Pune, India, Nov. 21, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global Inspection Management Software Market Size was valued at USD 7.98 billion in 2022 and is expected to reach USD 20.40 billion by 2030, showing a CAGR of 12.7% during the forecast period. to grow rapidly; Increased adoption of automated inspection techniques is driving market advancement. Fortune Business Insights mentioned this in a report titled Inspection Management Software Market Forecast, 2023-2030.
The software is widely used to confirm effective plant inspections and regular audits by organizations of all sizes. Market expansion is driven by the rapid adoption of business automation processes for seamless inspection
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Key industry developments:
- Benchmark Gensuite, the inspection management platform provider, expanded its operations in Mason, Ohio. To better serve its customers domestically, globally and across different operating profiles, its employees now have the opportunity to work together in person.
Key takeaways
- Increasing importance of strategic planning to promote market growth
- Increasing adoption of seamless inspection business automation process to support market expansion
- Rapid integration of inspection management software to improve work efficiency in SMEs to support market growth
- Increased demand for high quality standards boosted growth in the manufacturing segment
Discover the leading players in the report:
“Companies leading the inspection management software market share are Dassault Systèmes (France), Hexagon AB (Sweden), Oracle Corporation (US), Wolters Kluwer NV (Netherlands), Ideagen (UK), Autodesk Inc. (US), Zoho Corporation Pvt . Ltd. (India), Penta Technologies, Inc. (USA), Intelex Technologies (Canada), ComplianceQuest (USA)”
Scope and segmentation of the report
| Report coverage | details |
| Forecast period | 2023 to 2030 |
| Forecast period 2023 to 2030 CAGR | 12.7% |
| Value projection 2030 | USD 20.40 billion |
| Base year | 2022 |
| Inspection Management Software Market Size in 2022 | USD 7.98 billion in 2022 |
| Historical data for | 2019 to 2021 |
| Number of pages | 160 |
| Covered segments | Implementation, Enterprise Type, End User and Geography |
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Drivers and limitations
Rising demand for AI-enabled visual inspection systems to boost market growth
AI-powered automated systems can identify errors and fix them in real time. This is essential to improve quality control. AI-equipped visual inspection systems are preferred over manual operations as these systems can perform constant and error-free tasks. Increased implementation of these technologies to streamline production processes is driving market development.
Decision intelligence is gaining popularity as it can support automated human decision making. Companies are adopting this advanced innovation to improve overall decision-making capabilities. Therefore, the increasing need for automated inspection is driving the growth of the market.
Nevertheless, the market growth is hampered by the high cost of software installation processes.
Segments:
By deployment mode
By business type
- Big companies
- Small and medium-sized enterprises (SMEs)
By end users
- Manufacturing
- Aviation and defence
- Retail and consumer goods
- Healthcare and Life Sciences
- Energy and utilities
- Others (IT and Telecom)
By region
- North America
- South America
- Europe
- Middle East and Africa
- Asia and the Pacific
Regional insight
The presence of larger production facilities led to market expansion in North America
North America accounted for the highest inspection management software market share. Market growth in the region is driven by the rapid adoption of cloud technologies and robots. The presence of well-known production facilities and retail chains supports the market development in North America.
The market in Asia Pacific is expected to rise at the highest growth rate during the forecast period. Automation is revolutionizing governments and businesses in the region. Increasing private and public investment in technological infrastructure is driving the market growth in the region.
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Competitive landscape
Leading companies maintain their dominance by offering better quality assurance
Top inspection management software providers work to offer superior quality assurance to increase operational efficiency. They concentrate on offering advanced solutions for industry-specific needs. By adopting these tactics, companies can differentiate themselves in the market.
FAQs
How big is the inspection management software market?
Inspection Management Software Market Size was USD 7.98 Billion in 2022.
How fast is the Inspection Management Software market growing?
The inspection management software market will exhibit a CAGR of 12.7% during the forecast period 2023-2030
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Inspection Management Software Market