QLM Software Market Forecasts to 2028 – Global Analysis By Solution (Lifecycle Analytics Management, Governance & Compliance Management, Document & Product Data Management, Change Management, Bill Of Material Management, Quality Management, Cost Managemen

QLM Software Market Forecasts to 2028 – Global Analysis By Solution (Lifecycle Analytics Management, Governance & Compliance Management, Document & Product Data Management, Change Management, Bill Of Material Management, Quality Management, Cost Management and Other Solutions), Deployment Mode, Organization Size, End User and By Geography

According to Stratistics MRC, the Global QLM Software Market is accounted for $24.6 billion in 2022 and is expected to reach $37.3 billion by 2028 growing at a CAGR of 7.1% during the forecast period. Quality and Lifecycle Management (QLM) software is a category of software that helps organizations manages their products and processes from conception to delivery. QLM software may assist businesses in evaluating and enhancing the quality of their output, spotting and fixing process problems early, and speeding up and decreasing the price of product creation. It aids organizations in streamlining and automating their quality management procedures. Moreover, it offers a centralized location for all information and records pertaining to quality. This aids companies in tracking and keeping an eye on the development of their quality management programs. The several phases of a product's life cycle, including design, development, testing, and production, may be tracked and managed by enterprises.

Market Dynamics

Driver:

Growing use of high-tech electronics

High-tech gadgets and smart devices have seen an increase in demand and production. Because of this, QLM software is now more frequently needed in order to boost productivity and efficiency while upholding the standards necessary for such products. This shortens the amount of time and money needed for defect finding throughout the production process. The use of quality management practices in the electronics and appliance sector benefits the company's reputation and success in addition to ensuring the delivery of high-quality goods and therefore accelerates the market expansion.

Restraint

Lack of interoperability

Currently, the effective adoption of QLM software across sectors depends critically on the interoperability of information systems across the quality lifecycle process. The lack of interoperability between product data management systems, manufacturing process management, and ERP can ensure a continuous and bidirectional information flow from the design to the manufacturing process and the product assembling. This aspect can restrict the market growth.

Opportunity

Growing IoT technologies

As IoT technologies proliferate across a variety of industries, including manufacturing, energy and utilities, healthcare, retail, and transportation, QLM suppliers are including IoT technology product analytics functionality in their QLM software. As a result, businesses may link real-time operational data from products to QLM systems. An end-to-end view of the quality lifecycle is provided by QLM software that has been combined with the capacity of IoT platforms which accelerates the market growth.

Threat

Issues in improving service quality

An increased focus is placed on service-based enterprises. Customers who purchase durable products want after-sales support from manufacturers that develop high-quality goods. Customers also want better and quicker service from service-oriented companies. Quality customer service is seen by management as an intangible asset. Enhancing service quality is a growing concern for quality management softwares.

Covid-19 Impact

The software business, in contrast to the majority of other industries, has fared rather well throughout the COVID-19 storm. The hotel, arts, and tourist sectors, which depend on physical services and in-person clients, have been hit by stay-at-home restrictions and company closures, but tech companies seem to be coming out of the crisis relatively undamaged. Because of the entire tech, remote cultures witnessed a rise in productivity. Employee training, remote document management and preventive measures are all made possible via QLM. To guarantee a continuing safe supply chain for its clients, QLM has evaluated and validated critical operating procedures.

The on-premise segment is expected to be the largest during the forecast period

The on-premise segment is estimated to have a lucrative growth, due to its better security and data control. To demonstrate the same degree of skill in complex systems as QLM, organizations must adopt a more strategic and all-encompassing strategy. On-site quality and lifecycle management systems may be tailored to meet the unique requirements of a company. It is simple to use and set up for projects. Its advantages, including top-notch assistance, affordable prices, and dependable and secure solutions, are boosting the segment's expansion.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its easy deployment. It is used by hospitals, medical practices, and healthcare providers to manage data, scheduling, and activities. It strives to increase efficiency, assure optimization, and simplify routine processes all while improving the patient experience as a whole. The health sector's multi-platform systems are automated by QLM, which also improves functionality, adaptability, and flexibility. It enhances procedures and security.

Region with largest share

North America is projected to hold the largest market share during the forecast period owing to the high concentration of quality. This region has the presence of numerous software vendors. This region has large number of small and medium enterprises which are raising the adoption of quality and lifecycle management software. The presence of various key players that are thriving for quality software is driving the market expansion in this region.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to its growing automotive sector. In India and China, the markets for passenger car active and passive safety systems are rapidly growing. The region's major economies are concentrating on enacting strict regulations to promote the adoption of EVs. The market in this region is expanding as a result of favourable government policies, as well as rising demand for effective power train systems in vehicles.

Key players in the market

Some of the key players profiled in the QLM Software Market include Arena Solutions, Dassault Systemes, Oracle, Autodesk, SAP, Aras, ComplianceQuest, SAS Institute, Siemens, Parasoft, IBM Corporation, Rocket Software, Microsoft, Kovair Software, MasterControl, Intellect, Veeva Systems, Intelex Technologies, Atlassian and Neudesic.

Key Developments

In November 2022, Rocket Software unveiled the newest version of Rocket® Intelligent Legacy Automation (Rocket ILA) for IBM i users1. Rocket ILA 10.2.0 provides new features within rocket process insights and will help business analysts, IT managers, developers and product managers involved in the modernization journey to build smarter, more effective modernization plans.

In November 2022, IBM has announced new software designed to help enterprises break down data and analytics silos so they can make data-driven decisions quickly and navigate unpredictable disruptions.

In November 2020, Dassault Systèmes announced the general availability of 3DEXPERIENCE Release 2021x. All of Dassault Systèmes’ cloud customers were seamlessly upgraded to R2021x’s latest functional delivery within a few hours of release availability, and over the entire scope of 3dexperience.

Solutions Covered:
• Lifecycle Analytics Management
• Governance & Compliance Management
• Document & Product Data Management
• Change Management
• Bill Of Material Management
• Quality Management
• Cost Management
• Other Solutions

Deployment Modes Covered:
• Cloud
• On-Premises

Organization Sizes Covered:
• Small & Medium Size Enterprises
• Large Size Enterprises

End Users Covered:
• Automotive
• Industries
• IT & Telecom
• Aerospace & Defense
• Consumer Goods
• Healthcare
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements