The market for quality and compliance management solutions was valued at about US$ 23.5 billion in 2021 and is expected to grow at a rapid CAGR of 9.4% to reach about US$ 44 billion by 2030. By including portability into their solutions, vendors operating in the global market for quality and compliance management solutions are fully utilising technological advancements in flexible applications and data innovation frameworks.
Enhancing the end-user experience and operational productivity of the company is one of the key goals of adding diverse capabilities to quality and compliance management solutions.
Information examination is another trend that is gaining traction in the market for quality and compliance management frameworks. Market participants are incorporating the compliance benefits of information deceivability in large-scale business risk management.
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Key companies are focusing on delivering updated solutions in the overall market for quality and compliance management frameworks. Future Market Insights anticipates a significant increase in revenue for the total quality and compliance management frameworks market as a result.
The global market for quality and compliance management systems is anticipated to increase from an anticipated US$ 14 Bn by the end of 2022 to a valuation in excess of US$ 38 Bn by the end of 2028. The growing acceptance of cloud-based quality management solutions will result in an 8.6% growth rate between 2022 and 2028.
Additionally, the market is observing rising demand that can be attributed to cutting-edge components like a strong framework structure and ongoing information availability.
Opportunity Analysis of the Global Quality and Compliance Management Solutions Market Reveals a Strategic Shift from Manual Systems to Integrated Solutions
Global enterprises are fast moving from manual systems towards integrated solutions that come with the capability to comprehensively manage all data and quality-related processes. Fully configurable quality management solutions are securely integrated with enterprise legacy systems and facilitate product quality enhancement right from concept through obsolescence within a closed loop corrective action environment.
These solutions provide increased visibility into quality and compliance activities with enhanced connectivity to build collaboration between multiple functions. This is creating lucrative growth opportunities for providers in the global quality and compliance management solutions market.
COVID-19 Impact on Quality and Compliance Management Solution Market
The COVID-19 pandemic has had an impact on businesses across the globe.
COVID-19 had a considerable impact on the technology sector since its beginning. The technology industry was harmed by disruptions in the electronic supply-value chain and raw material supply.
Cloud computing platforms and build-your-own-devices are becoming increasingly popular as ways to support remote working. The acceptance of remote working, on the other hand, has had a favorable impact on the sector.
A good outlook is projected as a result of the rapid focus on integrating digital techniques and big data analytics in the IT services and technology industries. Market participants are employing innovative methods to address the problems that quality and compliance management solutions are anticipated to face.
Quality and Compliance Management Solution Market Competitive Landscape
Key quality and compliance management solution providers are focused on providing enhanced solutions in the global market.
By eliminating the need to track business critical processes from a host of different systems, the latest quality and compliance management solutions enable businesses to increase operational efficiency and reduce compliance costs. This has led to a surge in demand for quality and compliance management solutions across multiple industries.
For instance,
In December 2019, NTT Group launched a compliance management system based on robotic process automation (RPA). Internal-HR data analysis and compliance on-premise and cloud-based solutions are available with this solution.
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Table of Content
Executive Summary
- Market Overview
- Market Analysis
- FMI Analysis and Recommendations
- Wheel of Fortune
Market Introduction
- 1. Market Definition
- 2. Market Taxonomy
Market Background
- 1. Macro-Economic Factors
- 2. Forecast Factors – Relevance & Impact
- 3. Value Chain
- 4. Market Dynamics
- 4.1. Drivers
- 4.2. Restraints
- 5. Opportunity Analysis
Market Forecast
- 1. Market Size and Y-o-Y Growth
- 2. Absolute $ Opportunity
Key Segments Covered in QMS Industry Research
QMS Market by Module:
- Document and Product Management
- Quality Management
- Change Management
- Audit Management
- Governance and Compliance Management
- Supplier Management
QMS Market by Component:
- QMS Software
- QMS Services
- Consulting Services
- Managed Services
QMS Market by Company Size:
- Large Enterprises
- Small and Medium Enterprises
QMS Market by Implementation Model:
- On-premise QMS
- Cloud QMS
QMS Market by Industry:
- QMS for Aerospace & Defense
- QMS for Automotive
- QMS for Consumer Goods and Retail
- QMS for Healthcare
- Pharmaceuticals
- Biopharmaceuticals
- Diagnostic Lab
- Blood & Tissue Banks
- Clinical Research Organizations
- Hospitals & Clinics
- QMS for ITES & Telecom
- Others
QMS Market by Region:
- North America Quality and Compliance Management Solution Market
- Latin America Quality and Compliance Management Solution Market
- Europe Quality and Compliance Management Solution Market
- East Asia Quality and Compliance Management Solution Market
- South Asia & Pacific Quality and Compliance Management Solution Market
- Middle East & Africa (MEA) Quality and Compliance Management Solution Market
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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