According to a recent market report published by Future Market Insights titled, “Quality and Compliance Management Solution Market – Global Industry Analysis & Opportunity Assessment, 2016-2026,” the global Quality and Compliance Management Solution Market was valued at US$ 10.8 Bn in 2015, and is expected to register a CAGR of 11.0% from 2016 to 2026.
Seamless integration with existing enterprise systems/platforms which boosts expansion, and increasing regulatory complexity in life sciences industry are the key factors driving the growth of quality and compliance management solution market globally. Additionally, rising need for efficiency and cost saving solutions across various industries is accelerating the growth of quality and compliance management solution market globally. High cost of quality and compliance management solution is the main factor affecting the adoption rate among SMEs across the globe. Most small and medium level manufacturing organisations face affordability issues to deploy quality and compliance management solutions, and hence are forced to opt for manual processes over automated ones.
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Quality and compliance management system ensures users that their products/services comply with industry’s standards/regulations. Quality and compliance management solution are available in a set of interrelated modules (e.g. document and product data management, quality management, change management, audit management, governance & compliance management, supplier management etc.). In this report the quality and compliance management solution market is segmented on the basis of module, industry, implementation model, company size and region. The modules of quality and compliance management solution, include document & product data management, quality management, change management, audit management, governance & compliance management, and supplier management. In the module segment, governance and compliance management module is expected to dominate the market during the forecast period.
On the basis of industry, the quality and compliance management solution market is segmented into aerospace & defence, automotive, consumer goods and retail, healthcare & life science, ITES & telecom, and other industries.
The healthcare & life science segment was the dominant segment in 2015 and is anticipated to register the highest CAGR of 11.8% during the forecast period. The continuous rising CAGR is attributed to increasing regulatory complexity in life sciences industry across the globe.
On the basis of implementation model, the quality and compliance management solution market is segmented into on-premise and cloud based.
The on-premise segment was the dominant segment valued at US$ 6.0 Bn in 2015. The cloud based segment is expected to register a highest CAGR of 13.7% during the forecast period.
This report also covers trends driving each segment and offers analysis and insights regarding the potential of the quality and compliance management solution market in regions including North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and MEA. Among these regions, North America accounted for the largest market share in 2015 and expected to remain dominant with CAGR value of 11.2% during the forecast period.
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Key competitors in the global quality and compliance management solution market include Pilgrim Quality Solutions, MasterControl, Inc., Aras, Arena Solutions, Inc., EtQ, IQS, Inc., Oracle, SAP, Sparta Systems, Inc., and others
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