Overview and Scope
The inspection management software refers to digital solutions used to guarantee the safety of an organization’s facilities including checklists, work order management systems, reporting, analytics dashboards, and simplify the difficult task of handling incoming quality control. Inspection Management Software assists businesses in adhering to health and safety regulations set forth by government agencies such as OSHA and maintains business productivity.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the inspection management software market in 2023. The regions covered in the inspection management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the inspection management software market report are Siemens AG, GE Inspection Technologies, Oracle Corporation, SAP SE, Schlumberger Limited, Baker Hughes Company, Halliburton Company, KLA Corporation, Olympus Corporation, Hexagon AB, Keysight Technologies Inc., Weatherford International plc, Vistech Corporation, Trimble Inc., MKS Instruments Inc., Teradyne Inc., Carl Zeiss Meditec AG, Dassault Systèmes SE, AVEVA Group plc, Topcon Corporation, Autodesk Inc., Bentley Systems Inc., Cognex Corporation, Leica Geosystems AG, SST Systems Inc., Ideagen plc, Ag Leader Technology, ASM Technologies Limited, Inspectivity Inc., e-Inspections Software Ltd.
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
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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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