Quality and Lifecycle Management Software Market by Solution (Quality Management and Bill of Material Management), Deployment Mode, Organization Size, Vertical (Automotive & Transport and Industrial Manufacturing) and Region - Global Forecast to 2027

Quality and Lifecycle Management Software Market by Solution (Quality Management and Bill of Material Management), Deployment Mode, Organization Size, Vertical (Automotive & Transport and Industrial Manufacturing) and Region - Global Forecast to 2027

The QLM 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. Because of future autonomous vehicle penetration, developers working on autonomous vehicles will face a variety of increasingly complex challenges, necessitating a reevaluation of their current processes and toolkits. Fully functional autonomous driving systems necessitate some of the most sophisticated software implementations that carmakers have ever encountered for combining a variety of data feeds, such as sensor data, traffic data from the cloud, data coming from other vehicles or infrastructure, and tying it all into the vehicle's electronic and mechanical components to create a network of onboard systems that all work together reliably without user input or correction.

Cloud segment to have significant growth during the forecast period

Cloud-based quality solutions aid in the reduction of data security risks. Legacy systems raise the possibility of data security breaches, which is a major concern for life sciences manufacturers. Many businesses used to believe that data could only be secure if it was kept within their own four walls. However, with the digital revolution sweeping the world, manufacturers have realised that data is more secure in the cloud. A cloud QMS is a vision for the future, opening up enormous possibilities for how an organisation manages quality. It will allow the company to align with the most recent Quality 4.0 technologies, fostering both quality and innovation.

Consumer Goods & Retail vertical to grow at a highest CAGR during the forecast period

Retail businesses differ from other types of businesses in that they typically sell finished goods rather than products made from raw materials. E-commerce, mail order, vending machines, home party sales, and service providers, among other things, are all part of the retail sector. Quality assurance aims to keep defects and known bugs off the market. Companies provide the opportunity to correct these issues before releasing or updating their products. Businesses can mitigate identified risks by conducting QA at the start of a project before they negatively impact the business or disrupt the customer experience. Quality management is important in retail for customer satisfaction. There are businesses that use low-cost or low-quality materials to meet the market's needs or demands. They use the tactic that low-quality materials will easily spoil and that customers will return to the same brand to get that particular product. Customers, too, are constantly looking for a replacement product that is of higher quality and has a longer useful life; thus, once the quality is checked, the customer will not look for other options or products. It will form a bond, and the customer will help spread the word in their neighbourhoods and among their relatives. As a result, both productivity and profit are more likely.

QLM market in Asia Pacific to grow at the highest market size during the forecast period

During the forecast period, developing economies such as India and China will generate a large portion of OEM profit. Increased 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, are some of the major factors driving market growth. The engine aftermarket is also expected to grow at a healthy rate during the forecast period. The expansion of the engine aftermarket can be attributed to the expansion of the customer specific customization and used car markets. Manufacturing has emerged as one of India's fastest-growing industries. The ""Make in India"" programme places India on the global map as a manufacturing hub and gives the Indian economy global recognition. To succeed in the ""Make in India"" programme, Indian manufacturers must become more efficient and innovative in order to remain competitive. Smart manufacturing solutions can assist in this regard. Manufacturers can focus more on increasing competitiveness by streamlining supply chains, lowering costs, and improving workplace safety. At the same time, solutions such as robotics, analytics, and cybersecurity improve their ability to meet quality standards. Furthermore, Japan's automated industrial economy has emerged, and the development of Industrial Version 4.0 is accelerating. Japan has evolved into a manufacturing hub for factory automation products, supplying them to other Asia-Pacific regional markets and making factory automation more affordable. Japanese products have lower shipping costs and better after-sales support networks in the region. With the Made in China 2025 initiative allowing for the return of manufacturing to China, Southeast Asian countries are under pressure to identify and mitigate the risk of labour issues, and Industry 4.0 is currently influencing smart manufacturing development in the region. Furthermore, most regional businesses must become more acquainted with the benefits of Industry 4.0 on productivity and growth. Industry 4.0 has the potential to increase productivity by 30-40% if properly adopted and implemented. These drives the growth of QLM market in this region.

Further, in-depth interviews were conducted with the Chief Executive Officers (CEOs), Chief Marketing Officers (CMO), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the QLM software market.

By Company – Tier 1–45%, Tier 2–30%, and Tier 3–25%

By Designation – C-Level–40%, Director Level–35%, and Others–25%

By Region – North America–40%, Europe–25%, Asia Pacific–25%, RoW – 10%

QLM software vendors 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).The study includes an in-depth competitive analysis of these key players in the QLM software market with their company profiles, recent developments, and key market strategies.

Research Coverage

The research study covered inputs, insights, trends, happenings, from secondary sources, primary sources, stakeholders’ interviews and surveys. Secondary sources include information from databases and repositories such as D&B Hoovers, Bloomberg, Factiva, CoinDesk, among others. Primary data was fetched from supply side industry experts who hold the chair of Chief Executive Officer (CEO), Chief Technological Officer (CTO), Chief Operating Officer (COO), Vice-President (VP) of IT, Managing Director (MD), among others. Few of our key primary respondents are IBM, Microsoft, Oracle, among others. Few startups are also included during our primary interviews. Additionally, we have taken information and statistical and historical data from few government associations, public sources, webinar and seminar transcripts, journals, conferences and events.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall QLM Software market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers

Analysis of key drivers (Increasing use of high-tech electronics and smart devices, Growing adoption of medium-sized businesses, Increasing demand by organizations for lower manufacturing cost, Rising need for effective management of portfolios, and Increased production of autonomous vehicles), restraints (Inadequate quality control and production planning, and Lack of interoperability and integration of complex systems), opportunities (Increasing integration of PLM solutions with IoT platforms), and challenges (Issues in technological advancements, and Issues in improving service quality) influencing the growth of the QLM Software market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the QLM Software market

Market Development: Comprehensive information about lucrative markets – the report analyses the QLM Software market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the QLM Software market

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like include Aras (US), Arena Solutions (US), Autodesk (US), Dassault Systemes (France), Oracle (US), Parasoft (US), SAP (Germany), SAS Institute (US), ComplianceQuest (US), Siemens (Germany), among others in the QLM software market strategies. The report also helps stakeholders understand the competitive analysis by these market players.