QUALITY AND COMPLIANCE MANAGEMENT SOLUTION MARKET ANALYSIS

Quality and compliance management system ensures users that their services or products comply with the industry’s regulations. Quality and compliance management solution is available in a group of interrelated modules such as quality management, document, and product data, change management, audit management, supplier management, etc. Furthermore, quality management software systems aid organizations, in order to interconnect all the departments, which is important for regulated or ISO-compliant organizations. In this, employees from concerning departments can provide their feedback thereby removing the communication gap across organizations and help to increase efficiency and accuracy of the production process.

The global quality and compliance management solution market is estimated to be valued at US$ 20,728.5 Million in 2021 and is expected to exhibit a CAGR of 9.9% over the forecast period (2021-2028).

Recent Developments:

• Key companies in the market are focused on product launches, in order to gain a competitive edge in the market. For instance, in May 2017, Pilgrim Quality Solutions launched its latest versions of key solutions within its SmartSolve platform.
• Major market players are involved in product development, in order to enhance the market presence. For instance, in April 2017, Sparta Systems introduced TrackWise, the latest version of its leading quality management software.

North America held dominant position in the global quality and compliance management solution market in 2020, accounting for 42.7% share in terms of volume, followed by Western Europe and APEJ, respectively.

Figure 1. Global Quality and Compliance Management Solution Market Value (US$ Mn), by Region, 2020

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Global Quality and Compliance Management Solution Market - Drivers

Seamless integration with existing enterprise systems is expected to drive growth of the global quality and compliance management solution market during the forecast period. Most key players in the global quality and compliance management solution market offer quality and compliance management solutions that can be incorporated with other MES, ERM, and PLM platforms of the enterprises. This feature provides organizations numerous options since they are not bound to use the same brand’s quality and compliance solution. For instance, in September 2016, Aras launched “Manufacturing Process Planning (MPP) Application”, a product lifecycle management (PLM) platform-based application for manufacturing process planning, with the objective to cater to growing demand for process planning from the manufacturing sector.

Rising need for cost-saving and efficiency solutions is expected to propel the global quality and compliance management solution market growth. Various manufacturers are looking for solutions that can help them to increase their efficiency and minimize manufacturing costs. Quality and compliance management solutions is a major tool, which fulfills this requirement and increasing demand for these solutions.

Market Opportunities

Growing interest in mobility in quality management can present lucrative growth opportunities. Quality management software vendors are focusing on leveraging various technological advancements in mobile applications and information systems, by including mobile capabilities to enhance the operational efficiency and user experience of their quality management solutions. For instance, in October 2015, Pilgrim Quality Solutions introduced a mobile audit application with offline capability namely “SmartSolve Mobile Audit. This mobile app enables auditors to conduct audits of remote manufacturing plants or laboratories on their smart hand-held devices from anywhere.

Constant adoption of cloud-based quality management solutions can provide major business opportunities. Adoption of cloud-based quality and compliance management solutions is a new trend in the QMS market. Cloud-based quality management solutions help companies to reduce their infrastructure and resources (IT personnel) costs, while at the same time allowing them access to all features as offered by on premise software. Various vendors such as Pilgrim Quality Solutions Sparta Systems, Inc. and others that have been providing cloud-based quality and compliance management solutions in the global market for over a decade have witnessed significant growth in terms of demand for cloud-based solutions in the recent past.

Market Trends

North America holds the dominant position in the global life sciences industry and thus, there is a high competition among top life sciences industry players across the region. As a result of this, players are competing across the region, in order to enhance the ability to deliver new and advanced products in the market without time-to-market being impacted by regulatory compliance, which in turn encourages them to deploy automatic quality and compliance management solutions. Furthermore, these solutions help providers to ensure their products meet client expectations and comply with industry regulations.

Enterprises in Europe have increased their QMS adoption rate in the recent past since quality and compliance management solutions facilitate companies to increase their efficiency while minimizing time-to-market and reduce production costs. Furthermore, safety enhancement, production processes, regulatory compliance, and design innovation are a major foundation for the expansion of advanced management solutions in Europe. Rising competition and requirements for innovation are shaping the dynamics of the European quality and compliance management solution market.

Figure 2. Global Quality and Compliance Management Market Share, By Modules, 2020

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Key Takeaways of the Graph:

• The Governance & Compliance Management segment was valued US$ 5,677.7 Mn in 2020 and is expected to witness a CAGR of 10.2% over the forecast period.
• In 2020, the Audit Management is expected to grow at highest CAGR of 4% in the global quality and compliance management market and is expected to be valued US$ 6,153.0 Million by 2028. This is owing to growing adoption of the data analytics in the market, which is waving the quality, and compliance management solutions market as the market players are increasingly leveraging the compliance benefits and lowering risk in the management.

Market Dynamics- Restraints

High cost QMS solutions are expected to restrain growth of the global quality and compliance solution market during the forecast period. High cost of quality and compliance management solutions makes it unaffordable for small and medium-sized enterprises across the globe. Most small and medium level manufacturing organizations face affordability issues to deploy quality and compliance management solutions and hence are forced to opt for manual processes over automated ones.

Varying structure of regulatory policies is expected to hamper the global quality and compliance solution market growth over the forecast period. Regulatory policies regarding the adoption of QMS solutions are different, which in turn, increases the overall cost of the QMS system.

Competitive Section

Key players operating in the global quality and compliance management solution market are Pilgrim Quality Solutions, Sparta Systems, Inc., MasterControl, Inc., SAP, Aras, Oracle, Arena Solutions, Inc., IQS, Inc., and EtQ.