The global QLM software market is projected to grow at a compound annual growth rate (CAGR) of 7.2%, rising from USD 24.6 billion in 2022 to USD 34.9 billion by 2027. The increasing number of passenger vehicles on the road is fueling the demand for QLM software, as it plays a key role in improving the driving experience.
Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=267190066
Quality management solution segment to hold the largest market size during the forecast period
Quality management software helps organizations to reduce product and operating costs while helping them to improve product quality. Thus, quality management software is necessary to capture various complaints, defects, and non-conformances. Quality management software helps identify, analyze, and share critical product quality data, which helps the design, manufacturing, and quality improvement teams share and analyze their views. The growth is mainly contributed by decreasing complexities and increasing the effectiveness of cloud-based deployments. Additionally, the advancements in security measures in cloud-based databases have further bolstered the demand for hosted solutions. Thus, hosted quality management allows organizations to identify, analyze, and share critical product quality data in a secure environment at any given location. These benefits have necessitated the urgency of hosted quality management solutions for organizations to maintain their competitiveness in their respective industry vertical.
Consumer goods & retail vertical to record the highest CAGR during the forecast period
Competition in consumer goods, such as food, beverages, and apparel, has increased vastly over the past few years. The industry continues to face great production and pricing demand from customers. In addition, there is a constant flow of new entrants in this industry, and the supply chains and product structure are growing increasingly complex. Organizations must also comply with the ever-changing regulations and safety requirements for ingredients, packaging, environment, and more. Moreover, the growth in the retail industry is equally notable. Hence, companies are now using QLM software to control and manage product data and work better with suppliers. Quality and lifecycle software provides them with solutions for formula and recipe management, raw material management, change management, document and data control, quality and regulatory compliance, packaging, labeling, and more. Therefore the adoption of QLM software in the consumer goods industry has been increasing and will continue to do so. This vertical will become one of the major spending industries in this market.
North America is projected to have the largest market size during the forecast period
North America is expected to have the largest market size in the QLM market, and the trend is expected to continue till 2027. It is also the frontrunner in embracing various next-generation technologies, including IoT, advanced telecommunication technologies (4G, 5G, and LTE), advanced analytics, Augmented Reality (AR), AI, and ML. The market is growing steadily and has the potential to grow further in the region, as several companies and industries are adopting QLM systems at various product development stages to sustain in the market, increase productivity, and improve their manufacturing process. Key countries considered for analysis in the region are the US and Canada, where the US contributes the maximum market share. Oracle, PTC, and Autodesk are some of the key vendors in the region. North America has been the most promising region for verticals such as aerospace and defense, healthcare and life sciences, retail and consumer goods, energy and utilities, industrial machinery and heavy equipment, IT and telecom, and others. The QLM software market in North America is in the maturity phase; however, IT spending in the region is still increasing, with newer technologies being developed through constant innovations. In North America, the US has the major share in terms of the market size of the QLM market.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=267190066
Unique Features in the Quality and Lifecycle Management Software Market
One of the unique features of Quality and Lifecycle Management (QLM) software is its ability to manage the entire product lifecycle from conception to disposal. QLM software enables businesses to streamline every phase, including design, development, manufacturing, and after-sales service, providing a holistic view of product performance and quality.
QLM software offers real-time monitoring of product quality and performance. Through advanced analytics and real-time data collection, businesses can identify potential quality issues early in the product lifecycle. This feature helps companies proactively address problems, reducing downtime, improving product reliability, and ensuring that quality standards are consistently met.
Another distinctive feature is QLM software’s ability to integrate with emerging digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics. By leveraging IoT devices and AI algorithms, QLM software can monitor product performance in real-time, analyze large data sets, and provide predictive insights that help prevent product failures, optimize maintenance schedules, and improve overall product quality.
A crucial feature of QLM software is its focus on regulatory compliance. The software helps businesses stay compliant with industry standards and regulations by automating the documentation process, ensuring that all quality management practices meet required guidelines. This feature is especially important in industries like healthcare, automotive, and aerospace, where strict compliance with regulatory standards is mandatory.
QLM software facilitates collaboration across various departments, such as engineering, manufacturing, and quality assurance. By providing a centralized platform for communication and data sharing, QLM software ensures that all teams are aligned on product quality objectives and changes throughout the product lifecycle. This feature enhances efficiency, reduces miscommunication, and ensures that all stakeholders are involved in decision-making processes.
