Inspection Management Software Market Research, 2031
The global inspection management software market was valued at $7.1 billion in 2021, and is projected to reach $23 billion by 2031, growing at a CAGR of 12.8% from 2022 to 2031.
The inspection management software is important things for efficient and faster scheduling, conducting, and reporting on inspection processes from the field, floor, or anywhere in between. The software facilitates the environment, health, and safety as well as supports quality inspection. In addition, it can be used to capture and analyze a comprehensive trail of inspections for audit and compliance purposes, therefore maintaining an always audit-ready compliance posture. This results in a reduction of risk and maintains compliance, thereby finding wide-ranging applications across the end-use industries.
Rise in the adoption of the business automation process for seamless inspection drives the growth of the inspection management software market. In addition, the surge in demand for streamlining inspection tasks and the presence of regulatory standards for product safety and environmental protection are boosting the inspection management software market. However, the lack of global inspection standards by government authorities, as well as the high cost of innovation and budget constraints restrict the inspection management software market growth. On the contrary, the rise in demand for advanced technologies along with the increase in demand for remote inspection and virtual assessment in end-use industries is expected to offer remunerative opportunities for expansion of the inspection management software market during the forecast period.
The report focuses on growth prospects, restraints, and trends of the global inspection management software market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the inspection management software industry.
The inspection management software market is segmented into Component, Deployment Mode, Organization Size and Industry Vertical.
Segment review
The global inspection management software market is segmented on the basis of component, deployment mode, organization size, industry vertical, and region. On the basis of component, the market is categorized into solution and services. On the basis of deployment mode, the market is segregated into on-premises and cloud. By organization size, it is classified into small to medium enterprises (SMEs) and large enterprises. Based on industry vertical, it is segregated into aerospace and defense, manufacturing, energy & utilities, transportation & logistics, consumer goods and retail, IT & telecom, healthcare and life sciences, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In terms of components, the solution segment holds the largest inspection management software market share owing to high demand for cost savings, increasing adoption of quality management software (QMS), and increased use of an advanced inspection management solution for transparent and agile benefits. However, the service segment is expected to grow at the highest rate during the forecast period owing to the high demand for the design and consulting of new inspection management software as a part of sophisticated advancements and growth in collaborative efforts by a certified network of developers and service providers.
Region wise, the inspection management software market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to technological advancements in the inspection management software and the rapid rise in initiatives towards industry 4.0 and quality 4.0 for operational excellence and innovation is positively impacting the growth of inspection management software industry. However, Asia-Pacific is expected to witness significant growth during the forecast period, due to an increase in private and public investments in improving the technological infrastructure to tackle the level of automation, and the need for inspection of critical assets is anticipated to drive the growth of the inspection management software market.
The key players that operate in the inspection management software market are Autodesk, Inc., Dassault Systems, Hexagon, MetricStream Inc., Oracle Corporation, Penta Technologies, Inc., PTC, SAP SE, Siemens AG, and Wolters Kluwer NV. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
COVID-19 Impact Analysis
The inspection management software market has witnessed significant growth in the past few years; however, due to the outburst of the COVID-19 pandemic, the market is anticipated to observe a slight downfall in 2020. This is attributed to the imposition of lockdown by government authorities in a range of countries and the shutdown of business and travel across the world to prevent the transmission of the virus. The inspection management software industry is likely to prosper in the upcoming years after the recovery from the COVID-19 pandemic scenario. Moreover, many companies have incorporated new strategies such as business expansion and new product launches to support end-users in their work of seamless inspection in these crucial times. For instance, in February 2020, the industry’s leading quality control automation software provider, High QA introduced a new version 5.0 of its comprehensive inspection manager, featuring the advanced level of quality 4.0 industry standards and increased automation. These new strategic initiatives in the wake of the pandemic will notably prosper the market growth in the forecasting years.
Top Impacting Factors
Increase in adoption of business automation process for seamless inspection
The increased transition toward a digital economy has the prospective to spur innovation, enhance wellbeing, and improve productivity. These digital transformation strategies provide large enterprises and SMEs with numerous opportunities, contributing to the global economy, innovation, and growth. Also, the adoption of digital solutions supports quality control, equipment maintenance standards, the robustness of processes, and adherence to regulations, among others. Thus, the digital processes will aid in the implementation of inspection management software to meet quality and quantity requirements. Moreover, quality is one of the important factors for the success of business operations, ranging from the automotive to the manufacturing sector. According to the American Society for Quality, the organization can experience a downturn of up to 20% in annual sales on account of quality control. Therefore, the need for automation of visual inspection plays a prominent role in deploying inspection management software, making a huge potential for market growth.
