In the most recent publication from Report Ocean, titled “Exploring the Dynamics of the Quality Management System Market: Trends, Market Share, Size, Projected Growth, Lucrative Prospects, and Forecasts Spanning 2023-2031,” a thorough and all-encompassing scrutiny of the sector is presented. Within its pages, you will uncover not only penetrating market insights but also a detailed examination of competitive forces and geographical factors influencing the landscape. Furthermore, the document delves into the cutting-edge innovations driving the evolution of this market realm.
What is the Size of the Quality Management System Market?
Global Quality Management System (QMS) Market is valued at approximately USD $ million in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2029. A quality management system (QMS) is a formal system that documents processes, procedures, and responsibilities to meet quality policies and objectives. A QMS is designed to manage all aspects of a company’s operations that impact the quality of its products or services, including planning, design, development, production, and delivery.
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It helps in coordinating and directing an organization’s operations to satisfy customer and regulatory requirements and continuously enhance effectiveness and efficiency. A QMS typically includes a set of quality standards, guidelines, and tools that help organizations to establish and maintain a culture of quality.
The most well-known standard of quality management systems is ISO 9001:2015, an international standard outlining the specifications for quality management systems (QMS). The market growth is driven by factors such as surging demand for quality control and compliance, rising emphasis on customer satisfaction, increasing adoption of automation, and growing need for effective risk management.
In addition, the emergence of Industry 4.0 is playing a vital role that is contributing towards the market demand. QMS solutions assist organizations to manage and optimize their operations in this new digital environment by improving the quality of their products and services, reduce waste, and comply with regulatory requirements. For instance, in July 2021, the Government of India initiated several national policies to promote Industry 4.0 that includes Advanced manufacturing, the Internet of Things (IoT), Blockchain, Cyber-Physical Systems, and Artificial Intelligence.
The aim of these initiatives is to promote technological innovations in the field of Industry 4.0. Further, The International Federation of Robotics (IFR) reported that as of 2021, there were nearly 486,800 units of robots shipped globally. Moreover, the rising adoption of cloud-based solutions, as well as the growing significance of supply chain management are presenting various lucrative opportunities over the forecasting years. However, the security threats involved in cloud-based platforms are challenging the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Quality Management System (QMS) Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the increasing focus on customer satisfaction, growing R&D investments, along with rising government initiatives and implementation of several policies. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising technological developments by the key market players, as well as the growing trend of automation in the market space.
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Major market players included in this report are:
Arena Solutions, Inc.
Cority Software Inc.
Dassault Systemes SE
ETQ LLC
Ideagen Plc.
Intelex Technologies
MasterControl Solutions, Inc. .
MetricStream, Inc.
Microsoft Corporation
Oracle Corporation
Recent Developments in the Market:
In May 2019, Sparta Systems declared that the company had introduced its industry’s first AI-augmented decision-making capabilities to facilitate a shift from reactive to proactive quality management.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Enterprise Size:
Small & Medium Enterprises
Large Enterprises
By End-user:
Banking, Financial Services & Insurance
Telecom & Information Technology (IT)
Manufacturing
Chemicals
Food and Beverage
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
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