|SAP SE (Germany)|
|Oracle Corporation (US)|
|Siemens AG (Germany)|
|Dassault System SE (France)|
|Hexagon AB (Sweden)|
|Wolters Kluwer (Netherlands)|
|Ideagen Plc (UK)|
|Market Driving Forces|
|Availability of various features over conventional inspection methods • Increasing need to comply with regulatory standards • Rising demand for protection of inspection data|
The global inspection management software market size is projected to be worth ~USD 20.42 billion by 2030, with a CAGR of ~11.7% during the forecast period of 2022 - 2030.
Owing to the growing complexity of business operations, businesses have specialized in using inspection management software to manage the whole lifespan of goods and processes. Different industry sectors from all around the world use inspection management software as a component of an integrated platform. The availability of several alternatives useful in creating forms, checklists, and inspection scheduling is one of the primary reasons for the growth of the global market. Inspection management software also enables businesses to track the implementation of corrective actions and record the results of inspections. It is anticipated that usage of inspection management software code is expected to increase significantly, owing to the availability of several features. The use of this computer code would enable businesses to control product standards, issue calculable bills, and conduct examinations in a safer manner, which are the elements driving the growth of the inspection management software market.
The market for inspection management software has shown rapid expansion in recent years, but it witnessed a minor decline in 2020 as a result of the COVID-19 pandemic outbreak. This is due to the implementation of regulations by government authorities in several nations as well as the global closure of companies and travel. After the COVID-19 pandemic, the economy has recovered, and the inspection management software market is expected to thrive in the forecast period.
Additionally, a lot of businesses have used new approaches, such as business growth and the introduction of new products, to assist end users in their flawless inspection job at these vital moments. For instance, in February 2020, High QA, the industry's top provider of quality control automation software, released a new version 5.0 of its complete inspection manager. The industry growth in the upcoming years is expected to be significantly boosted by these new strategic activities following the pandemic.
Inspection Management Software Market Dynamics
Inspection Management Software Market Opportunities
Internet of things, cloud, and augmented reality technology adoption is increasing
Inspectors and auditors may complete their work more quickly and precisely with the aid of AR and IoT. They have access to task descriptions, checklists, troubleshooting guides, and live video support from professionals who are located far away. With no-code processes, inspection applications may be created the same day or linked to the current systems to provide an end-to-end digital record. To turn everything into engineering, production, and servicing, businesses employ AR technology, which offers SaaS, on-premises, and hybrid, and establishes a complete loop between the digital and real worlds. To link people, systems, machines, and supply chains and enable them to lead with accuracy, efficiency, and agility, businesses also incorporate solutions for enterprise resource planning manufacturing execution, quality, supply chain planning, management, analytics, and industrial IoT.
Inspection Management Software Market Restraints
Inspection Management Software Market Challenges
Inspection Management Software Market Segment Overview
On the basis of component, the market is segmented into services and solutions. The market for inspection management software registered a sizable revenue share for the services segment in 2021. The tool offers all of the documentation needed to finish the inspection process. Companies that provide inspection management services provide a wide range of services, such as consultation, installation, maintenance, and support.
This software provides end-users with the design of inspection management software as well as efficient installation, deployment, and maintenance of current systems. Some service providers assist clients in creating custom solutions for their companies.
By Organization Size
Based on organization size, the market is segmented into large enterprise and small & medium enterprise. The large enterprise segment is estimated to hold largest share in 2022. Large corporations have offices and divisions spread all over the globe. These firms benefit by utilizing centralized, cloud-based inspection management software, which enables corporate headquarters to keep a track on their branches and divisions. Large firms are more likely to use the inspection management software market than SMEs. Since there are more data to handle in larger organizations than in SMEs, they are more likely to use inspection management software.
In comparison to large organizations, SMEs create fewer enterprise data. As a result, the overall cost of installing inspection management software is reduced. Many multinational corporations are converting from conventional business operations to digitalization to improve the effectiveness of business operations globally. SMEs all around the globe are implementing inspection management software to improve productivity and keep a competitive edge in the market.
