NEWS PROVIDED BYABI Research
May 29, 2024, 08:30 ET
SINGAPORE, May 29, 2024 /PRNewswire/ — The escalating demand for product quality from customers, spurred by news cycles highlighting issues across industries such as aerospace, pharmaceuticals, and automotive, is driving significant growth in the Quality Management Systems (QMS) software market, with global technology intelligence firm ABI Research forecasting revenues to rise to US$13.7 billion by 2034.
“Growth will primarily be driven by an increasing need to focus on product quality from manufacturers, Artificial Intelligence (AI) creating a wide range of new use cases in QMS software, and the strong growth of closely associated software products such as Manufacturing Execution Systems (MES) and Product Lifecycle Management (PLM), into which QMS software is often partially built. The success of these aligned software markets will drive increased adoption of QMS solutions,” explains James Prestwood, Industry Analyst at ABI Research. “Process manufacturing, especially in highly regulated industries like pharmaceuticals and food & beverage, is poised for rapid adoption of QMS software, driven by ongoing scrutiny.”
The QMS software market is home to a wide range of vendors, with the market being dominated by solution providers that package their solutions alongside a broader software portfolio, such as Dassault Systèmes, Honeywell, PTC, and Siemens. The long tail of smaller players such as ComplianceQuest, Dot Compliance, Veeva Systems, IQVIA, and Intellect either differentiate their solutions with manufacturing market-specific focuses or innovative new functionality such as AI.
“Overall, the quality software market has been somewhat pushed to the side in the past but is now defining its space and value far more clearly across organizations,” Prestwood concludes.
These findings are from the QMS Software Market Data Overview: Q1 2024 report. This report is part of the company’s Industrial and Manufacturing Technologies research service, which includes research, data, and ABI Insights.
About ABI Research
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SOURCE ABI Research