.9 Billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 12.5% from 2021 to 2027|
|Number of Pages||290|
|Number of Tables||453|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, Deployment Mode, Organization Size, Vertical, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, Europe procured a significant revenue share of the inspection management software market. The increasing growth of the segment is owing to the rapid growth of the consumer goods sector of the region. Various companies are widely deploying inspection management software in order to fulfill the rising customer demand across the region, hence the regional market is flourishing.
Free Valuable Insights: Global Inspection Management Software Market size to reach USD 14.9 Billion by 2027
KBV Cardinal Matrix - Inspection Management Software Market Competition Analysis
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Siemens AG and Oracle Corporation are the forerunners in the Inspection Management Software Market. Companies such as SAP SE, Hexagon AB and Autodesk, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Oracle Corporation, Siemens AG, Dassault Systemes SE, Hexagon AB, Wolters Kluwer, Ideagen Plc, Autodesk, Inc., PTC, Inc., and Cority Software, Inc.
Recent Strategies Deployed in Inspection Management Software Market
» Partnerships, Collaborations and Agreements:
- Feb-2022: Ideagen collaborated with Czech Airlines Technics, an airline maintenance provider. Under this partnership, Czech Airlines would leverage Q-Pulse, a robust aviation SMS software range integrated with corrective and preventative actions control.
- Oct-2021: Hexagon partnered with ETQ, a leader in the quality management system. With this partnership, the companies would offer enhanced data-driven decision-making throughout the entire process in order to produce better and more consistent products in lesser time and resources, as well as allow progressive smart manufacturing strategies.
- Aug-2021: Autodesk came into a partnership with Novade, a leader in developing field management software. Following this partnership, the companies would integrate their platforms in order to enable users to share their quality and safety data from the field in Novade with other construction stakeholders in BIM 360. Moreover, this partnership would also allow field and office teams to streamline collaboration in order to reduce miscommunications and rework.
- Apr-2021: Hexagon entered into a partnership with Authentise, a leader in process automation software for additive manufacturing. With this partnership, the companies would bring solutions to industrialize AM technology by digitizing every phase of the workflow from part design via production to final product and quality assurance leveraging its distinct stack of technological abilities in order to connect the digital thread of a part and trace its pedigree.
- Apr-2021: Siemens partnered with Google Cloud, a set of cloud computing services by Google. Under this partnership, Siemens would integrate its factory automation solutions into Google Cloud’s best-in-class artificial intelligence/machine learning and data cloud technologies in order to help manufacturers in enhancing their innovations.
- Nov-2020: Siemens entered into a partnership with ProFlex Technologies, a Houston-based vendor of technology-driven solutions. Following this partnership, the companies would launch Pipe-Safe, an advanced leak detection technology, to offer spontaneous leak detection services for pipeline operators.
- Oct-2020: Siemens teamed up with Log.Go.Motion, a leader in the digitalization of processes in industry and logistics. Under this partnership, Siemens would become an exclusive global third-party distributor for Moby.Check software solutions across the process industry. Moreover, Siemens's Moby.Check is a solution that offers flexible and simple support for digital transformation to its customers across the process industry.
- Sep-2020: Cority partnered with Interaptix, a leader in providing augmented reality solutions. Through this partnership, the companies aimed to enable effective and rapid decision-making by offering real-time contextually relevant health, environmental, and safety information to enhance worker safety.
- Apr-2020: Ideagen extended its partnership with CompliancePath, a leading vendor of IT Governance, Software Assurance, US & EU GxP, HIPAA, HITECH, GDPR, and NHS directive solutions. Under this partnership, the companies would provide their tested and proven risk-based methodology to organizations in order to eliminate the validation headache for companies.
- Apr-2020: Autodesk partnered with Aurigo Software, a global software company. Following this partnership, the companies would integrate their portfolios intending to develop a comprehensive line of cloud-based solutions for private and public owners.
» Acquisitions and Mergers:
- Nov-2021: Ideagen completed its acquisition of CompliSpace, a leading provider of Governance, Risk, and Compliance programs. This acquisition would allow Ideagen to expand its footprint in new areas, as well as its commercial portfolio. Moreover, this acquisition would enhance the Annual Recurring Revenue of the company.
