Inspection Management Software Global Market Report 2024

The inspection management software market size is expected to see rapid growth in the next few years. It will grow to $10.97 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to emphasis on predictive maintenance, enhanced mobile capabilities, evolving cybersecurity concerns, market expansion across industries. Major trends in the forecast period include industry 4.0 integration, rising demand for cloud-based solutions, technological advancements, digital transformation, cloud-based solutions.

The inspection management software market size has grown strongly in recent years. It will grow from $6.65 billion in 2023 to $7.3 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to factors such as quality assurance, operational efficiency, risk mitigation, globalization, and increased data volume. These elements have contributed to the expansion of various industries and sectors during that time.

The inspection management software market size is expected to see rapid growth in the next few years. It will grow to $10.97 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The anticipated growth in the forecast period can be attributed to an emphasis on predictive maintenance, improved mobile capabilities, the evolution of cybersecurity concerns, and market expansion across various industries. Major trends expected in this period include the integration of Industry 4.0 technologies, increasing demand for cloud-based solutions, ongoing technological advancements, digital transformation initiatives, and the continued adoption of cloud-based solutions.

The rising demand for inspection management tasks, such as scheduling, documentation, and result recording, is expected to drive the growth of the inspection management software market. These tasks are crucial for maintaining product quality across industries, often requiring extensive documentation and record-keeping. For example, a 2021 report by KPMG's fraud survey highlighted that 62% of respondents considered employees to be the most significant source of risk, with 38% using forensic data analytics or AI to detect fraud. The changing operational environment has also impacted the ability to probe potential fraud or misconduct, further emphasizing the need for efficient inspection management tools.

The anticipated surge in the adoption of cloud-based solutions is poised to drive the growth of the inspection management software market in the foreseeable future. Cloud adoption involves the integration and utilization of cloud computing services and technologies by individuals, organizations, or businesses. The implementation of cloud-based solutions has transformed inspection management software, enabling real-time collaboration wherein inspection results, findings, and reports are instantly accessible to authorized personnel. This fosters quicker decision-making processes and enhances communication among inspectors, managers, and stakeholders. For instance, based on a survey conducted by Security Compass, a Canada-based learning company, in 2021, approximately 52% of software applications developed for mid-sized to large companies were cloud-based. Moreover, over the next two years, an estimated 30% of these applications are projected to migrate to the cloud. Consequently, the escalating adoption of cloud-based solutions stands as a driving force behind the growth of the inspection management software market.

Major players in the inspection management software realm are driving profitability through the launch of new software solutions. Inspection Management Software (IMS) serves to streamline inspection processes across diverse industries. For instance, in February 2021, Asset Integrity Engineering, based in the UAE, introduced Veracity Inspection. This cutting-edge software fuses advanced technology with inspection and maintenance tasks, aiming for precise evaluation of asset performance and compliance with regulatory standards. Veracity Inspection is engineered to optimize analysis and inspection protocols by providing a unified platform that covers planning, execution, and assessment of maintenance and inspection programs. It emphasizes ISO 14224 compliance for centralized asset registers, ensuring a cohesive and integrated approach to these critical functions. The software offers flexibility and integration, accompanied by diverse data analytics options to compare and assess various asset categories, seamlessly syncing with Veracity analysis modules and client CMMS.

Leading companies in the inspection management software market are increasingly forming partnerships to enhance their product offerings and consolidate their market positions. These collaborations are instrumental in driving innovation, leveraging complementary strengths, and expediting the development and deployment of cutting-edge solutions through the pooling of resources and expertise. For example, in January 2023, Betterview, a US-based property intelligence platform, joined forces with Plnar, a US-based insurtech software provider, to create AI-driven virtual inspection software. This strategic partnership brings together Betterview's expertise in exterior property insights with Plnar's proficiency in interior inspection capabilities, enabling insurers to gain comprehensive insights into properties.

In January 2022, Autodesk, a US-based company specializing in software products and services, acquired Moxion Cloud Solution for an undisclosed amount. This strategic acquisition is aimed at enhancing Autodesk's cloud platform for entertainment and media by expanding its capabilities beyond post-production into production. The acquisition is expected to attract new users to Autodesk and facilitate better integration of processes across the entire content production chain. The acquisition of Moxion moves Autodesk's client base upstream, from post-production to on-set production, which is a critical stage in the film and television production process. Moxion, based in New Zealand, is known for developing cloud-based digital dailies tools.

Major companies operating in the inspection management software market report are Siemens AG, GE Inspection Technologies, Oracle Corporation, SAP SE, Schlumberger Limited, Baker Hughes Company, Halliburton Company, KLA Corporation, Olympus Corporation, Hexagon AB, Keysight Technologies Inc., Weatherford International PLC, Vistech Corporation, Trimble Inc., MKS Instruments Inc., Teradyne Inc., Carl Zeiss Meditec AG, Dassault Systèmes SE, AVEVA Group PLC, Topcon Corporation, Autodesk Inc., Bentley Systems Inc., Cognex Corporation, Leica Geosystems AG, SST Systems Inc., Ideagen PLC, Ag Leader Technology, ASM Technologies Limited, Inspectivity Inc., e-Inspections Software Ltd. North America was the largest region in the inspection management software market in 2023. The regions covered in the inspection management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The key components of inspection management software are solutions and services. These software solutions offer inspection capabilities to both technical and non-technical users across various industries. They enable management to effectively monitor high-risk suppliers and materials, control the quality of final products, reduce manufacturing costs, and minimize scrap. Inspection management software is used by both large enterprises and SMEs and can be deployed through cloud-based or on-premises solutions. Industries utilizing these software solutions include healthcare, pharmaceuticals, automation, manufacturing, retail, and information technology.

The inspection management software market size has grown strongly in recent years. It will grow from $6.65 billion in 2023 to $7.3 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to quality assurance, operational efficiency, risk mitigation, globalization, increased data volume.

The countries covered in the inspection management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The inspection management software market includes revenues earned by entities by providing services such as create forms and checklists, schedule inspections, record results and track corrective actions to completion. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.