Quality and Lifecycle Management Software Market Size Flourishes with Enhanced Product Lifecycle Visibility and Control

Rising demand for streamlined product development, quality assurance and compliance solutions fuels the Quality and Lifecycle Management Software market growth.

PORTLAND, OREGON, UNITED STATES, October 20, 2023 /EINPresswire.com/ -- The quality and lifecycle management software market was valued at $24.4 billion in 2022, and is estimated to reach $49.7 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.

Quality lifecycle management software system is used in manufacturing to manage a product and its associated data through all stages of the product lifecycle. While primarily used by design and engineering teams working with computer-aided design (CAD) data, a QLM system can provide visibility into the product design process for all business stakeholders. Moreover, it can provide ‘single source of truth’ visibility to business stakeholders and suppliers for easy delivery of feedback early in the product development process.

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Furthermore, increase in adoption of medium-sized business and increase in use of high-tech connected devices and factories is boosting the growth of the global quality and life cycle management software market. In addition, increase in use of digital transformation technology is positively impacts growth of the quality and life cycle management software market.

However, lack of interoperability and integration of complex system and Inadequate quality control and production planning is hampering the quality and life cycle management software market growth. On the contrary, increasing integration of product life-cycle management (PLM) solutions with IoT platform is expected to offer remunerative opportunities for expansion during the quality and lifecycle management software market forecast.

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Depending on enterprise size, the large enterprise segment holds the largest quality and lifecycle management software market size as a result of the amount of data and resources, as well as the increased need to build a strong network and brand identity. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to advancements in technology to cater to the needs of smaller organizations and decrease in cost of cloud-based deployments.

Region-wise, the quality and lifecycle management software market share was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to, the presence of major key players such as IBM, Microsoft, SAP SE, and Oracle, among others operating in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing opportunities in the region along with various investments made in QLM.

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The key players profiled in the quality and lifecycle management software market analysis are Autodesk Inc, IBM Corporation, Micro Focus, Microsoft Corporation, Dassault Systemes, Oracle Corporation, SAP SE, SAS Institute Inc., Siemens AG, and Arena Solutions. These players have adopted various strategies to increase their market penetration and strengthen their position in the quality and lifecycle management software industry.

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