Tampa, FL — November 8, 2016 — Pilgrim Quality Solutions, a leading global provider of enterprise quality management software (QMS) and services for the Life Sciences, today announced it was named by Future Market Insights (FMI) as a leader in today’s nearly $1B annual market for global quality and compliance management solutions. FMI forecasts the market to grow to over $2.6 billion annually in 2025.
According to the recent market report published by Future Market Insights titled, Quality and Compliance Management Solution Market – Global Industry Analysis & Opportunity Assessment, 2016-2026, the global Quality and Compliance Management Solution Market was sized at a total of $10.8 billion in 2015, and is expected to grow at a compound annual growth rate (CAGR) of 11 percent, to top $33 billion in 2026. In 2015, North America made up 41.7% of the global quality and compliance management solution market by region, according to FMI.
FMI states that increasing regulatory complexity in the Life Sciences industry, coupled with the need for efficiency and cost savings, are the key factors driving the growth of the quality and compliance management solution market globally. Those factors are supplemented by the desire for solutions that integrate seamlessly with existing enterprise systems and platforms which boost expansion. Additionally, the market demand for cloud-based deployments, 45% of the total market today, has and will continue to accelerate market demand for quality and compliance management solutions.
“As pioneers in the quality compliance management market, we have witnessed and been a part of the increasing adoption of QMS technology in the market for more than 20 years, especially by Life Sciences companies,” said Rick Lowrey, Pilgrim’s Chief Executive Officer. “We’re not surprised at the report’s projections. In fact, based on the progressive market shift from on-premise to cloud deployment and execution, the report’s overall growth and adoption numbers likely underestimate the scale of QMS adoption.
“Pilgrim has led the way in Software-as-a-Service (SaaS) quality and compliance management offerings by deploying our SmartSolve solutions in the cloud for nearly a decade now,” Lowrey added, “so we have the insight that leads us to believe the true solution adoption numbers will be greater than the noted 11% CAGR, due to lower SaaS costs in a given year over traditional perpetual licensing methods.”
According to FMI, traditionally the high cost of quality and compliance management solutions is the main factor affecting the adoption rate among small-to-medium enterprises (SMEs) across the globe. Most small- and medium-level manufacturing organizations have faced affordability issues, and thus, have overall lower levels of quality and compliance maturity. They have opted for manual processes or point solutions over more mature automated integrated and harmonized solutions and adoption. Today’s cloud-based SaaS solutions eliminate the technology and cost barriers for companies of all sizes.
In FMI’s report, the quality and compliance management solution market is segmented based on module, industry, implementation model, company size, and region.
About Future Market Insights
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. Headquartered in London, FMI has global delivery centres in the U.S. and India. FMI’s multi-disciplinary research team offers market intelligence on a broad range of end-use industries, including chemicals, healthcare, food & beverages, automotive, electronics & ICT, and energy. FMI covers markets in both developed and developing regions, with special focus on emerging markets in GCC, ASEAN, and BRICS.
About Pilgrim Quality Solutions
Pilgrim Quality Solutions is the leader in quality compliance management software and services for Life Sciences. For more than 20 years, our solutions have automated thousands of processes across global company sites to manage the quality and compliance of life’s most important products. Our cloud-based and on-premise solutions include in-the-box best practice workflows, document and process management, dashboards, electronic signatures, audit trails, and automated validation – helping companies more easily achieve quality system compliance and pass regulatory audits. Pilgrim Quality Solutions is majority owned by Boston-based private equity firm, Riverside Partners LLC. With Pilgrim Quality Solutions as your partner, you are prepared to succeed. For more information, visit www.pilgrimquality.com.