Quality and Lifecycle Management Software Market
The increase in adoption of medium-sized business across the globe is propelling the growth of the quality and lifecycle management software market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 22, 2023 /EINPresswire.com/ — The global quality and lifecycle management software market is driven by factors such as an increase in adoption of medium-sized business, surge in use of high-tech connected devices and factories, and rise in use of digital transformation technology.
However, lack of interoperability, integration of complex systems, and inadequate quality control and production planning hamper the quality and life cycle management software market growth. On the contrary, increasing integration of product life-cycle management (PLM) solutions with IoT platform is expected to offer remunerative opportunities for expansion of the quality and life cycle management software market during the forecast period.
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Covid-19 Scenario:
• The quality and lifecycle management software marketRequest Sample Report at: experienced stable growth during the COVID-19 pandemic, due to a rise in demand for quality and compliance management and various other solutions during the pandemic situation.
• Moreover, investments in deep learning are becoming popular day-by-day, owing to increase in attention toward data to help organizations to find out the future performance of the firm to take corrective measures at an early stage in case of any probable crisis in future, which in turn is contributing toward the growth of the market.
According to the report, the global quality and lifecycle management software industry generated $24.4 billion in 2022, and is anticipated to generate $49.7 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.
Based on solution, the quality management segment held the highest market share in 2022, accounting for nearly one-fifth of the global quality and lifecycle management software market revenue, and is expected to rule the roost in terms of revenue during the forecast period. The growth is attributed to an increase in demand for quality and services. However, the lifecycle analytics management segment is projected to manifest the highest CAGR of 10.9% from 2023 to 2032, as it helps improve the product’s quality, ensure traceability, manage component lifecycles, and facilitate collaboration between different teams.
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Based on industry vertical, the aerospace and defense segment accounted for the largest share in 2022, contributing to more than one-fourth of the global quality and lifecycle management software market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because the QLM software helps to identify suspicious activities and prevent fraud. However, the retail and consumer goods segment is expected to portray the largest CAGR of 12.4% from 2023 to 2032. The growth is attributed to increased adoption of QLM software to control and manage product data and work better with suppliers.
Based on enterprise size, the large enterprise segment held the highest market share in 2022, accounting for around three-fifths of the global quality and lifecycle management software market revenue, and is estimated to dominate during the forecast period. This is because QLM software helps enterprises to maintain large amounts of data and resources, as well as the increased need to build a strong network and brand identity. However, the SMEs segment is projected to manifest the highest CAGR of 8.7% from 2023 to 2032, owing to advancements in technology to cater to the needs of smaller organizations and decrease in cost of cloud-based deployments.
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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global quality and lifecycle management software market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to the technological infrastructure in the region combined with the high adoption of advanced technologies.
However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.1% from 2023 to 2032. The growth is attributed to growing opportunities in the region along with various investments made in QLM and increase in automotive production and sales of trucks and buses in countries such as India, China, and ASEAN countries, as well as a growing automotive components sector.
The key players that operate in the quality and lifecycle management software industry are Autodesk Inc, IBM Corporation, Micro Focus, Microsoft Corporation, Dassault Systemes, Oracle Corporation, SAP SE, SAS Institute Inc., Siemens AG, and Arena Solutions. These players have adopted various strategies to increase their market penetration and strengthen their position in the quality and lifecycle management software industry.
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