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The global inspection management software market size was valued at USD 7.98 billion in 2022. The market is to grow from USD 8.84 billion in 2023 to USD 20.40 billion by 2030, exhibiting a CAGR of 12.7% over the projected period.
Inspection management software is a category of digital tools that help to verify the safety of an organization’s facility, consisting of checklists, work order management systems, reports, and analytics dashboards. It ensures that regular audits and inspections of facilities are carried out effectively by organizations of all sizes.
The inspection management software market growth is attributed to several factors, such as the rising adoption of the business automation process for seamless inspection and the increasing presence of safe regulatory processes and standards for health, environmental protection, and product safety. The growing demand for convenience inspection methods over conventional inspection methods drives the global market size.
Increased Demand for Cloud-based Inspection Solutions during COVID-19 Pandemic Fueled Market Expansion
The onset of the COVID-19 pandemic added momentum to the evolution of the market. Several sectors were able to adopt the software-based program for a variety of operations. The inspection management sector is one of them. However, some companies remained more inclined to perform onsite inspections in high-priority cases. This, however, is a major problem for enterprises that are now switching to the cloud since it offers additional features and flexibility.
New changes forced local governments to spend large sums of money on cloud computing software, which means that cloud-based inspection solutions are going to be implemented more and developed over time. It introduced new technologies to the market, making every industry's processes more efficient, particularly in the field of inspection management.
Growing Importance of Strategic Planning to Propel Market Growth
The impact of inspection systems on the business has to be proved by many organizations that operate quality systems either using ISO or another method. As organizations increasingly demand accountability at all levels, specific instances of the efficiency of quality strategies are being provided by their managers. Therefore, to maintain a healthy flow of work, several inspection service providers have been trying to strategize a solution that can be implemented on its own.
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Rising Adoption of the Business Automation Process for Seamless Inspection to Support Market Expansion
Automated systems embedded with Artificial Intelligence (AI) algorithms that help detect errors and respond to them in real-time are particularly important for improving quality control. Compared to the manual operation of an inspection team, visual inspection systems equipped with AI can carry out these tasks more consistently and accurately. With reduced human error, these technologies also help to streamline the production process.
Decision intelligence could help, contribute, and assist in the automated decision-making of humans through business automation, simulations, and AI. To enhance overall decision-making, organizations are taking advantage of new-age technology's potential. Therefore, due to the requirement for automated inspection, there is an enormous growth in the market.
High Installation Costs and Need for Professional Expertise to Hinder the Market Progress
As the software installation process is expensive, businesses could find themselves in a financially unfavorable situation when they install inspection management software. The use of work schedules, suitable materials, types of equipment, regular checks, and higher quality design are also contributing to increasing the costs of the whole process. Furthermore, the application of this software requires expert services. The market growth can, therefore, be hindered by problems related to the high cost of installation and the lack of skilled inspection experts.
Complete Control Or Administrative Access Offered By On-Premise-based Inspection Management Software to Boost Segment Growth
Based on the deployment mode, the market is categorized into on-premise and cloud.
On-premise led the market in 2022, in terms of market share. The growth of the on-premise deployment is due to the fact that an on-premise installation strategy allows users to keep track of their site with desktops or other systems. The on-premise inspection management systems provide users with complete control or administrative access to their inspection management software when a program is installed at the company premises.
The cloud is set to grow at the substantial CAGR over the forecast timeframe. The urgency for companies to manage risks and move into digital transformation is growing as a result of the pandemic. Cloud-based solutions are broadly adopted by companies. Users can easily create forms while maintaining a remote workforce through the installation of this software. It enables companies to reduce their IT costs by transferring part or all of their activities to the cloud network. Also, cloud-based technology provides more flexibility.
