According to the new study by FactMR, the inspection management software market is estimated to surpass revenues worth US$ 800 Mn in 2019, from US$ 741.4 Mn in 2018. Increasing requirement for seamless inspection management across enterprises is providing a fillip to the deployment of inspection management software in 2019 and beyond.
"Enterprises are turning to inspection management software for seamless process handling amid the operational complexities involved. Integration management software also helps with requirements coming up during an on-going inspection, such as document management for modifications, recall of assets, and details of previous inspection. Effective control of inspection work continues to be imperative for process integrity and reliability, thereby fuelling investments in the inspection management software market." says FactMR report.
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According to the report, end users will increasingly opt for annual subscription plans over monthly ones, with global deployment estimated to exceed US$ 700 Mn in 2019. This can be attributed to the fact that multiple companies offer annual subscriptions at relatively reasonable rates than the monthly ones. In addition, end-use enterprises are estimated to show marked preferences for software pack for 100-499 users through 2028. Inspection nodes across majority of the enterprises don’t generally exceed the number of 500, which is a key reason for high demand for inspection management software pack for 100-499 users.
East Asia Promises New Expansion Opportunities for Market Players
As per the research study, North America will continue to be the leading market for inspection management software. East Asia is estimated to emerge as the high growth market for inspection management software, as the regional industrial units have plans afoot for big investments in automation. Several industries and businesses across the emerging economies of East Asia are transitioning toward inspection management software with an objective of digitizing all inspections and speeding up the daily inspections. In addition, inspection management software also helps businesses and industries to comply with rules and regulations and drive results faster, thereby working in favor of the leading vendors.
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Inspection management software helps in elimination of guesswork from the supplier base and helps pinpoint the possibilities, both good and bad, thereby enabling end users to make informed decisions. Among all the overarching trends shaping the global market growth, penetration of integration management software for mobile phones and tablets continue to be an integral one. With the unprecedented growth of the smartphone industry, the leading market players are focusing on development of software for smartphones and tablets. Mobile-based inspection management software helps in producing property inspection reports with accurate comments, checklists, videos, and photos, thereby fostering productivity levels of an end-use enterprise.
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According to the research study, leading vendors are vying to boost the compatibility of their software with modern browsers for end users to stay in control with complete visibility, irrespective of time and place. End-user preference for software that is ‘easy-to-use’ remains at the top, which is encouraging vendors to create simple and comprehensible interfaces. In addition, key vendors in inspection management software market are working on developing software with custom features at reasonable prices, which further helps in achieving profit maximization.
The FactMR research study offers a closed view of multiple opportunities in the inspection management software market from 2018 to 2028. As per the report, the inspection management software market is likely to grow at a CAGR of over 13% during the forecast period.
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