Quality and Lifecycle Management Software Market Size, Emerging Technologies, Comprehensive Research Study, Business Strategy

The global Quality and Lifecycle Management Software market size is expected to grow from USD 24.6 billion in 2022 to USD 34.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. The major factors driving the growth of the market include increasing proliferation of the smart devices/products, demand of organizations for the low manufacturing cost, and increasing demand in small and medium businesses.

Download Report 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.

Get More Info:- https://www.marketsandmarkets.com/Market-Reports/quality-lifecycle-management-software-market-267190066.html

Market Players

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).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.