LONDON-Consumers of metrology software have upped the demand for higher product quality in order to streamline their production processes, thereby reducing costs, maintaining efficiency and ensuring profitability, says market research firm Frost & Sullivan.
To achieve these goals, consumers have increased investments in the automation of production processes, where software also plays a key role. Metrology software developers are looking to cash in on this demand by producing flexible, reliable and accurate solutions.
New analysis fromFrost & Sullivan, World Metrology Software Market , finds that the market earned revenues of $254.4 million in 2009 and estimates this to reach $331.9 million in 2014.
“The majority of software vendors had spent substantial amounts of money on R&D and marketing to raise awareness among end users about the benefits of software enhancements,” says Frost & Sullivan research analyst Prathima Bommakanti. “Eventually, end users are more knowledgeable about the cost-saving potential of software, and this is opening up new market opportunities for suppliers.”
Market participants are striving to keep pace with the evolution of end-user technologies by focusing on ease-of-use and advanced technological feature sets that can accommodate future demand. The need to stand out in the market has forced manufacturers to provide services and solutions that can restore customer confidence and renew demand.
One of the top criteria for choosing a metrology software vendor is a service portfolio. “Without an extended service portfolio and qualified engineers, suppliers have limited scope of becoming leaders in the metrology software market,” notes Bommakanti. “Most key market participants have well trained and experienced in-house staff that can offer complete and customized service support to their customers.”
Although the market is progressing steadily, manufacturers are still trying to shake off the effects of the global economic downturn. Some of the fallouts of the downturn were pricing pressure on vendors and the dip in demand for new applications.
The competitive landscape and the market maturity further compelled software vendors to place emphasis on maintenance contracts from the major customers. The situation will ease gradually, once customers start unfreezing their investment plans. The percentage of licenses is expected to increase as the pent-up demand is released and end users’ business plans are solidified.
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World Metrology Software Market is part of the Test & Measurement Growth Partnership Services program.