Quality and Lifecycle Management Software Market
Quality and Lifecycle Management Software Market by Solution (Quality Management, Document and Product Data Management, Bill of Material (BOM) Management, Change Management, Cost Management, Governance & Compliance Management, Lifecycle Analytics Management, and Others), Deployment Mode (On-Premise, and Cloud), Enterprise Size (Large Enterprises and SMEs), and Industry Vertical (Aerospace & Defense, IT & Telecom, Automotive and Transport, Retail & Consumer Goods, Healthcare & Life Science, Industrial Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″.
According to the report, the global quality and lifecycle management software industry generated $24.4 billion in 2022, and is anticipated to generate $49.7 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.
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The global quality and lifecycle management software market is driven by factors such as an increase in adoption of medium-sized business, surge in use of high-tech connected devices and factories, and rise in use of digital transformation technology. However, lack of interoperability, integration of complex systems, and inadequate quality control and production planning hamper the quality and life cycle management software market growth. On the contrary, increasing integration of product life-cycle management (PLM) solutions with IoT platform is expected to offer remunerative opportunities for expansion of the quality and life cycle management software market during the forecast period.
Covid-19 Scenario
The quality and lifecycle management software market experienced stable growth during the COVID-19 pandemic, due to a rise in demand for quality and compliance management and various other solutions during the pandemic situation.
Moreover, investments in deep learning are becoming popular day-by-day, owing to increase in attention toward data to help organizations to find out the future performance of the firm to take corrective measures at an early stage in case of any probable crisis in future, which in turn is contributing toward the growth of the market.
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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global quality and lifecycle management software market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to the technological infrastructure in the region combined with the high adoption of advanced technologies. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.1% from 2023 to 2032. The growth is attributed to growing opportunities in the region along with various investments made in QLM and increase in automotive production and sales of trucks and buses in countries such as India, China, and ASEAN countries, as well as a growing automotive components sector.
Leading Market Players: –
Autodesk Inc,
IBM Corporation
Micro Focus
Microsoft Corporation
Dassault Systemes
Oracle Corporation
SAP SE
SAS Institute Inc
Siemens AG
Arena Solutions
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The report provides a detailed analysis of these key players of the global quality and lifecycle management software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.
The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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