Quality and Lifecycle Management Software Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2027
MarketsandMarkets forecasts 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 presence of a large number of passenger cars has increased the need to improve the driving experience, which is encouraging the use of QLM software.
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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.
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Unique Features in the Quality and Lifecycle Management Software Market
QLM software provides end-to-end lifecycle management capabilities that span the whole product lifecycle, including design, development, manufacture, distribution, and servicing, from conception to retirement.
To guarantee adherence to industry norms and laws, QLM solutions incorporate quality management functions including document control, non-conformance management, corrective and preventative actions (CAPA), risk management, and audit management.
Through improved visibility, transparency, and alignment, QLM software facilitates communication and cooperation across cross-functional teams, suppliers, partners, and customers throughout the product lifecycle, enabling collaborative product development.
Through the automation of change management procedures, QLM software enables businesses to monitor, assess, authorise, and carry out modifications to product designs, specifications, paperwork, and procedures while preserving traceability and compliance.
QLM systems come with supplier quality management features that let businesses assess, track, and work together with suppliers to guarantee the dependability and quality of parts, supplies, and services that are acquired.
Major Highlights of the Quality and Lifecycle Management Software Market
In order to improve quality management and lifecycle optimisation, the QLM Software Market is undergoing innovation through the introduction of AI, machine learning, IoT, and predictive analytics capabilities, as well as consolidation through mergers and acquisitions
In order to support data-driven decision-making and process optimisation, advanced analytics and business intelligence capabilities—which offer actionable insights into quality measurements, process performance, supplier performance, and customer feedback—are increasingly becoming crucial components of QLM solutions.
To optimise processes, cut costs, and improve customer satisfaction, organisations are using QLM systems to support continuous improvement efforts like Kaizen, Six Sigma, Lean Manufacturing, and Total Quality Management (TQM).
In order to guarantee product quality and dependability, there is a greater emphasis on supplier quality management and cooperation. QLM systems facilitate performance monitoring, communication, and cooperation throughout the supply chain.
Because of their affordability, scalability, and flexibility, cloud-based QLM solutions are becoming more and more popular. They enable businesses to access complex QLM features without having to make large upfront expenditures in IT infrastructure.
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These market players have adopted various growth strategies, such as partnerships, acquisitions, agreements, and collaborations, and new product enhancements to expand their presence in the QLM software market. New product launches, product enhancements and collaborations have been the most adopted strategies by major players in past few years, which helped companies to innovate their offerings and broaden their customer base.
Aras Corporation 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 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.
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