Published Date: 31-Mar-23
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According to a new report, published by KBV research, The Global Quality and Lifecycle Management Software Market size is expected to reach $46.9 billion by 2028, rising at a market growth of 7.3% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 8.2% during (2022 - 2028). This is due to the fact that these services provide a business with a larger team of experts and tried-and-true processes to improve its ability to act quickly. When needed, commodity expertise can help the firm oversee audits of products, processes, and systems. In addition, these services aid the clients in getting the most out of the suppliers they already have to meet production needs.
The Large Enterprises segment acquired maximum revenue share in the Global Quality and Lifecycle Management Software Market by Enterprise Size in 2021 thereby, achieving a market value of $32.5 billion by 2028. Large businesses require centralized resources to run their operations on a single platform. Moreover, QMS enables businesses to undertake enterprise-wide deployments and preserves local autonomy over processes. As a result, several QMS suppliers offer distinct software suites for large and medium-sized organizations.
The On-premise segment has shown the growth rate of 5.3% during (2022 - 2028). This is because on-premise quality and lifecycle management solutions have benefits including improved data control and security. Moreover, on-premise solutions can be tailored to meet the unique requirements of a company.
The Automotive & Transport segment is leading the Global Quality and Lifecycle Management Software Market by Vertical in 2021 thereby, achieving a market value of $12.4 billion by 2028. The automobile and transportation industries have experienced amazing expansion over the past several decades. Since purchasers are more concerned regarding the safety and innovative features of vehicles, manufacturers are more concerned with reducing costs and increasing output without sacrificing quality and safety.
The North America market dominated the Global Quality and Lifecycle Management Software Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $16.7 billion by 2028. The Europe market is experiencing a CAGR of 6.9% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 7.9% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/quality-and-lifecycle-management-software-market/
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 IBM Corporation, Microsoft Corporation, SAP SE, Siemens AG, Dassault Systemes SE, Autodesk, Inc., PTC, Inc., Aras Corporation, SAS Institute, Inc., and Parasoft Corporation.
By Enterprise Size
By Deployment Type
Unique Offerings from KBV Research
North America Quality and Lifecycle Management Software Market size & Opportunities 2022-2028
Europe Quality and Lifecycle Management Software Market & Growth Forecast 2022-2028
Asia Pacific Quality and Lifecycle Management Software Market Share & Industry Outlook to 2028
LAMEA Quality and Lifecycle Management Software Market Growth, Trends & Forecasts 2022-2028