Pune,India, Nov. 21, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Inspection Management Software Market Size was valued at USD 7.98 billion in 2022 and is projected to reach USD 20.40 billion by 2030, exhibiting a CAGR of 12.7% during the forecast period. to Grow Rapidly; Increasing Adoption of Automated Inspection Techniques is Driving Market Progress. Fortune Business Insights mentioned this in a report, titled Inspection Management Software Market Forecast, 2023-2030.
The software is widely used for confirming effective facility inspections and regular audits by organizations of all sizes. Market expansion is driven by the rapid adoption of business automation processes for smooth inspection
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Key Industry Development:
- Benchmark Gensuite, the provider of the inspection management platform, expanded its operations in Mason, Ohio. To provide its customers with a better service at home, globally, and across various operating profiles, its employees now have the opportunity to work together in person.
Key Takeaways
- Growing Importance of Strategic Planning to Propel Market Growth
- Rising Adoption of the Business Automation Process for Seamless Inspection to Support Market Expansion
- Rapid Integration of Inspection Management Software to Enhance the Working Efficiency in SMEs to Support Market Growth
- Increased Demand for High-quality Standards Boosted Manufacturing Segment Growth
Discover the Leading Players Featured in the Report:
“Companies leading the Inspection Management Software Market share are Dassault Systèmes (France), Hexagon AB (Sweden), Oracle Corporation (U.S.), Wolters Kluwer N.V. (The Netherlands), Ideagen (U.K.), Autodesk Inc. (U.S.), Zoho Corporation Pvt. Ltd. (India), Penta Technologies, Inc. (U.S.), Intelex Technologies (Canada), ComplianceQuest (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 12.7% |
| 2030 Value Projection | USD 20.40 billion |
| Base Year | 2022 |
| Inspection Management Software Market Size in 2022 | USD 7.98 billion in 2022 |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment, Enterprise Type, End User and Geography |
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Drivers and Restraints
Increasing Demand for AI-equipped Visual Inspection Systems to Enhance Market Growth
AI-powered automated systems can identify errors and address them in real time. This is crucial for enhancing quality control. AI-equipped visual inspection systems are preferred over manual operations as these systems can perform constant and error-free tasks. Increasing implementation of these technologies to smooth production processes is boosting market development.
Decision intelligence is gaining popularity as it can support the automated decision-making of humans. Businesses are adopting this advanced innovation to improve overall decision-making capabilities. Hence, the increasing need for automated inspection is driving the market growth.
Nevertheless, market growth is hampered by the high cost of software installation processes.
Segments:
By Deployment Mode
- On-Premise
- Cloud
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By End-Users
- Manufacturing
- Aerospace and Defense
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Energy and Utilities
- Others (IT and Telecom)
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights
Presence of Major Manufacturing Facilities Fueled Market Expansion in North America
North America accounted for the highest inspection management software market share. Market growth in the region is propelled by the rapid adoption of cloud technologies and robots. The presence of well-known production facilities and retail chains is supporting market development in North America.
The market in Asia Pacific is projected to rise at the highest growth rate over the forecast period. Automation is revolutionizing governments and businesses in the region. Rising private and public investments in technology infrastructure are driving market growth in the region.
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Competitive Landscape
Leading Companies Are Maintaining their Dominance by Offering Better Quality Assurance
Top inspection management software providers are working on offering superior quality assurance to enhance operational efficiency. They are concentrating on offering advanced solutions for industry-specific needs. By adopting these tactics, companies can make a mark in the market.
FAQ’s
How big is the Inspection Management Software Market?
Inspection Management Software Market size was USD 7.98 billion in 2022.
How fast is the Inspection Management Software Market Growing?
The Inspection Management Software Market will exhibit a CAGR of 12.7% during the forecast period, 2023-2030
Related Reports:
Quality Management Software Market Size, Share, Growth 2030
Digital Inspection Market Size, Share & Industry Analysis
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