Global Inspection Management Software Market 2023-2030

Global Inspection Management Software Market 2023-2030

Global Inspection Management Software Market Size, Share & Trends Analysis Report by Component (Solution, and Services), by Deployment Mode (On-Premises, and Cloud), by Organization Size (Large Enterprises, and Small & Medium Sized Enterprises), and by Industry Vertical (Consumer Goods and Retail, Manufacturing, Energy and Utilities, Transport and Logistics, Aerospace and Defense, IT and Telecom, Healthcare and Life Sciences, and Others), Forecast Period (2023-2030)

The global inspection management software market is anticipated to grow at a CAGR of 12.7 % during the forecast period (2023-2030). The market’s growth is attributed to increasing demand for automation. Industries are utilizing automation to reduce human error, improve precision, and expedite inspections, with Cantilever's robotic inspections and automation modules facilitating this process. For instance, in October 2023, Gecko Robotics Launched Cantilever Asset Management Product. Cantilever includes robotic inspections, data integration, analysis tools, and user modules.

Segmental Outlook

The global inspection management software market is segmented on the component, deployment mode, organization size and industry vertical. Based on the component, the market is sub-segmented into solution, and services. Based on the deployment mode, the market is sub-segmented into on-premise, and cloud. Based on the organization size, the market is sub-segmented into large enterprises, and small & medium sized enterprises. Furthermore, on the basis of industry vertical, the market is sub-segmented into consumer goods and retail, manufacturing, energy and utilities, transport and logistics, aerospace and defense, it and telecom, healthcare and life sciences, and others. The healthcare and life sciences subcategory is expected to capture a significant portion of the market share within the product segment. The demand for a comprehensive inspection management system that assures both patient and staff safety. It increases the efficiency of inspection teams, lowering total risk in healthcare facilities.

The Aerospace and Defense Sub-Segment is Anticipated to Hold a Considerable Share of the global Inspection Management Software Market

Among the industry vertical, the aerospace and defense sub-segment is expected to hold a considerable share of the global inspection management software market. The segmental growth is attributed to the aerospace and defense technological innovation. ASIO Explore 2.0 advanced inspection software leverages innovative innovations such as drones, 3D mapping, and thermal monitoring to satisfy the specialized needs of the aerospace and military sectors. For instance, in March 2022, Flybotix Launched ASIO Explore 2.0 for the ASIO indoor inspection drone. The ASIO drone inspection software offers 3D map generation, POI localization, video/3D map synchronization, and real temperature monitoring, with visual and thermal cameras and over 20 minutes flight time.

Regional Outlook

The global inspection management software market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to an increase in corporate and public investment in technical infrastructure to satisfy the amount of automation and the requirement for inspection.

The North America Region is Expected to Grow at a Significant CAGR in the global Inspection Management Software Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the Adoption of Industry 4.0 Technologies. Industry 4.0 inaugurated a new era of digital revolution. Inspection management software uses AI, IoT, and cloud computing to streamline inspection operations, increasing productivity and accuracy.According to the National Institution Government (gov.), the advancements in technology are changing the way traditional products are produced, as well as how businesses are run. This digital revolution is taking technology and converting it into a digital format. Industry 4.0 is a combination of physical assets and advanced technologies such as artificial intelligence, the Internet of Things, robots, 3D printing, and cloud computing. Companies that have adopted this technology are agile and can make data-driven decisions. Industry 5.0 is the next generation of technology, designed to make machines more efficient and intelligent.

Market Players Outlook

The major companies serving the inspection management software market include General Electric Co., Hexagon AB, Honeywell International In, IBM Corp., Ideagen and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in in April 2023,Fulcrum partnered with the American Society of Safety Professionals (ASSP) that offers its members a special ASSP Starter Package of Fulcrum's industry-leadingfield inspection management platform, at no cost. ASSP members can simply build up to four fully customizable digital forms, including two reconstructed ASSP safety standard templates that are available out of the box.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global inspection management software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.