By Deployment Mode
By deployment mode, the inspection management software market is segmented into on-premise and cloud. The on-premise segment held the largest revenue share in 2021. The fact that this strategy enables the user to keep track of the site on desktops or other systems is attributed to the segment's growth. As the program is installed on the company's premises, the on-premise inspection management systems provide the user complete control or management over their inspection management software.
Cloud-based solutions are anticipated to acquire significant momentum in the inspection management software market over the forecast period. A component of digital technology called cloud computing gives companies access to shared networks, storage, and server facilities. Transferring part or all of their operations to a cloud network, aids enterprises in lowering their IT expenditures. Also, cloud based technology provides more flexibility.
On the basis of vertical, the market for inspection management software is categorized into healthcare & life sciences, automation, energy & utility, manufacturing, consumer goods & retail, information & technology, aerospace & defence, automotive, and others. As of 2021, consumer goods and retail sector is expected to hold a significant market share. The rising per capita disposable income is increasing the demand for high-end, best-in-class goods and services. Many businesses are using inspection management software to satisfy the need for high-quality products.
The healthcare & life sciences segment is expected to witness rapid growth, owing to the need of a strong inspection management system that ensures the security of both patients and staff. It improves the effectiveness of inspection teams, reducing overall risk in healthcare institutions. As a result, this helps to accelerate the expansion of the healthcare sector.
Inspection Management Software Market Regional Analysis
North America dominated the inspection management software market in 2021, and is anticipated to maintain its dominance throughout the forecast period as a result of technological developments in the industry and the rapid uptake of industry 4.0 and quality 4.0 initiatives for operational excellence. Innovation is having a favorable effect on the expansion of the inspection management software market in the region.
However, the Asia-Pacific region is anticipated to experience significant growth throughout the forecast period as a result of a rise in private and public investments in enhancing the technological infrastructure to combat the level of automation. Additionally, the demand for the inspection of crucial assets is anticipated to fuel the expansion of the inspection management software market.
Inspection Management Software Market Competitive Landscape
The key industry players are adopting various business strategies such as significant investments in R&D activities to increase their market presence and to expand their product portfolio thereby, driving the inspection management software market. In addition, market participants are implementing several strategic activities, including the introduction of new products, mergers, and acquisitions, contractual agreements, growing investments, and cooperation with other participants, to increase their worldwide footprint. For instance, in September 2021, Amazon Business partnered with SAP to expand buyer’s choices. Amazon Business now serves as a source of supply for Spot Buy, a feature in SAP Ariba solutions that allows users to buy goods from reliable vendors. This cooperation and technological connection made it possible.
List of companies covered in this report:
The study covers the existing short-term and long-term market effects. It helps decision-makers to draught short-term and long-term business plans by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's five forces, value chain, and impact of COVID-19 on the market.
Inspection Management Software Market Segmentation:
Global Inspection Management Software Market, By Component
Global Inspection Management Software Market, By Organization Size
Global Inspection Management Software Market, By Deployment Mode
Global Inspection Management Software Market, By Vertical
Global Inspection Management Software Market, By Region
|Market Size||2030: ~USD 20.42 Billion|
|Historical Data||2018, 2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Orgnization Size, Deployment Mode, Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World|
|Key Vendors||SAP SE (Germany), Oracle Corporation (US), Siemens AG (Germany), Dassault Systemes SE (France), Hexagon AB (Sweden), Wolters Kluwer (Netherlands), Ideagen Plc (UK), Autodesk, Inc. (US), PTC, Inc. (US), Cority Software, Inc. (Canada).|
|Key Market Opportunities||Increasing adoption of IoT, cloud, and AR technology|
|Key Market Drivers||• Availability of various features over conventional inspection methods • Increasing need to comply with regulatory standards • Rising demand for protection of inspection data|
Inspection Management Software Market to grow at a CAGR of ~11.7% during the forecast period of 2022 – 2030
The size of the inspection management software market is expected to be worth approximately $ 20.42 billion by 2030
The North America regional market is projected to be the highest share of the market.
The key contenders in the market are SAP SE, Oracle Corporation, Siemens AG, Dassault Systemes SE, Hexagon AB, Wolters Kluwer, Ideagen Plc, Autodesk, Inc., PTC, Inc., Cority Software, Inc.