Quality management software is essential to manage and maintain the quality and is closely associated with customer satisfaction, competitiveness of the firm as well as performance. These three aspects can be achieved by ensuring consistency in production control and product innovation and development and also regulating various processes involved in manufacturing thus lowering the gap between the should and the can.

As per the estimations of TMR analysts, the overall valuation of the global market for quality management software is expected to rise at an exceptional CAGR of 13.20% over the period of 2017–2022, with its opportunity increasing to US$24.4 bn by the end of the period of forecast. 

Based on the solution type, the audit management segment has been leading the market. Expanding at a CAGR of 15.6% over the period from 2017 to 2022, the segment is anticipated to remain on the top over the forthcoming years.

“The increasing need to manage and maintain quality in product and services in enterprises is the main factor behind the growth of the global market for quality management software,” states the author of this study. With a number of government policies, emphasizing on regulating quality standards, enterprises are compelled to take up quality management software, which is boosting this market substantially.

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Over the coming years, innovation and technological advancements are likely to push this market forward. The increasing investments for research and developments are also expected to propel this market substantially in the years to come, states the research report.