Major Highlights of the Quality and Lifecycle Management Software Market
The Quality and Lifecycle Management (QLM) software market is experiencing consistent growth, driven by the increasing complexity of product development and the rising need for efficient quality control processes. As industries across sectors like automotive, healthcare, and manufacturing face mounting pressure to deliver high-quality products, the demand for robust QLM solutions continues to rise.
One of the major highlights of the QLM software market is its role in enhancing product quality. QLM solutions help businesses track quality issues throughout the product lifecycle, enabling proactive identification and resolution of problems before they escalate. This focus on quality not only reduces production costs but also enhances customer satisfaction by ensuring that products meet or exceed expectations, driving wider adoption of QLM software across industries.
The integration of advanced digital technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) has become a key highlight of the QLM software market. These technologies enhance the functionality of QLM software by enabling predictive maintenance, real-time monitoring, and data-driven decision-making.
Another significant driver in the QLM software market is the increasing importance of regulatory compliance. As industries face stricter regulations related to safety, quality, and environmental impact, QLM software plays a critical role in ensuring that products meet all regulatory standards.
Sustainability has become a key focus area in product lifecycle management, and QLM software is instrumental in supporting this trend. By helping companies manage resources more efficiently, reduce waste, and design products with sustainability in mind, QLM software contributes to the development of eco-friendly products.
Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=267190066
Top Companies in the Quality and Lifecycle Management Software Market
Some prominent players across all service types profiled in the Quality and Lifecycle Management Software market study include Aras (US), Arena Solutions (US), Autodesk (US), Dassault Systemes (France), Oracle (US), Parasoft (US), SAP (Germany), SAS Institute (US), ComplianceQuest (US), Siemens (Germany), PTC (US), Atlassian (Australia), HPE (US), IBM Corporation (US), Microsoft (US), Veeva Systems (US), Intellect (US), Kovair Software (US), Micro Focus (UK), Neudesic (US), Rocket Software (US), MasterControl (US), ETQ (US), and Intelex Technologies (Canada).
Aras Corporation (US) develops and delivers enterprise open-source solutions. The company provides a range of Quality and Lifecycle Management (QLM) software solutions based on an enterprise application framework, a model-based service-oriented architecture built on open web standards for the development of flexible and supportable applications that deploy quickly and adapt easily to evolving business needs. The company also provides consulting services that include pilot, customization, deployment, installation, CAD/ERP applications integration, custom training, data migration, system optimization, and upgrades. Aras Corporation delivers its solutions through license and cloud options. The Aras platform and product lifecycle management applications connect users from all disciplines and functions to critical product data and processes throughout the lifecycle and extended supply chain. The platform is used by Airbus, Audi, Denso, Honda, Kawasaki, Microsoft, Mitsubishi, and Nissan to manage complex change and traceability. The Aras platform is also available as a SaaS offering, which provides the same benefits while allowing organizations to benefit from the cloud’s performance, availability, and scalability.
Arena Solutions (US) assists businesses in developing innovative products that change the world. Arena unifies product lifecycle management (PLM) and quality management system (QMS) processes, enabling all stakeholders involved in product development and commercialization to collaborate quickly and effectively. Dispersed teams can use Arena to accelerate the design and delivery of high-quality products. Users can confidently create, control, and collaborate anytime and anywhere with Arena’s product lifecycle management (PLM) and quality management system (QMS) solutions. Currently Arena has been acquired by PTC. Arena is intended to assist modern manufacturers in accelerating product development and bringing innovative products to market as quickly as possible. Arena is designed to protect our customers’ product and quality information at every level of security. We take a risk-based approach and employ industry-standard protocols and mechanisms throughout our solution, from the physical layer to the policies and application layer.
Oracle Corporation, headquartered in the United States, is a prominent player in the Quality and Lifecycle Management Software Market. Offering a comprehensive suite of enterprise software solutions, Oracle’s Quality Management software enables organizations to streamline quality processes, ensure regulatory compliance, and drive continuous improvement across the supply chain. Integrated with Oracle’s broader suite of enterprise applications, including ERP and PLM solutions, Oracle’s Quality Management software provides end-to-end visibility and control over quality management processes.
Media ContactCompany Name: MarketsandMarkets™ Research Private Ltd.Contact Person: Mr. Rohan SalgarkarEmail: Send EmailPhone: 18886006441Address:1615 South Congress Ave. Suite 103City: Delray BeachState: FL 33445Country: United StatesWebsite: https://www.marketsandmarkets.com/Market-Reports/quality-lifecycle-management-software-market-267190066.html