Rapid Integration of Inspection Management Software to Enhance the Working Efficiency in SMEs to Support Market Growth
By enterprise type, the market is classified into small & medium enterprises (SMEs) and large enterprises. Small & Medium Enterprises (SMEs) are expected to rise at a higher CAGR during the forecast period. SMEs tend to produce less business data. This has resulted in a reduction in the overall cost of installation of inspection management software. To increase the efficiency of their activities worldwide, numerous SMEs are switching from conventional business operations to digital ones. In addition, the inspection tasks enable SMEs to save a lot of time that can be used for positive interaction with consumers.
According to market share, large enterprises dominated the market in 2022. A digital-first, remote-first business model of large enterprises segment aims to improve employee experience and digitally transform touchpoints with clients and partners to build product experiences. The development of this software is being encouraged by large enterprises that are better able to respond to the needs of remote workers and consumers.
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Increased Demand for High-quality Standards Boosted Manufacturing Segment Growth
In terms of end-users, the market is divided into energy and utilities, manufacturing, aerospace and defense, retail and consumer goods, healthcare and life sciences, and others.
Among these, manufacturing led the market in 2022. Inspection is an essential part of modern production to guarantee that each component meets the highest quality standards. To prevent costly defects and improve overall quality, manufacturers can detect potential faults during the production cycle through the inspection of parts.
The retail and consumer goods segment is expected to grow significantly at a higher CAGR during the forecast period. The demand for high-quality premium goods & services is driven by increased per capita disposable income. To satisfy the need for high-quality products, many retailers are using inspection management software. According to First Insight, in 2021, 51% of consumers considered quality over price.
By region, the market is fragmented into South America, North America, Asia Pacific, Europe, and the Middle East & Africa.
North America Inspection Management Software Market Size, 2022 (USD Billion)
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North America accounted for a substantial part in the inspection management software market share in 2022. The market for inspection management systems in the region is expected to grow due to the adoption of cloud technologies, robots, large amounts of data, medical equipment, 3D printers, stainless steel, drilling production materials, and a growing number of major manufacturing facilities and retail chains. In the 22nd annual study on “US spending” conducted by “Quality Magazine and Clear Seas Research”, 98% of American manufacturers report that quality inspection aspect has become more important. Technological innovations and supply chain management activities, such as logistics, warehouses, deliveries, production and transport services, also contribute to the region's market growth.
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Asia Pacific is anticipated to grow significantly at the highest growth rate over the projected period. In the Asia Pacific region, automation is enhancing governments and businesses. The market growth in the region is supported by increasing private and public investments in technology infrastructure to counter the usage of automation.
The Middle East & Africa is set to register the second-highest growth rate in the market over the forecast timeframe. The digitization of data and rapid expansion of innovation in the region have led to the adoption of this software.
Companies Focuses on Partnerships, Mergers & Acquisitions, and Product Enhancement Tactics to Promote Market Development
Key market players are concentrating on providing better quality assurance for the enhanced operational efficiency of businesses. They are acquiring small and regional companies to boost their market presence. In addition, strategic partnerships, mergers & acquisitions, and rising investments in such quality assurance tools for inspection are driving market growth.
An Infographic Representation of Inspection Management Software Market
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The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, and leading end-users of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.
CAGR of 12.7% from 2023 to 2030
Value (USD Billion)
By Deployment Mode
By Enterprise Type
The market is projected to reach USD 20.40 billion by 2030.
In 2022, the market value stood at USD 7.98 billion.
The market is projected to grow at a CAGR of 12.7%.
In 2022, Manufacturing segment led the market.
Rising adoption of the business automation process for seamless inspection to aid market growth.
Dassault Systèmes, Hexagon AB, Oracle Corporation, Wolters Kluwer N.V., Ideagen, Autodesk Inc., Zoho Corporation Pvt. Ltd., Penta Technologies, Inc., Intelex Technologies, and ComplianceQuest are the top players in the global market.
North America is expected to hold the largest market share.
Asia Pacific is expected to exhibit the highest growth rate during the forecast period.
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