The Inspection Management Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Inspection Management Software Global Market Report 2024, The inspection management software market size has grown strongly in recent years. It will grow from $6.65 billion in 2023 to $7.3 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to quality assurance, operational efficiency, risk mitigation, globalization, increased data volume.
The inspection management software market size is expected to see rapid growth in the next few years. It will grow to $10.97 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to emphasis on predictive maintenance, enhanced mobile capabilities, evolving cybersecurity concerns, market expansion across industries. Major trends in the forecast period include Industry 4.0 integration, rising demand for cloud-based solutions, technological advancements, digital transformation, and cloud-based solutions.
The rising demand for inspection tasks such as scheduling, making documents and checklists, recording results, and following actions in an organization will propel the growth of the inspection management software market in the forecast period. Regardless of industry or size, inspections are essential for preserving product quality. It necessitates a lot of documentation, including checklists, recording nonconformances of defective material, and so on. For instance, in 2021, according to the report published by the KMPG fraud survey, employees were cited as the most significant single source of risk by 62% of respondents, followed by suppliers and contractors. Forensic data analytics or artificial intelligence were claimed to be used by 38% of respondents to aid in the detection of fraud and corruption. According to 51% of respondents, the new operating environment has hampered their ability to probe potential fraud or misconduct. Therefore, the rising demand for inspection tasks drives the inspection management software market growth.
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The inspection management software market covered in this report is segmented –
1) By Component: Solution, Services
2) By Organization Size: Large Enterprises, SMEs
3) By Deployment Mode: Cloud, On-Premise
4) By Industry: Healthcare, Pharmaceutical, Automation, Manufacturing, Retail, Information And Technology
Top Major Players:
Siemens AG
GE Inspection Technologies
Oracle Corporation
SAP SE
Schlumberger Limited
North America was the largest region in the inspection management software market in 2023.
Major companies operating in the inspection management software market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced solutions by combining resources and capabilities. For instance, in January 2023, Betterview, a US-based property intelligence platform, partnered with Plnar, a US-based Insurtech software provider, to develop AI-powered virtual inspection software. The partnership combines Betterview’s exterior property insights with Plnar’s interior inspection capabilities, giving insurers a holistic view of properties.
The inspection management software market report table of contents includes:
1. Executive Summary
2. Inspection Management Software Market Characteristics
3. Inspection Management Software Market Trends And Strategies
4. Inspection Management Software Market – Macro Economic Scenario
5. Global Inspection Management Software Market Size and Growth
….
32. Global Inspection Management Software Market Competitive Benchmarking
33. Global Inspection Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Inspection Management Software Market
35.Inspection Management Software Market Future Outlook and Potential Analysis
36. Appendix
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