Published Date: 30-Apr-22
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According to a new report, published by KBV research, 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.
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. Inspection management falls under the quality management system. Audit management, change management, complaint management, document control, supplier quality management, employee training management, statistical process control, traceability matrix, e-Signatures, design reviews, analytics, and reporting, email notifications, role-based security, and user dashboard are a few of the features provided by QMS. Inspection management software effectively handles high-risk items while also tracking entire asset performance and improving the supplier base. The objective is to optimize the company's total cost of quality.
The Cloud segment is showcasing a CAGR of 16.3% during (2021 - 2027). This segment is growing due to the fact that companies are increasingly investing in the cloud-based services and solutions since they can be accessed from anywhere and anytime. In addition, the cloud-based inspection management software allows the company to remotely inspect the site and saves the cost and time that can be consumed in traveling to the premises of the company.
The Small & Medium Enterprises (SMEs) market has shown a growth rate of 14.4% during (2021 - 2027). This is due to various advantages that this software can offer to SMEs. In addition, production management, inventory management, audit trail, accounting management, and document management are capabilities that inspection management software provides to SMEs in their limited budget.
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. Inspection management software can assist streamline critical procedures in the healthcare industry, for instance, staff planning and training, performance evaluation, and patient satisfaction. Healthcare facilities require a robust inspection management system to keep patients and personnel safe. Inspection Management software improves patient care by simplifying inspection processes and cultivating a quality-improvement culture. It enables inspection teams to perform more efficiently, lowering total risk in healthcare facilities.
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; thereby, achieving a market value of $5.3 billion by 2027. The Europe market is experiencing a CAGR of 11.7% during (2021 - 2027). Additionally, The Asia Pacific market would witness a CAGR of 14.3% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of SAP SE, Oracle Corporation, Siemens AG, Dassault Systemes SE, Hexagon AB, Wolters Kluwer, Ideagen Plc, Autodesk, Inc., PTC, Inc., and Cority Software, Inc.
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