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 an essential tool in the inspection process because it helps to control quality, reduce manufacturing costs, reduce rejection losses, and identify the causes of defective product production. The inspection management software solution enables enterprises to exchange relevant ideas; these ideas can drive new business opportunities and growth of enterprises. Inspection procedures are followed prior to, during, and after product manufacturing to ensure that the product's level of quality meets the standards and specifications. Tracking and records keeping plays a vital role in inspection management software. Employees' incorrect information transmission, time-sensitive information, and organizational issues are all minimized. Maintenance and productivity are the major components of inspection management software. Businesses can prioritize addressing safety hazards. This ensures that the most serious issues are addressed first so that the business runs smoothly.
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.
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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.
Some of the major inspection management software market vendors are 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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Oracle is an American multinational computer technology corporation. The company provides database software and technology, cloud-engineered systems, and enterprise software products, such as enterprise resource planning software, human capital management software, customer relationship management software, enterprise performance management software, and supply chain management software. Oracle has its presence in various industries such as automotive, communications, construction and engineering, and consumer goods. Education and research, financial services, food and beverages, healthcare, hospitality, manufacturing, life sciences, media and entertainment, public sector, and retail. Oracle fusion cloud SCM helps connect supply network with an integrated suite of cloud business applications designed and built to outpace change. Oracle also has inventory management, maintenance, order management, logistics, and product life cycle management and procurement. Oracle’s cloud SCM drives resilience and growth of the organization by adapting new features, continuous enhancements and embedded advanced technologies including AI and ML. Oracle has its huge presence such as in the US, Canada, the UK, Germany, France, Italy, Spain, Sweden, Switzerland, Belgium, and the Netherlands.
Autodesk is an American multinational software corporation that makes software products and services for the architecture, engineering, construction, manufacturing, media, education, and entertainment industries. Over 100 million people use Autodesk software such as AutoCAD, Revit, Maya, 3ds Max, Fusion 360, and SketchBook, to unlock their creativity and solve important design, business, and environmental challenges. Their software runs on both personal computers and mobile devices and taps the infinite computing power of the cloud to help teams around the world collaborate, design, simulate, and fabricate their ideas in 3D. Autodesk have scheduled inspection such as Monthly Fire Extinguisher Inspection and Quarterly Safety Inspection.
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