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The global inspection management software market size is expected to reach USD 13.7 billion by 2027. It will witness an 11.65% CAGR during the projection period. Inspection management software market is gaining significant traction owing to streamlining of inspection tasks like scheduling, preparing forms and checklists, record results, and track corrective actions. It is widely deployed in hospitals, corporates, and enterprises. Further, it helps in quality control, reduces manufacturing costs, find the root cause of defective work, and eradicates scrap losses.
Moreover, increased demand from enterprises to enhance productivity has led to a significant shift away from traditional ‘pen and paper’ inspection management. Also, it offers immediate access to all customer information in one platform and provide enterprises with comprehensive and actionable reports, thus offers transparency, saving time, and improving the visibility of inspection management software solutions. Thus, the market for inspection management software is expected to expand robustly during the projected timeline.
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The COVID-19 outbreak has a significant impact on the inspection management software market as it offers virtual assistance for inspection of employees.
The on-premise segment accounted for the majority of the inspection management software market’s revenue. The fact that this method allows users to track the condition of the site on their own desktops or other systems contributes to the growth of this segment. Because the software is deployed on the company’s premises, on-premise inspection management systems allow the user to fully control or manage their inspection management software.
The consumer goods and retail segment accounted for a sizable portion of the inspection management software market’s revenue. The rising demand for various goods and services in the consumer goods industry is driving the segment’s expansion. The global demand for premium and best-in-class products or solutions is increasing as people’s per capita disposable income rises. Numerous companies are deploying inspection management software to meet the demand for high-quality products.
Asia-Pacific is predicted to have a high CAGR during the forecast period owing to the increased prominence of automation in business processes that saves time and reduce operational cost along with development of the ICT sector in the region.
In April 2022, PTC has announced the signing of a definitive agreement to acquire Intland Software for $280 million. Intland creates and sells the Codebeamer Application Lifecycle Management (ALM) software family, which includes a next-generation, cloud-ready, fully integrated offering. PTC’s ALM footprint is expected to be significantly expanded and deepened as a result of the acquisition across safety-critical and regulated industries.
Major players in the industry are:
Wolters Kluwer N.V.
Penta Technologies, Inc.
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