According to a research report "Inspection Management Software Market with COVID-19 Impact by Component (Solution and Services), Deployment Mode, Organization Size, Vertical (Aerospace and Defense, Healthcare and Life Sciences) and Region - Global Forecast to 2026" published by MarketsandMarkets, the inspection management software market is expected to grow from USD 7.6 billion in 2021 to USD 13.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period. Inspection management software is a type of digital tool that includes checklists, work order management systems, and reporting and analytics dashboards and is used to ensure the safety of an organization's facilities. Inspection management software allows users to digitalize all or part of their inspection process, which comprises functions such as managing schedules, conducting timely inspections, creating checklists, and storing and tracking documents.
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The solution segment is estimated to have a larger market size during the forecast period
The features of the inspection management software includes appointment management which offers scheduling, changing, or cancelling appointments easily, checklist offers to-do lists that can be marked during inspection to ensure nothing is forgotten, reporting/analytics offers viewing and tracking metrics for insight into how your business is performing and where it could improve, dispatch management offers sending personnel and resources to a site as needed, image capture offers process images and automatically scan for data to easily store information.
The large enterprises segment is expected to have a larger market size during the forecast period
The adoption of inspection management software in large enterprises is relatively higher as compared to SMEs. The adoption of inspection management software in large enterprises is higher than in SMEs due to a higher volume of data to be managed. This trend is expected to continue during the forecast period. Large enterprises have multiple offices and divisions across the world. These enterprises benefit from centralized, cloud-based inspection management software to monitor offices and divisions from enterprise headquarters. The emergence of cloud-based inspection management software enables the monitoring of incidents over the cloud. Large enterprises use Enterprise Quality Management Software (EQMS) which can be implemented based on any organization's business and quality requirements.
The healthcare and lifesciences vertical is expected to hold the highest market share
In the healthcare industry, an inspection management system can help to streamline key processes such as performance evaluation, staff planning and training, and patient satisfaction. To keep the patients and employees safe, healthcare facilities need a strong inspection management system. Qualityze Inspection Management improves patient care by streamlining inspection processes and fostering a culture of quality improvement. It allows the inspection teams to work more efficiently in order to reduce overall risks in healthcare facilities. It increases customers' trust in healthcare facilities. Their inspection management solution enables to measure, monitor, and manage all critical parameters in order to achieve high levels of customer satisfaction and compliance. To ensure product quality and safety, the FDA has specifically classified inspections for highly regulated industries, including Lifesciences.
North America to dominate the inspection management software market in 2021
The increased adoption of cloud technologies, robotics, big data, medical devices, 3D printing, stainless steel, drill pipe storage material, and the presence of large manufacturing plants and large retail chains are expected to drive the region's adoption of inspection management software. The need for SCM in the region is being pushed by technological innovation and supply chain operations, such as logistics, warehousing, fulfilment, production, and transportation management, which are driving the market.
The inspection management software market is dominated by companies such as SAP (Germany), Oracle (US), Siemens (Germany), Dassault Systemes (France), PTC (US), Hexagon (Sweden), Wolters Kluwer (Netherlands), Ideagen (UK), Autodesk (US), Veeva Systems (US), ETQ (US), Gensuite (US), Intelex (Canada), IQS (US), MasterControl (US), MetricStream (US), Penta Technologies (Canada), Pilgrim (US), Plex (US), ReachOutSuite (US), Cority (Canada), ComplianceQuest (US), Omnex Systems (US), Field Eagle (US), MoonVision (Austria), Thrive Technologies (US), Sparta Systems (US), Aras (US), AssurX (US), and Qualityze (US).
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