Quality and compliance management system enable manufacturers to comply with regulations standards for their produced goods and services alike. Such solutions are available in a unified spectrum that includes quality management, document and product data management, audit management, supplier management, change management, and governance & compliance management.
Demand for governance and compliance management solution is expected to grow significantly over the next couple of years. According to a report published by Future Market Insights (FMI), the market for global quality and compliance management solution stood at around US$ 10.8 Billion in 2015 and set to increase at a compound annual growth rate of 11 percent between 2016 and 2016.
Seamless integration with convention enterprise platforms/systems that support expansion, growing regulatory implications in life science products and the urgency for efficient and low-cost solutions are some of the major factors fuelling the market growth of quality and compliance management solution. Several, healthcare regulatory bodies across the globe are gradually implementing region-specific rules resulting additional costs and complexities for manufacturers to operate in multiple regions. Efficient management and compliance of such regulations help manufacturers to survive and gain a competitive edge in the market. Therefore, manufacturers, especially in life science industry have a strong preference for quality and compliance management tools that can help them lower the risk of underperforming in the market. QMS is one of the most preferred management solution used in life science industry. On the other hand, expensive nature of most quality and compliance management systems is limiting is adoption to SMEs with strong funding.
Most medium and small scale manufacturers usually face issues of high cost while installing quality and compliance management systems and are compelled to use manual processes rather than automated ones. As the per the FMI report, quality and compliance management solution find widespread application in the healthcare & life science sector that accounted for nearly 70% share of the overall market in 2015 and is expected to continue a similar trend over the next couple years.
The report suggests that the on-premise implementation of quality and compliance management system will remain robust in the forthcoming term. Meanwhile, demand for cloud-based systems will continue to grow at steady pace.
While almost all the large-scale enterprise continues to reflect higher dependency on quality and compliance management system, their implementation in small enterprises is also expected to surges at a healthy pace in the coming years. On the other hand, deployment will remain moderate in medium scale enterprise. The market for quality and compliance management solution in North America is expected to present lucrative business opportunities in the near future. In 2015, the region’s market was valued at over 4 Billion and will continue its dominance, reflecting a healthy growth.
Some of the key players operating in the global market for quality and compliance management solution include MasterControl, Inc., Arena Solutions, Inc., IQS, Inc., SAP, Pilgrim Quality Solutions, Aras, EtQ, Oracle, and Sparta Systems, Inc. Many of these companies are offering customised and client-specific products and implementing A&Q strategies to expand their global market presence.