(MENAFN- PR Newswire)
NEW YORK, July 4, 2024 /PRNewswire/ -- The global
calibration management software market
size is estimated to grow by USD 73.7 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over
3.73%
during the forecast period.
automation of calibration process
is driving market growth,
with a trend towards
increased focus on predictive maintenance and analytics. However,
threat of cyber-attacks
poses a challenge. Key market players include ACG Infotech Ltd., Ape Software Inc., AVL List GmbH, Business Analysis Ltd., CompuCal Calibration Solutions, CyberMetrics Corp., Espresso Moon LLC, Fortive Corp., Hexagon AB, Humpage Technology Ltd., IndySoft Corp., Nagman Instruments and Electronics Pvt. Ltd., P.J. Bonner and Co. Ltd., Prime Technologies Inc., Productivity Quality Systems Inc., Quality America Inc., Qualityze Inc., QUBYX Software Technologies LTD., Sarlin Oy Ab, and Techgate LLC.
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Technavio has announced its latest market research report titled Global calibration management software market 2024-2028
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| Calibration Management Software Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 3.73% |
| Market growth 2024-2028 |
USD 73.7 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
3.59 |
| Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
| Performing market contribution |
North America at 34% |
| Key countries |
US, China, Germany, UK, and Canada |
| Key companies profiled |
ACG Infotech Ltd., Ape Software Inc., AVL List GmbH, Business Analysis Ltd., CompuCal Calibration Solutions, CyberMetrics Corp., Espresso Moon LLC, Fortive Corp., Hexagon AB, Humpage Technology Ltd., IndySoft Corp., Nagman Instruments and Electronics Pvt. Ltd., P.J. Bonner and Co. Ltd., Prime Technologies Inc., Productivity Quality Systems Inc., Quality America Inc., Qualityze Inc., QUBYX Software Technologies LTD., Sarlin Oy Ab, and Techgate LLC |
Market Driver
Calibration management software with predictive analytics enables organizations to optimize their calibration activities, identifying potential equipment issues before they cause unplanned downtime. By analyzing historical data and equipment performance trends, calibration schedules can be adjusted based on actual usage and condition, maximizing performance and minimizing costs. This integration streamlines calibration processes, improving efficiency and productivity, and driving market growth during the forecast period.
The Calibration Management Software market is experiencing significant growth, with an increasing number of businesses recognizing the importance of accurate and efficient calibration processes. Utilities, manufacturing, and other sectors are adopting calibration software to manage their calibration activities. The market is trending towards solutions that offer real-time monitoring, automated scheduling, and comprehensive reporting. Calibration software enables companies to streamline their calibration processes, reduce downtime, and ensure regulatory compliance. Additionally, cloud-based solutions are gaining popularity due to their flexibility and accessibility. Overall, calibration management software is a valuable investment for businesses seeking to optimize their operations and maintain high-quality standards.
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Market
Challenges
.
The calibration management software market is experiencing a shift towards automated smart manufacturing technologies. While this brings operational efficiencies, it also introduces cybersecurity risks. Data vulnerability increases as software and connected technologies are housed on software providers' servers. Unauthorized access can lead to data theft and manipulation. Primary threats include operational downtime, product development manipulation, and sensitive information theft. Ransomware attacks are common, targeting industries like medical devices, consumer durables, and automotive. Security upgrades and IoT integration increase operational expenses. North America and Europe are major vulnerable regions. IoT use in calibration software management may hinder market growth due to heightened security concerns.
.
The Calibration Management Software market faces several challenges in ensuring accurate and efficient operations. One challenge is the integration of various calibration systems and technologies, such as IoT, analytics, and automation. Another challenge is ensuring data accuracy and security, as well as complying with industry regulations and standards. Additionally, managing a large number of calibration tasks and assets can be complex, requiring robust and scalable software solutions. Furthermore, the need for real-time monitoring and reporting adds to the complexity of calibration management. Lastly, the cost of implementing and maintaining these software solutions can be a significant challenge for organizations.
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Segment Overview
This calibration management software market report extensively covers market segmentation by
Technology
1.1 Locally installed
1.2 Cloud-based
Application
2.1 Large enterprise
2.2 Small and medium enterprise
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1
Locally installed-
The locally installed calibration management software market is thriving due to enhanced security features. With on-premise systems and servers, data access is restricted to license holders, eliminating potential security risks. Offline accessibility allows users to access data regardless of internet connection. Although requiring additional IT support and hardware components, the cost efficiency attracts Small and Medium Enterprises (SMEs), driving market growth.
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Research Analysis
The Calibration Management Software market caters to various industries, including the Biotechnology and Energy sectors, as well as Utilities and Renewable Energy. This software facilitates the procurement of calibration instruments such as Analog multimeters, Calipers, Chart recorders, Clamp-on ammeters, Data loggers, Dial indicators, Digital multimeters, Force gauges, Micrometers, Oscilloscopes, and other measuring devices. It ensures Instrument management by providing accurate and reliable calibration services, minimizing Inaccuracy and uncertainty, and maintaining Normal values. Engineers in these sectors rely on this software to obtain the True value of their measurements, enhancing overall operational efficiency and productivity.
Market Research Overview
The Calibration Management Software market encompasses solutions designed to streamline and optimize the calibration process across various industries. These solutions enable organizations to manage and track calibration activities, schedule preventive maintenance, and ensure regulatory compliance. The software often includes features such as real-time monitoring, automated alerts, and reporting capabilities. Calibration management systems are essential for maintaining the accuracy and reliability of equipment and instruments, thereby improving overall operational efficiency and productivity. Additionally, cloud-based solutions offer remote access and real-time data sharing, enhancing collaboration and streamlining workflows.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Technology
Locally Installed
Cloud-based
Application
Large Enterprise
Small And Medium Enterprise
Geography
North America
Europe
APAC
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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SOURCE Technavio
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