— Allied Market Research
WILMINGTON, DE, UNITED STATES, October 31, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Inspection Management Software Market, by Component (Solution, Services), by Deployment Mode (On-Premise, Cloud), by Organization Size (Large Enterprises, Small & Medium Sized Enterprises), by Industry Vertical (Consumer Goods & Retail, Manufacturing, Energy and Utilities, Transport & Logistics, Aerospace & Defense, IT and Telecom, Healthcare and Life Sciences, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″.
The inspection management software market was valued at $7.1 billion in 2021, and is estimated to reach $23 billion by 2031, growing at a CAGR of 12.8% from 2022 to 2031.
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The inspection management software market is driven by factors such as the increasing adoption of durable solutions in the business automation process for seamless inspection and the growing demand for streamlining inspection tasks. Furthermore, the presence of regulatory standards for product safety and environmental protection drives the growth of the inspection management software market.
Moreover, the rapid rise in the need for interoperability testing and inspection on account of growing installations of IoT and connected devices is boosting the inspection management software market size. However, the lack of global inspection standards by government authorities, along with the high cost of innovation and budget constraints restrict the growth of the inspection management software market. On the contrary, growing advanced technologies coupled with the increase in demand for remote inspection are expected to offer remunerative opportunities for expansion during the inspection management software market forecast.
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The competitive environment of Inspection Management Software Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Inspection Management Software Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Penta Technologies, Inc.
PTC, SAP SE
Wolters Kluwer NV and Many More
Region wise, the inspection 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 early adoption of cloud technology on inspection tasks is positively impacting the growth of the inspection management software industry. However, Asia-Pacific is expected to witness significant growth during the forecast period, due to the rise in the use of sophisticated technologies for seamless inspection to reduce machinery and equipment downtime is anticipated to drive the market growth.
With the rapid spread of COVID-19, majority of people faced sudden surges in demand for financial resources, owing to sudden increase in panic among public, which, in turn, increased the number of transactions performed at a time. In addition, many companies are taking active initiatives to mitigate the impact of COVID-19 on business. For instance, in May 2020, Honeywell accelerated the development and production of vaccines and medical therapies through fast-track automation. For instance, in April 2020, ABB offered free access to software-as-a-service and digital application to help manufacturing plants and processing industries. Thus, such developments are expected to drive the growth of the industrial automation industry.
Industrial automation uses to control industrial processes and machinery by removing as much labor intervention as possible and replacing dangerous assembly operations with automated ones. Industrial automation is closely linked to control engineering. In addition, control systems are an essential part of an automation system. The various types of closed-loop control techniques ensure the process variables to follow the set points. Furthermore, with this basic function, the automation system employs different functions such as computing set points for control systems, plant startup, monitoring system performance, equipment scheduling, etc. The control systems combined with the operating environment in the industry to allow flexible, efficient, and reliable production system.
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