The global Quality Management Software (QMS) market was valued at USD 8.36 billion in 2020 and is expected to grow at a CAGR of 9.8% during the forecast period. The prime factor propelling the growth of global quality management software is the emerging demand for an efficient process to meet the customer’s expectations and gain a competitive edge. Owing to the growing competition among the organizations, QMS implementations are considered vital to outlast the competition.
The important factor that has boosted the Quality Management Software (QMS) market growth is its prominent features along with various benefits over manual quality management processes. QMS includes various functions such as audit, change, employee training, calibration, among others. QMS has wide applications in the fields of transportation, manufacturing, defense, IT & Telecom, and other industries.
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QMS market is segmented by type of solutions which include complaint handling, audit, change, non-conformance/corrective & preventive, and document control, and others. Due to the growing usage of standard complaint handling tools and processes, the complaint handling solution is anticipated to grow at a CAGR of 9.0% during the forecast period.
In order to maintain quality assurance in large industries, the Quality Management Software (QMS) market is dominated by document control and non-conformance/corrective & preventive solutions. Document control solutions are used to secure digital signatures and documents which follow stringent quality requirements. Audit management is used to manage the work with simplified processes and audits with the help of established audit programs.
It offers tracking capability from scheduling and completion of processes. Another solution in QMS is change management which makes use of methods and resources for supporting the individuals, organization, and teams to successfully adopt change in order to achieve organizational outcomes.
The cloud deployment of Quality Management Software (QMS) is expected to gain traction in the market during the forecast period. While the on-premise solutions are adopted by many companies, the cloud-based solutions are projected to drive market growth in the coming years as numerous companies are switching to cloud software.
In 2020, Large enterprises dominated the QMS market however, the demand for QMS in small and mid-sized enterprises is expected to grow over the forecast period. Reduced costs for quality management software have pushed the adoption of QMS in SMEs. In turn, they also help in reducing the costs of the finished product by organizing and aligning its processes.
The market is further segmented into applications including defense and aerospace, IT & telecom, consumer goods, and retail, healthcare, transportation & logistics, and manufacturing. The healthcare segment is expected to be the largest adopter of QMS.
Due to the complex processes and strict regulations, the manufacturing and transportation & logistics segments have a strong demand for QM software solutions. As early adopters of software solutions, North America and European regions are projected to be the prime implementers of QMS.
Asia Pacific region is anticipated to be a rapidly growing market due to the rising awareness about the QMS and due to increasing international standard compliance. Developing countries such as India and China are expected to fuel the growth of QMS in this region.
Key players of the Quality Management Software (QMS) market are Siemens AG, MasterControl, Inc., SAP SE, and Sparta Systems, Inc. Other players include Hewlett-Packard Enterprise Co., Aras Corporation, Microsoft Corporation, Dassault Systems SE, Parasoft Corporation, PSC Biotech Corp., and Oracle Corporation.