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.
Quality is a vital part of every product throughout its existence. It is essential to a company's profitability. Solutions for quality & lifecycle management (QLM) involve controlling a product's quality and the processes connected to it. They assist in lowering the expenses related to error correction. A product can now be marketed more quickly due to these methods. Managing quality through specialized QLM software is profitable and aids organizations in staying ahead of the competition in the market due to the fierce competition in the market and the complexity of business processes and manufacturing.
The main drivers of the growth of the QLM software market are the increasing need for continuous innovation and iteration, lower production costs, and rising demand for smart homes. Also, the increased adoption of QLM software by midsize enterprises, with limited resources available to optimize their operations, has considerably contributed to the expansion of the market in terms of the user base.
Quality management software helps firms to automate or streamline their quality management operations. It also offers a central location for all information and documents about quality. This aids companies in keeping tabs on the development of their quality management initiatives. Managing a product's whole lifecycle, from conception to retirement, is made possible through product lifecycle management software. It aids companies in keeping track of and managing the different phases of a product's life cycle, including design, development, testing, and production.
Industries all across the world were badly impacted by the COVID-19 outbreak. The market's overall growth is constrained by the disruption of supply chain operations and a decline in end-user expenditure on goods and services. The market for quality and lifecycle management software (QMS) was moderately impacted by COVID-19's expansion. Due to financial limitations and reluctance to invest in new technologies, the market's growth was slow. The breakout of the COVID-19 pandemic has badly damaged the logistics, transport, and manufacturing sectors.
Quality management is essential in the electronics sector to guarantee that products fulfill the highest performance, dependability, and safety requirements. Electronic devices are used daily in modern life, from computers and cell phones to home appliances and business machinery. Due to this, a significant need for high-quality electronic products can only be met by efficient quality control systems (QMS). This is predicted to support the growth of the quality and lifecycle management software market in the upcoming years.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Quality management aids businesses in enhancing product dependability, longevity, and performance. These variables serve to distinguish a company from its rivals. Customers who are more satisfied with a product's quality spend more. Consumers will anticipate the same level of quality every time they purchase from the organization. However, the same product could be sold to clients with varying quality requirements without a suitable quality control system. As a result of these factors, the need for quality management is increasing, which is anticipated to positively impact the market expansion.
Although the cost of Quality is always a big factor, Quality management is a different concept. Because quality management necessitates a shift in worldview, rigorous project management, complete documentation of all processes, and extensive training, it can be time- and cost-intensive initially. Suppose a company wishes to use quality & lifecycle management software and reap its full benefits. In that case, it will need extensive education and knowledge to do it effectively. That does not mean companies must hire one of the big four consulting firms, but they must have a clear action plan and competent counsel. As a result, the market is anticipated to witness slow growth during the projection period.
By component, the quality and lifecycle management software market is bifurcated into solution and services. In 2021, the solution segment accounted the largest revenue share in the quality and lifecycle management software market. This is because these solutions are very flexible and let the firm change the platform without writing any code. With a fast implementation, it's easy to change and build apps that meet regulations and standards around the world. In addition, the organization will have real-time, device-independent access to high-quality data, documents, analytics, and reports.
On the basis of deployment mode, the quality and lifecycle management software market is divided into cloud and on-premises. The cloud-based segment witnessed the largest revenue share in the quality and lifecycle management software market in 2021. Software that is hosted on the cloud includes cloud-based quality lifecycle management systems. Software of this kind can be accessed at any time and from any location. Software for managing the quality lifecycle in the cloud is simple to use and doesn't need to be set up or installed.
By Enterprise size, the quality and life management software market is classified into small and medium-sized enterprises and large enterprises. The SMEs segment garnered a significant revenue share in the quality and lifecycle management software market in 2021. This segment's rise can be due to the demand for cost-effective, straightforward quality & lifecycle management solutions. The continued development of new capabilities to QMS results from the software's adaptability and versatility, which drive demand among significant enterprises. Globally, organizations use various technologies and systems to generate huge quantities of data.
Based on the verticals, the quality and lifecycle management software market is bifurcated into aerospace & defense, automotive & transport, consumer goods & retail, healthcare & life science, industrial manufacturing, IT & telecom and other verticals. In 2021, the industrial manufacturing segment procured a promising growth rate in the quality and lifecycle management software market. Manufacturing requires quality and lifecycle management software to verify that the manufactured items meet the appropriate requirements. The software needs to monitor and track the entire production process, from raw materials to completed goods.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 29 Billion |
| Market size forecast in 2028 | USD 46.9 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 7.3% from 2022 to 2028 |
| Number of Pages | 381 |
| Number of Table | 593 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Enterprise Size, Deployment Type, 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 |
| Growth Drivers |
|
| Restraints |
|
Region-wise, the quality and lifecycle management software market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region led the quality and lifecycle software market by generating maximum revenue share in 2021. The region is the leader in adopting numerous technologies of the next generation, including IoT, advanced telecommunication technologies, sophisticated analytics, Augmented Reality (AR), AI, and ML. Several organizations and industries are implementing QLM systems at various phases of product development to sustain in the market, raise productivity, and enhance the production process. As a result, the market is growing gradually and has the opportunity to expand further in the region.
Free Valuable Insights: Global Quality and Lifecycle Management Software Market size to reach USD 46.9 Billion by 2028
The major strategies followed by the market participants are Partnerships and Acquisitions. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation are the forerunners in the Quality and Lifecycle Management Software Market. Companies such as Siemens AG, Dassault Systemes SE and IBM Corporation are some of the key innovators in Quality and Lifecycle Management Software Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, SAP SE, Siemens AG, Dassault Systemes SE, Autodesk, Inc., PTC, Inc., Aras Corporation, SAS Institute, Inc., and Parasoft Corporation.
By Component
By Enterprise Size
By Deployment Type
By Vertical
By Geography
The global Quality and Lifecycle Management Software Market size is expected to reach $46.9 billion by 2028.
Growing need for quality management are driving the market in coming years, however, High cost to be spent initially restraints the growth of the market.
IBM Corporation, Microsoft Corporation, SAP SE, Siemens AG, Dassault Systemes SE, Autodesk, Inc., PTC, Inc., Aras Corporation, SAS Institute, Inc., and Parasoft Corporation.
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.
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 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.
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
