With $252.64 Billion, Accreditation Management Software Market is Surging with 13.1% of CAGR by 2027

With $252.64 Billion, Accreditation Management Software Market is Surging with 13.1% of CAGR by 2027

“The Insight Partners”
According to the new research report titled “Accreditation Management Software Market – Global Analysis and Forecast to 2027,” published by The Insight Partners, the market is expected to reach US$ 252.64 million by 2027, registering a CAGR of 13.1% during 2020–2027.

Accreditation is an ongoing assessment procedure to ensure companies or organizations are technically competent, have appropriate resources, comply the required standards, and are capable of sustaining the respective markets for longer duration. Environment, manufacturing, health and welfare, commerce and finance, farming and food, education, aerospace & defense, and laboratories are among the prominent areas where accreditation management software are used. The accreditation management software also enable the easy integration of a fully customizable and comprehensive accreditation information management system into the user’s existing system.

With the increasing number of elementary and secondary schools, junior colleges, professional schools, business schools, technical and trade schools, and educational support services across the globe, the scope of accreditation management software is projected to broaden. The growth of education sector contributes in improving economic development process and developing qualified labor forces. The accompanying population increase necessitates an increase in the capacity of the education sector to meet the growing demand for educational services.

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Impact of COVID-19Pandemic on Accreditation Management Software Market

The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread at a fast pace worldwide. The global factory shutdowns, travel bans, and border lockdowns, to combat and contain the outbreak, have impacted every industry and economy worldwide. To control the spread of virus globally, governments of different countries have been implementing several measures  to promote social distancing. As a part of these measures, lockdowns have been imposed, encompassing schools, universities, colleges, companies, and factories. This step has disrupted education sector and different business activities. As a matter of fact, accreditation is highly important in all sectors. However, shutdowns of universities would lead to lesser use of accreditation management software, which are used for managing activities such as faculty management and student management.

Strategic Insights

In the accreditation management software market, companies mainly adopt the market initiatives strategy to expand their footprint worldwide by meeting the growing demand for their offerings. This strategy is mostly observed to be implemented in the market in North America. A few of the recent initiatives in the accreditation management software market are listed below:

2020: SPOL formed a strategic alliance with the Society forCollege and University Planning, combining SCUP’s programs and expertise inintegrated planning with SPOL’s technological resources. The companies havejoined forces to provide services and software designed to help institutionsrefocus their integrated planning efforts and strengthen their core structures.

2020: Watermark announced a new partnership with eWorks tobetter assist Australian higher education institutions in simplifying studentfeedback processes and getting valuable data into the hands of stakeholders.

2019: Liaison International partnered with GlobalEngineering Deans Council (GEDC). Becoming a member of GEDC would allow Liaisonto improve the future of the graduate engineering student experience and the engineeringprofession as a whole.

The constantly growing population raises the demand for education services in all economies, thereby increasing the number of schools and universities. This factor is driving the growth of accreditation management software. As regulatory bodies are promoting mandatory accreditation for all organizations and enterprises of different sizes, they are likely to stimulate the demand for accreditation management software in the coming years. Also, the use of cloud-based accreditation management software is anticipated to fuel the market growth. Moreover, the growing number of small businesses, backed by the governments, is propelling use of accreditation software as the accreditation associations are established to direct SMEs toward progress.

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