Dublin, March 28, 2023 (GLOBE NEWSWIRE) — The “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” report has been added to ResearchAndMarkets.com’s offering.

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 the 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 the 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.

Market Dynamics

Drivers

Increasing Use of High-Tech Electronics and Smart DevicesGrowing Adoption of Medium-Sized BusinessesIncreasing Demand from Organizations to Lower Manufacturing CostRising Need for Effective Management of PortfoliosIncreased Production of Autonomous Vehicles

Restraints

Inadequate Quality Control and Production PlanningLack of Interoperability and Integration of Complex Systems

Opportunities

Increasing Integration of PLM Solutions with IoT Platforms

Challenges

Issues in Technological AdvancementsIssues in Improving Service Quality

Key Attributes:

Report AttributeDetailsNo. of Pages244Forecast Period2022 – 2027Estimated Market Value (USD) in 2022$24.6 BillionForecasted Market Value (USD) by 2027$34.9 BillionCompound Annual Growth Rate7.2%Regions CoveredGlobal

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Quality and Lifecycle Management Software Market Overview and Industry Trends

6 Quality and Lifecycle Management Software Market, by Solution6.1 Introduction6.2 Quality Management6.3 Bill of Material (Bom) Management6.4 Document & Product Data Management6.5 Cost Management6.6 Governance & Compliance Management6.7 Change Management6.8 Lifecycle Analytics Management6.9 Other Solutions

7 Quality and Lifecycle Management Software Market, by Deployment Mode7.1 Introduction7.2 Cloud7.3 On-Premises

8 Quality and Lifecycle Management Software Market, by Organization Size8.1 Introduction8.2 Small and Medium-Sized Enterprises8.3 Large Enterprises

9 Quality and Lifecycle Management Software Market, by Vertical9.1 Introduction9.2 Automotive & Transport9.3 Industrial Manufacturing9.4 IT & Telecom9.5 Aerospace & Defense9.6 Consumer Goods & Retail9.7 Healthcare & Lifesciences9.8 Other Verticals

10 Quality and Lifecycle Management Software Market, by Region

11 Competitive Landscape

12 Company Profiles

13 Adjacent Markets

14 Appendix

Companies Mentioned

ArasArena SolutionsAtlassianAutodesk Inc.CompliancequestDassault SystemesEtq LLCHpe Development LpIBMIntelex TechnologiesIntellectKovair Software Inc.Mastercontrol Solutions Inc.Micro FocusMicrosoftNeudesic LLCOracleParasoftPtcRocket Software Inc.SAPSas InstituteSiemensVeeva Systems

For more information about this report visit https://www.researchandmarkets.com/r/yqdds4

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Attachment

Global Quality and Lifecycle Management Software Market