Inspection Management Software Market Size, Share & COVID-19 Impact Analysis, By Deployment Mode (On-Premise and Cloud), By Enterprise Type (Large Enterprises and Small & Medium Enterprises (SMEs)), By End-Users (Manufacturing, Aerospace and Defense, Retail and Consumer Goods, Healthcare and Life Sciences, Energy and Utilities, and Others), and Regional Forecast, 2023 – 2030

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.

COVID-19 IMPACT

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.

LATEST TRENDS

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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DRIVING FACTORS

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.

RESTRAINING FACTORS

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.

SEGMENTATION

By Deployment Mode Analysis

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.

By Enterprise Type Analysis

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.

By End-Users Analysis

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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.

REGIONAL INSIGHTS

By region, the market is fragmented into South America, North America, Asia Pacific, Europe, and the Middle East & Africa.

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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.

KEY INDUSTRY PLAYERS

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.

List of Key Companies Profiled:

• Dassault Systèmes (France)


• Hexagon AB (Sweden)


• Oracle Corporation (U.S.)


• Wolters Kluwer N.V. (The Netherlands)


• Ideagen (U.K.)


• Autodesk Inc. (U.S.)


• Zoho Corporation Pvt. Ltd. (India)


• Penta Technologies, Inc. (U.S.)


• Intelex Technologies (Canada)


• ComplianceQuest (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• August 2023: Benchmark Gensuite, the provider of the inspection management platform, expanded its operations in Mason, Ohio. To provide its customers with a better service at home, globally, and across various operating profiles, its employees now have the opportunity to work together in person.


• April 2023: Fulcrum announced a strategic partnership with the American Society of Safety Professionals (ASSP), offering its members a special Starter Package of Fulcrum's field inspection management platform at no cost. Up to four fully customizable digital forms, including two reconstructed ASSP safety standard templates, which are available for use from the box, can be easily created by ASSP members.


• November 2022:  Fulcrum announced that it has been selected by Osmose, a provider of network asset management and infrastructure supporting services for electric and telecommunications utilities, to optimize the delivery of pole inspection and assessment services to its customers. Fulcrum provides Osmose with the first mobile SaaS inspection solution, simplifying data collection processes to speed up field production, replacing its proprietary Field Data Collection tool.


• August 2022: Fulcrum announced new field inspection management tools that improve efficiency, allow constant improvement, and drive safer and higher quality results in this area. To inform workflow optimization and plan new inspection procedures, Fulcrum customers now have access to vital information at every level of the inspection processes.


• January 2022: Autodesk Inc. announced the acquisition of Moxion, a New Zealand-based developer of a cloud-based digital dailies platform. Autodesk's own cloud computing platform for media and entertainment has been strengthened through the acquisition of talent and technology from Moxion. This acquisition brings new users into Autodesk and helps improve the integration of processes throughout the content production chain.

REPORT COVERAGE

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.

REPORT SCOPE & SEGMENTATION