Presence of regulatory standards for product safety and environmental protection
The presence of secure regulatory protocols and standards regarding product safety, health, and environmental protection is another factor driving the growth in the inspection management software market. Increased risk to individual life and environmental impact are the major concerns, making awareness to implement reliable and high-quality products among end-users. Besides, several organizations across the globe emphasized implementing testing and inspection services to address product safety and quality concerns while abiding by government guidelines. These regulatory standards are intended to make certain product safety and minimize environmental impacts across the range of end-use industry verticals. For instance, in the automotive sector, governments have enforced environmental regulations on original equipment manufacturers (OEMs) to control carbon emissions. Similarly, the National Highway Traffic Safety Administration (NHTSA) and the National Transportation Safety Board (NTSB) recommended setting out collision avoidance systems in the United States. Thus, the implementation of government regulations and standards to ensure the safety and security of passengers will increase the adoption of inspection services, which help to drive market growth across the globe.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the inspection management software market analysis from 2021 to 2031 to identify the prevailing inspection management software market forecast.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the inspection management software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global inspection management software market trends, key players, market segments, application areas, and market growth strategies.
Inspection Management Software Market Report Highlights
| Aspects | Details |
 By Component |
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 By Deployment Mode |
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 By Organization Size |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | Oracle Corporation |
Analyst Review
Inspection management software is geared toward streamlining inspection tasks to standardize quality and improves manufacturing effectiveness. This software can verify physical requirements, functional testing, proper packaging and labeling, and carton drop tests. This adds preventive features across indefinite inspections, and make significant demand for quality products to meet the national and international safety and quality-related regulations. Moreover, the high-quality inspection management software has helped end-users to gain reliability and efficiency, and comply with rules and regulations easily in every single step ranging from inspection of incoming material and production process to container loading/loading supervision to evaluate the quality and reduce the chances of manual error.
The global inspection management software market is expected to register high growth due to the increasing usage of the business automation process for seamless inspection and rising demand for streamlining inspection tasks. Moreover, with the increased transition toward a digital economy has the prospective to spur innovation and improve productivity, thereby creating the need for error-free and manual labor-free appropriate remote monitoring of inspection tasks at the broad level drives the growth of the inspection management software market. With the growth in requirement for inspection management software, various companies have established business expansion strategies to increase their capabilities. For instance, in July 2022, GDU-Tech Co., Ltd. introduced a fully-autonomous inspection system of drones that is designed for all scenarios and to make all scenario applications unmanned to great extent. In addition, the firm provides a way to speed up the inspection process via real-time monitoring, which notably contributes to the market growth during the forecast period.
In addition, with further growth in investment across the world, and the rise in demand for inspection management software, various companies have expanded their current product portfolio with increased diversification among customers. For instance, in June 2021, Google Cloud introduced Visual Inspection AI, a new tool that supports manufacturers to reduce product defects and quality control costs. Similarly, in April 2022, Autodesk introduced next-generation tools namely Autodesk Civil 3D, Autodesk InfraWorks, and Autodesk ReCap Pro. These new products developed by Autodesk will allow model-based design which will facilitate better design decisions. These factors are set to accelerate the market growth toward inspection management software in the coming time.
Moreover, with the increase in competition, major market players have started new partnerships and collaborations to expand their market penetration and reach. For instance, in September 2021, SAP SE completed a partnership agreement with Amazon Business to allow employees to access a range of products on Amazon Business straight from SAP Ariba solutions, which facilitates to comply with corporate purchasing policies. Hence, owing to such partnerships both enterprises are expected to increase their inspection management capabilities in the upcoming years.
The inspection management software market is estimated to grow at a CAGR of 12.8% from 2022 to 2031.
The inspection management software market is projected to reach $23,023.76 million by 2031.
Rise in the adoption of the business automation process for seamless inspection, surging demand for streamlining inspection tasks, and the presence of regulatory standards for product safety and environmental protection contribute toward the growth of the market.
The key players profiled in the report include Autodesk, Inc., Dassault Systems, Hexagon, MetricStream Inc., Oracle Corporation, Penta Technologies, Inc., PTC, SAP SE, Siemens AG, and Wolters Kluwer NV.
The key growth strategies of inspection management software market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
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