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Inspection Management Software Market Analysis

ID: MRFR//9513-HCR | 110 Pages | Author: Ankit Gupta| May 2024

The market elements of inspection management software are formed by different variables that impact its development and improvement. Inspection management software is intended to smooth out and automate the technique involved with directing inspections, overseeing consistency, and guaranteeing functional health and quality. The market for inspection management software is driven by the rising emphasis on administrative consistence and security principles, the developing reception of electronic answers for functional effectiveness, and the extending need for constant information perception and examination in inspection processes.

One of the critical drivers of the inspection management software market is the rising emphasis on administrative consistency and security norms across enterprises. This interest for reliability driven arrangements drives the reception of inspection management software across areas like assembling, development, energy, medical care, and transportation.

As organizations and associations try to streamline functional cycles, lessen manual mistakes, and further develop information precision, the reception of advanced inspection management arrangements becomes basic. Inspection management software offers elements like portable information assortment, automated report generation, and constant announcements, empowering associations to smooth out inspection work processes, upgrade information precision, and facilitate restorative activities. This emphasis on functional effectiveness and computerized change drives the market's intensity and engaging quality to an expansive range of businesses.

In addition, the growing requirement for ongoing information awareness and examination in inspection processes similarly adds to the elements of the inspection management software market. With the rising complexity and size of inspection exercises, associations require strong software arrangements that give ongoing perception into inspection information, significant experiences, and implementation scrutiny. Inspection management software offers highlights like information perception, pattern examination, and predictive upkeep capacities, engaging associations to settle on informed choices, advance resource implementation, and drive continuous improvement in their inspection processes.

Inspection Management Software Market Overview

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.

COVID-19 Analysis

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

Market Drivers

  • Availability of various features over conventional inspection methods

    • Software for inspection management has simple forms and checklists. The software uses a powerful reporting engine to analyze the outcomes of measures such as corrective actions. Preparing an inspection checklist, assigning inspection frequency and responsibility, tracking ongoing, missed, and completed inspections, identifying results, and carrying out corrective actions are a few of the additional tasks that inspection management software can carry out. It also enables users to conduct inspections both offline and online using mobile apps. By scheduling inspections, documenting findings, and following up on remedial measures, this program assists in lowering costs, boosting productivity and efficiency, lowering risks, monitoring compliance, and standardizing reporting.

  • Increasing need to comply with regulatory standards

  • Rising demand for protection of inspection data

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

  • High installation costs and need for professional expertise

    • The deployment of inspection management software might put businesses in a bad financial situation due to the high expense of the software installation process. The expenses of the entire process is also increased due to use of work sequence, appropriate materials, certain types of equipment, routine inspections, and higher-quality designs. Additionally, professional services are needed for the implementation of inspection management software. Only a manufacturer, supplier, or mechanical subcontractor may install inspection software. Additionally, the deployment must follow all design documentation, coding requirements, and quality assurance guidelines in addition to the manufacturer's recommendations.

Inspection Management Software Market Challenges

  • Concerns regarding the data security and integrity

    • The possibility of data leaks during the inspection is increased by the data interchange and audit. The risk of failing to closely monitor data integrity throughout the move is that the user can lose crucial customer information. The transmission of data may result in information loss or misunderstanding, which might compromise and corrupt the information. The development team must continue to confirm the accuracy of the data during the project execution, possibly enlisting a third party to moderate and guarantee that criteria are satisfied.

Inspection Management Software Market Segment Overview

By Component

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.

By Vertical

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:

Recent Developments

On Mar.08, 2023, Ravenwood announced that it would showcase automated optical inspection and linerless solutions at Interpack Exhibition, Düsseldorf, Germany, to be held on May 4-10, 2023. The product display will include VR Vision System for automated inspection, the Nobac 5000V vertical linerless applicator, and Nobac 5000A automatic linerless applicator. 

Ravenwood will also be demonstrating a quality management system. All three machines are designed for automated optical inspection of food products. The 5000A and VR can be linked for label application and automated optical inspection. Moreover, these products are driven through the label, allowing for difficult applications and increased protrusions. 

On Mar.04, 2023, Mettler-Toledo (the US), a leading global manufacturer of scales and analytical instruments, announced the upgrades in its ProdX inspection software to prepare users for connectivity to the latest data-protective Blockchain technology. The company released an updated version of its ProdX product inspection management software based on Industry 4.0 principles of secure machine-to-machine communication. 

ProdX delivers full digital tracking and traces real-time food safety compliance. Specific enhancements include security features and security across firewalls, with enhanced Open Platform Communication Unified Architecture (OPC UA) and encrypted machine-to-machine communication, etc. 

On Aug.10, 2022, HUVR, alongside its partner Ghost Robotics demonstrated at the API Inspection and Mechanical Integrity Summit its latest inspection robotic solutions that can scale to increase safety and efficiency. Three days of live demonstrations were conducted at the Quasset Innovation Hub. The combination of cutting-edge quadruped robot inspection technology and inspection data management software (IDMS) platform can deliver operational excellence and greater safety to asset owners across the enterprise.

On Dec.01, 2021, beXel (Cairo), a cloud-based inspection management software developer, announced that it has raised a six-figure investment round by JH Investments Ltd. after the follow-on funding from Flat6Labs, UI. beXel offers SaaS inspection management software for energy, oil & gas, and construction industrial services. The company serves around fourteen countries across the world. The latest funding will enable beXel to continue expansion within the GCC, starting with KSA.

Report Overview

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.

Study Objectives

  • To provide a detailed analysis of the market structure and forecast for the next ten years of the various segments and sub-segments of the inspection management software market.

  • To provide insights about factors affecting the market growth.

  • To analyze the inspection management software market based on various factors- price analysis, supply chain analysis, Porter's five force analysis, etc.

  • To provide historical and forecast revenues of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia-Pacific, and the Rest of the World.

  • To provide country-level analysis of the market with respect to the current market size and future prospective.

  • To provide country-level analysis of the market for segments by component, organization size, deployment mode, vertical.

  • To provide strategic profiling of key players in the market, comprehensively analyze their core competencies, and draw a competitive market landscape.

  • To track and analyze competitive developments such as joint ventures, strategic alliances, mergers & acquisitions, new product developments, and R&D in the inspection management software market.

Inspection Management Software Market Segmentation:

Global Inspection Management Software Market, By Component

  • Solution

  • Services

Global Inspection Management Software Market, By Organization Size

  • Large Enterprises

  • Small & Medium Enterprises

Global Inspection Management Software Market, By Deployment Mode

  • Cloud

  • On-Premise

Global Inspection Management Software Market, By Vertical

  • Healthcare & Life Sciences

  • Automation

  • Energy & Utility

  • Manufacturing

  • Consumer Goods & Retail

  • Information & Technology

  • Aerospace & Defence

  • Automotive

  • Others

Global Inspection Management Software Market, By Region

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Intended Audience

  • Inspection management software developer

  • Government and Independent Regulatory Authorities

  • Market Research and Consulting Service Providers

  • Academic Institutes and Universities

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