Dublin, April 25, 2023 (GLOBE NEWSWIRE) -- The "Global Quality and Lifecycle Management Software Market Size, Share & Industry Trends Analysis Report by Component, Enterprise Size, Deployment Type, Vertical, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
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 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.
Market Growth Factors
Rising use of high-tech smart devices and electronics
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.
Growing need for quality management
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.
Market Restraining Factors
High cost to be spent initially
Although the cost of Quality is always a big factor, Quality management is a different concept. Because quality managementnecessitates 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.
Component Outlook
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.
Deployment Mode Outlook
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.
Enterprise Size Outlook
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.
Verticals Outlook
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.
Regional Outlook
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.
Strategies Deployed in Quality and Lifecycle Management Software Market
Partnerships, Collaborations and Agreements:
- Feb-2023: Microsoft partnered with SignDesk, a provider of digital documentation & contract lifecycle solutions. This partnership would strengthen businesses to leverage the Microsoft Azure capabilities that are integrated with the SignDesk portfolio across the solution stack.
- Oct-2022: Dassault Systemes signed a partnership with Sanofi, a global healthcare company. Through this partnership, Dassault's 3DEXPERIENCE platform models would allow Sanofi to generate virtual twins to propel the reliability, agility, and performance of Sanofi's new facilities. Moreover, the 3DEXPERIENCE platform would help Sanofi to address the complexity of product lifecycle management in a regulated environment.
- Sep-2022: Aras came into partnership with AVEVA, a company engaged providing in industrial software, propelling digital transformation and sustainability. Following this partnership, both companies would aim to offer industrial "Asset Lifecycle Management" solutions.
- Jul-2022: Siemens Digital Industries Software, a division of Siemens AG, partnered with TeamViewer, a provider of remote connectivity and workplace digitalization solutions. Through this partnership, companies would aim to bring the strength of TeamViewer's enterprise AR platform Frontline to Siemens' Teamcenter software, a Product Lifecycle Management solution from the Siemens Xcelerator offering. Additionally, this partnership enables Siemens' global customers to enhance their product development process based on better experiences with communicable, 3D content connected to the digital twin of a product.
Product Launches and Product Expansions:
- May-2022: Autodesk, Inc. announced the launch of Autodesk Build, a complete field and project management software, and Autodesk Takeoff, which Empowers estimators to perform 2D and 3D quantification workflows, across Japan. The products would broaden Autodesk Construction Cloud, a powerful cloud-based construction management solution. Additionally, the launch would strengthen construction companies to achieve improved business outcomes.
- Feb-2022: Dassault Systemes unveiled Sustainable Innovation Intelligence, a life cycle assessment solution. The product allows companies to reduce the environmental impacts of materials, processes, and products.
- Jul-2021: Autodesk, Inc. introduced Autodesk Tandem, a cloud-based digital twin platform. The product allows a project to start digital, stay digital and deliver digital, changing rich data into business intelligence.
Acquisition and Mergers:
- Jan-2023: PTC completed the acquisition of ServiceMax, a Service Execution Management company. This acquisition would include critical field service management capabilities to PTC's closed-loop product lifecycle management and digital thread portfolio.
- May-2022: PTC acquired Intland Software, an Application Lifecycle Management (ALM) platform. This acquisition would expand and deepen PTC's Application Lifecycle Management suite across safety-critical and regulated industries, consisting of consumer electronics, automotive, aerospace and defense, and life sciences.
Key Market Players
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Siemens AG
- Dassault Systemes SE
- Autodesk, Inc.
- PTC, Inc.
- Aras Corporation
- SAS Institute, Inc.
- Parasoft Corporation
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Quality and Lifecycle Management Software Market by Component
Chapter 5. Global Quality and Lifecycle Management Software Market by Enterprise Size
Chapter 6. Global Quality and Lifecycle Management Software Market by Deployment Type
Chapter 7. Global Quality and Lifecycle Management Software Market by Vertical
Chapter 8. Global Quality and Lifecycle Management Software Market by Region
Chapter 9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ghmjzw
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