- The inspection management software exhibited impressive growth at a CAGR of over 11% during 2013-2017. Automation making deep inroads in business ecosystems worldwide is one of the key factors upholding large-scale adoption of inspection management software.
- Worldwide deployment of inspection management software closed in on revenues worth US$ 741 Mn in 2018, and are further estimated to record strong Y-O-Y growth of over 12% in 2019
- North America continues to be the leading market for inspection management software in 2019 and beyond. Strong presence of leading vendors and readiness of regional industries to embrace automation is estimated to uphold the regional market growth.
- East Asia is estimated to be a high growth market for inspection management software through 2028, driven by proliferation of automation in business processes.
What are the Key Growth Drivers of Inspection Management Software Market?
- Rising demand for hassle-free streamlining of all the inspection tasks, such as scheduling, creating forms and checklists, recording results, and tracking corrective actions, is pushing the adoption of inspection management software.
- Rising demand from enterprises to drive productivity has caused a distant move away from the conventional ‘pen & paper’ inspection management. This, in turn, is laying the groundwork for a massive growth of inspection management software market through 2028.
- Availability of multiple features useful for compiling checklists, creating forms, and tracking plans, is one among the key USPs boosting deployment of inspection management software.
- Industrial operators facing unreasonable pressure of increased production demands are resorting to automated solutions for seamless inspection management. This, in turn, is likely to work in favor of deployment of inspection management software over the forecast period.
What are the Key Challenges Faced by Inspection Management Software Vendors?
- Inspection management software remains prone to data integrity risks, mostly related to security lapses. Since data integrity can be highly counterproductive for organizations irrespective of their size, end users continue to show apprehension with regard to deployment of inspection management software.
- Multiple enterprises find it difficult to realize the importance of investing in the ‘operation-essential’ inspection management software. Lack of adequate resources to support and handle inspection management software becomes a challenge for the enterprise rather than a differentiator for advantage, thereby creating hindrances for the market growth.
Inspection Management Software Market - Competitive Landscape
- In 2019, Railroad Software- a leading provider of industry defining software with personalized service from rail experts- announced the launch of its exclusive bridge inspection software with TrackAsset application. This software is aimed at facilitating electronic capture of bridge inspections for the ‘federal railroad administration’ (FRA) compliance. This software enables seamless tracking and visibility for all the chief engineers and bridge managers to track upcoming inspections and generate work orders.
- In 2019, AsInt Inc. – a leading software vendor- entered into a strategic partnership with Trinity Bridge, a leading consulting company with expertise in asset reliability and integrity. This partnership was aimed at providing high-quality risk assessment and inspection planning solutions to their customer bases and to foster growth via combined expertise.
Konverge Digital Solution Corporation
With official headquarters at Toronto, Ontario, Konverge Digital Solutions Corporation is one of the leading software development companies working with multiple enterprises, medium and large, across Canada and several other regions. Some of the consulting practices of Konverge Digital Solutions include custom software development, mobile & web, business intelligence, and SharePoint.
Penta Technologies, Inc.
Founded in 1968, Penta Technologies, Inc. offers industry-best services for project management and field service for multiple end use industries. The company believes in going beyond the traditional construction ERP software and incorporates advanced practices and approach to serve a large base of customers.
Intelex Technologies Inc.
Founded in 1992, Intelex Technologies Inc. is one of the leading companies in the field of development and support of software solutions for multiple fields, including health, environment, quality (EHSQ), and safety programs. The headquarters of Intelex Technologies Inc. is situated at Toronto, Ontario.
Pilgrim Quality Solutions, Inc.
Founded in 1993, Pilgrim Quality Solutions, Inc. has its official headquarters in Tampa, Florida, United States. The company is a leading provider of enterprise quality management services and software for Life Sciences and several other regulated industries.
ENFOCOM International Corporation
Founded in 1999, ENFOCOM International Corporation is a leading company that specializes in secure application/software development and cyber security. The company closely works with its client base to comprehend their business needs and provide solutions to serve them well.
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Inspection Management Software- Enterprises’ Magic Wand to Boost Customer Satisfaction
Inspection management software provides immediate access to all customer information in one platform, including recent & on-going activities, inspection schedules, sites & locations, tickets, and work orders. In addition, inspection management software offers ample scope for enterprises to send comprehensive and actionable reports, along with quotes and photos, to their customers post inspection. Seamless and well-aligned inspection processes leave no room for errors and confusion in the overall work assignment framework, making inspection management software a viable proposition for both small and large enterprises.
Inspection management software helps with considerable savings in terms of time, which can be used by the enterprises to have constructive interaction with their customers. Not to mention, customers always appreciate effectiveness, transparency, and faster turnaround time enabled by such software types, thereby enhancing the visibility of inspection management software.
An Adaptive Approach to Modern-day Research Needs
The Fact.MR research study on inspection management software market underlines key intelligence and comprehensive insights instrumental in gauging growth of inspection management software market.
In a bid to analyze the inspection management software market for the assessment period, Fact.MR took up a unique methodology and a holistic approach which makes the study on inspection management software market credible and best-of-its-kind.
A detailed and extensive secondary research and an in-depth primary research form the base of this report on inspection management software market, wherein valuable insights regarding growth of inspection management software market have been compiled and presented.
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