The Global Quality Management Market is Expected to be Worth US$ 13,833.2 Mn in 2018 and Grow at a CAGR of 12.9% Over The Forecast Period (2018-2023)

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Quality Management
Quality Management


The global Quality Management Market is estimated to be worth US$ 13,833.2 million in 2018 and is expected to grow to US$ 25,418.9 million by 2023, at a CAGR of 12.9 percent during the forecast period (2018-2023). Quality management software assists organizations in maintaining the quality of their products or services.

Increasing competition and government regulations for quality measures are driving organizations in a variety of industries to implement effective quality management software. This is expected to help the market grow. Governments in various countries have implemented various standards and regulations to ensure product quality, which is one of the major factors driving demand for the Quality Management Market in industries such as healthcare, automotive, telecommunications, and consumer goods.

Some government or non-profit organizations that have set product quality standards include the International Organization for Standardization, the BSI Group, the Food and Drug Administration, and the Food Safety and Standards Authority of India. The International Organization for Standardization (ISO) is a non-governmental organization based in Switzerland that has established global industrial and commercial standards and works in 162 countries.

However, growing concerns about data security and privacy in the cloud- or SaaS-based solutions are a major impediment to the Global Growth of The Quality Management Market. Data breaches, account hacking, insider threat, malware injection, cloud service abuse, insecure APIs, denial of service attacks, insufficient due diligence, shared vulnerabilities, and data loss are some of the cloud-based security concerns that are limiting the adoption of cloud-based quality management software.

BSI Group, on the other hand, is a national standard body based in the United Kingdom that develops technical standards for a wide range of products and services. Such standards set by various organizations are causing businesses to adopt quality software in order to meet them for product quality while reducing product waste and cost. It is critical for organizations to incorporate quality management software or solutions into their process structures to assist them in meeting these standards.

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