By 2030, sales of systems for quality and compliance management are expected to increase at a rapid CAGR of 9.4%, approaching US$ 44 billion. FMI estimates that in 2021, the market for quality and compliance management solutions will be worth roughly US$23.5 billion.
25% of the global governance, risk, and compliance market is accounted for by sales of quality and compliance management solutions. The demand for the cloud implementation paradigm is anticipated to grow between 2022 and 2030 at a CAGR of 9%.
Quality and Compliance Management Solution Market Competitive Landscape
Key quality and compliance management solution providers are focused on providing enhanced solutions in the global market.
By eliminating the need to track business critical processes from a host of different systems, the latest quality and compliance management solutions enable businesses to increase operational efficiency and reduce compliance costs. This has led to a surge in demand for quality and compliance management solutions across multiple industries.
For instance,
- In December 2019, NTT Group launched a compliance management system based on robotic process automation (RPA). Internal-HR data analysis and compliance on-premise and cloud-based solutions are available with this solution.
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Key Companies Profiled
- Pilgrim Quality Solutions, Inc.
- MasterControl, Inc.
- Aras Corporation
- Arena Solutions, Inc.
- Sparta Systems, Inc.
- Hewlett-Packard Enterprise Co.
- Autodesk Inc.
- Parasoft Corporation
Demand Analysis of Quality and Compliance Management Solutions (2013 to 2021) Vs Market Outlook (2022 to 2030)
As per Future Market Insights’ published report, the global quality and compliance management solution market was valued at more than US$ 23.5 Bn in 2021. Quality and compliance management systems ensure that the services provided by users comply with industry regulations.
Vendors operating in the global quality and compliance management solution market are fully leveraging technological advances in mobile applications and information technology systems by incorporating mobility in their solutions.
One of the primary objectives of adding mobile capabilities to quality and compliance management solutions is to augment the end user experience and operational efficiency of the business.
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.
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COVID-19 Impact on Quality and Compliance Management Solution Market
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.
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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Table of Content
- Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
- Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
- Market Background
3.1. Macro-Economic Factors
3.2. Forecast Factors – Relevance & Impact
3.3. Value Chain
3.4. Market Dynamics
3.4.1. Drivers
3.4.2. Restraints
3.5. Opportunity Analysis
- Market Forecast
4.1. Market Size and Y-o-Y Growth
4.2. Absolute $ Opportunity
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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