Calibration management software market expected to grow by $73.7 million between 2024 and 2028. Calibration process automation boosts market, Technavio

NEW YORK, July 4, 2024 /PRNewswire/ — The global calibration management software market is expected to grow by $73.7 million from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.73% during the forecast period. Calibration process automation is driving the market growth, with an increased focus on predictive maintenance and analytics. However, the threat of cyberattacks 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., PJ 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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Market driver

Calibration management software with predictive analytics enables organizations to optimize calibration operations by 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 efficiency and minimizing costs. This integration streamlines calibration processes, increasing efficiency and productivity, and driving market growth during the forecast period.

The calibration management software market is experiencing significant growth, with more and more companies recognizing the importance of accurate and efficient calibration processes. Utilities, manufacturing, and other sectors are adopting calibration software to manage their calibration operations. The market is moving toward solutions that offer real-time monitoring, automated scheduling, and comprehensive reporting. Calibration software enables companies to streamline calibration processes, reduce downtime, and ensure regulatory compliance. Additionally, cloud-based solutions are gaining popularity due to their flexibility and availability. Overall, calibration management software is a valuable investment for companies looking to optimize their operations and maintain high quality standards.

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Market challenges

• The calibration management software market is undergoing 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 hosted on software vendor servers. Unauthorized access can lead to data theft and manipulation. Key risks include operational downtime, product development manipulation, and theft of confidential information. Ransomware attacks are common and affect industries such as medical devices, consumer durables, and automotive. Security upgrades and IoT integration increase operational expenses. North America AND Europe are the major vulnerable regions. The use of IoT in calibration software management may hinder the market growth due to increased security concerns.

• The calibration management software market faces many challenges in ensuring accurate and efficient operations. One challenge is integrating various calibration systems and technologies such as IoT, analytics, and automation. Another challenge is ensuring data accuracy and security, as well as compliance with regulations and industry standards. Additionally, managing a large number of calibration tasks and resources can be complex, requiring robust and scalable software solutions. Additionally, the need for real-time monitoring and reporting increases the complexity of calibration management. Finally, 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 provides a detailed discussion on the market segmentation by

1. Technology

• 1.1 Installed locally
• 1.2 Cloud based

App

• 2.1 Large enterprise
• 2.2 Small and medium-sized enterprises

Geography

• 3.1 North America
• 3.2 Europe
• 3.3 Asia Pacific
• 3.4 South America
• 3.5 Near East AND Africa

1.1 Installed locally- The locally installed calibration management software market is booming due to improved security features. With local systems and servers, data access is restricted to license holders, eliminating potential security risks. Offline availability allows users to access data regardless of internet connection. Although it requires additional IT support and hardware components, the cost-effectiveness is attracting small and medium-sized enterprises (SMEs), which is driving the market growth.

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Research analysis

The calibration management software market serves various industries, including the biotechnology and energy sectors, as well as the utilities and renewable energy sectors. This software facilitates the purchase of calibration instruments such as analog multimeters, calipers, chart recorders, clamp ammeters, data loggers, dial indicators, digital multimeters, dynamometers, micrometers, oscilloscopes and other measurement 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, increasing overall operational efficiency and productivity.

Market Research Review

The calibration management software market includes solutions designed to streamline and optimize the calibration process across industries. These solutions enable organizations to manage and track calibration activities, plan 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, which improves overall operational efficiency and productivity. Additionally, cloud-based solutions offer remote access and real-time data sharing, which streamlines collaboration and workflows.

Contents:

1 Summary
2 Market landscape
3 Determining the size of the market
4 Historical market size
Analysis of the 5 Five Forces
6 Market segmentation

• Technology
• Installed locally
• Cloud based
• App
• Large enterprise
• Small and medium companies
• Geography
• North America
• Europe
• Asia and Pacific
• South America
• Middle East and Africa

7 Customer Landscape
8 Geographical landscape
9 drivers, challenges and trends
10 Company Landscape
11 Company Analysis
12 Attachment

About Technavio

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SOURCE Technavio