- Apr-2021: Siemens acquired TimeSeries, an independent leading software provider and Mendix partner. TimeSeries's expertise in Mendix low-code platform-built vertical apps development would facilitate Siemens in expediting digital transformation by growing the adoption of low-code and providing new apps including predictive maintenance, energy management, smart warehousing, and remote inspections.
- Jan-2020: Cority took over Enviance, a vendor of cloud-based environmental, safety, and software. With this acquisition, the company aimed to integrate the portfolios of two key market players of EHSQ in order to offer a comprehensive solution to its users by leveraging Cority’s expertise in IH/OH and worker safety, and environmental and sustainability capabilities of Enviance.
» Product Launches and Product Expansions:
- Nov-2021: Hexagon launched MyQuality, a new contract inspection, and programming services portal. The new product would build a strategic bridge between the company and its customers in order to support changing quality plans or automate part inspection programs.
- Oct-2021: Hexagon unveiled a new version of PolyWorks, a robust third-party inspection software platform. The new product comprises a line of various new features, such as an updated graphical user interface, extended exposure functionality, and PolyWorks' macro scripting language-based workflow tools.
- Oct-2021: Hexagon rolled out a new version of Inspire inspection software. The new version comprises additional GD&T enhancements, improved point cloud meshing for scanned data, and robust feature-extraction capabilities.
- Sep-2021: Hexagon released HxGN, a Robotic Automation pioneering robotic programming and control software. Through this launch, the company would allow the manufacturers to expedite the adoption of Industry 4.0 by intelligently devising optimal inspection routines in a single step.
- Mar-2021: Cority introduced CorityOne, its SaaS platform built on a heritage of pragmatic innovation. The new integrated EHSQ platform for enterprise-wide initiatives and the emerging connected worker ecosystem of solutions would complement Cority's offerings.
- Mar-2021: Siemens unveiled Teamcenter Quality software, its range of solutions that facilitates quality management. Under this partnership, Teamcenter would offer a digital thread throughout the production and design phases to create complying workflows among manufacturing, quality, and engineering teams to offer enhanced collaboration as well as a lesser requirement for coordination.
- Nov-2020: Autodesk launched Autodesk Takeoff, Autodesk Build, and Autodesk BIM Collaborate, a new range of products for Autodesk Construction Cloud. The new products are built on a unified platform and common data environment and would empower specialty trades, general contractors, owners, and designers to offer enhanced business outcomes.
Scope of the Study
Market Segments Covered in the Report:
By Deployment Mode
By Organization Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
- Healthcare & Lifesciences
- Consumer goods & Retail
- Transport & Logistics
- Aerospace & Defense
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- SAP SE
- Oracle Corporation
- Siemens AG
- Dassault Systemes SE
- Hexagon AB
- Wolters Kluwer
- Ideagen Plc
- Autodesk, Inc.
- PTC, Inc.
- Cority Software, Inc.
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What would be the size of the inspection management software market by 2027?
The global inspection management software market size is expected to reach $14.9 billion by 2027.
What are the key driving factors and challenges in the inspection management software market?
Increasing penetration of IoT, AR, and cloud technologies across operations are driving the market in coming years, however, high installation cost along with the requirement of expert installation limited the growth of the market.
What are the major top companies in the competitive landscape?
SAP SE, Oracle Corporation, Siemens AG, Dassault Systemes SE, Hexagon AB, Wolters Kluwer, Ideagen Plc, Autodesk, Inc., PTC, Inc., and Cority Software, Inc.
Which segment shows a high revenue share of the inspection management software market in 2020?
The Solution segment acquired maximum revenue share in the Global Inspection Management Software Market by Component 2020; thereby, achieving a market value of $10.3 billion by 2027.
Which segment is leading the market?
The Healthcare & Life sciences segment is leading the Global Inspection Management Software Market by Vertical 2020, thereby, achieving a market value of $4.0 billion by 2027.
Which region dominated the inspection management software market in 2020?
The North America is the fastest growing region in the Global Inspection Management Software Market by Region 2020, and would continue to be a dominant market till 2027.