Inspection Management Software Global Market Report 2022

August 2022
175 pages
ID: 6316151
Format: PDF
The Business Research Company

Summary

Table of Contents

Major players in the inspection management software market are SAP, Oracle, Siemens AG, Dassault Systemes, Ideagen Plc, Autodesk, Intelex Technologies, IQS, MasterControl, Pilgrim Quality Solutions, MetricStream Inc, Plex Systems Inc, CityReporter (Noratek Solutions), PTC, Hexagon, Wolters Kluwer, Veeva Systems, Penta Technologies and Industrial Quality Services Inc.

The global inspection management software market is expected to grow from $5.56 billion in 2021 to $6.23 billion in 2022 at a compound annual growth rate (CAGR) of 12.00%. The inspection management software market is expected to reach $9.72 billion in 2026 at a compound annual growth rate (CAGR) of 11.74%.

The inspection management software market consists of the sales of inspection management software by entities (organizations, sole traders, and partnerships) that 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.
The main component in the inspection management software are solution and services.The inspection management software solutions provide inspection solutions to both technical and non-technical users and other companies.

It enables management to monitor high-risk suppliers and materials more effectively.It also aids in the control of the final product’s quality, lowers the company’s manufacturing costs, and eliminates scrap.

Large enterprises and SMES are using inspection management software and are deployed by cloud and on-premise. Inspection management software are used in industries such as healthcare, pharmaceutical, automation, manufacturing, retail and information and technology.

North America was the largest region in the inspection management software market in 2021. The regions covered in the inspection management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The inspection management software market research report is one of a series of new reports that provides inspection management software market statistics, including inspection management software industry global market size, regional shares, competitors with a inspection management software market share, detailed inspection management software market segments, market trends and opportunities, and any further data you may need to thrive in the inspection management software industry. This inspection management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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.

New product development is a key trend gaining popularity in the inspection management software market.Companies are developing new products to support the inspection management software market.

For instance, in 2019, Railroad Software, a US-based company that specialized in making railyard management software has launched bridge inspection software for the electronic capture of bridge inspections for Federal Railroad Administration (FRA) compliance within the TrackAsset application.With the help of this software, clients will be able to visualize their bridge details and execute their annual inspections in real-time thanks to the bridge inspection software integrated into TrackAsset.

All chief engineers, bridge managers, and maintenance of way staff can use TrackAsset to conveniently track upcoming inspections and generate work orders to accomplish them. Similarly, in 2020, Siemens, a German-based company, Stylish Infrastructure mixes the real and digital worlds across energy systems, and buildings launched the 3WA series. 3WA circuit breakers join low-voltage power distribution conditions in digital surroundings. They help with software-based planning and engineering, digital testing, and monitoring.

In January 2022, Autodesk, a US-based company specialized in making software products and services acquired Moxion Cloud Solution for an undisclosed amount.The acquisition strengthens Autodesk’s cloud platform for entertainment and media upstream, extending beyond post-production into production, attracting new users to Autodesk, and assisting in the better integration of processes across the whole content production chain.

The Moxion acquisition moves Autodesk’s client base upstream, from post-production to on-set production, which is a crucial stage in the film and television production process. Moxion is a New Zealand-based developer of cloud-based digital dailies tools.

The countries covered in the inspection management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

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