Global Specification Management Software Markets, 2021-2028: Emergence of Advanced and Sophisticated Technologies & Growing Popularity of Cloud-Based Specification Management Platforms - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Specification Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cloud-Based and On-Premises), End-Use Industry [Fast Moving Consumer Goods (FMCG), Pharmaceutical, and Others], and Application" report has been added to ResearchAndMarkets.com's offering.
The specification management software market is expected to grow from US$ 404.66 million in 2021 to US$ 720.92 million by 2028; it is estimated to grow at a CAGR of 8.6% during 2021-2028.
FMCG, pharmaceuticals, logistics, and manufacturing companies are scaling up their business activities to meet the growing demands, which is one of the key forces driving the adoption of advanced specification management tools.
More than 75% of enterprises are planning to foster their digital transformation to recover from the business loss incurred in 2020 due to the COVID-19 pandemic. The enterprises are looking forward to adopting cost-effective solutions to accomplish their predetermined digital goals.
As a result, free and cloud-based platforms for quality management, packaging, and document management are expected to gain great momentum. Specification management software allow end users to automate the management approval process, alongside maintaining complete transparency.
The company offers its quick and easy-to-implement product lifecycle management software solution for enterprises in the food & beverages, personal care and cosmetics, and retail industries. Migrating specification proofing and approval to an online mode enables enterprises to have high-speed specification approvals and product launches, along with reducing internal and external costs. As a result, cloud-based specification management software is emerging as an important trend in the specification management software market.
The cloud-based segment accounted for a larger market share in 2020. Based on end-use industry, the specification management software market is segmented into fast moving consumer goods (FMCG), pharmaceutical, and others. In 2020, the FMCG segment accounted for the substantial share of the market.
Based on application, the specification management software market is segment into raw materials management, formula and ingredients management, packaging management, document management, and other applications. The packaging management segment held the largest share of the market in 2020. In 2020, North America accounted for the significant share in the global market.
A few of the major players operating in the global specification management software market are Accompa, Inc.; Esko-Graphics BV.; Emerson Electric Co.; Lascom; Siemens AG; SAP SE; DocXellent; Isolocity; PiLog Group; QADEX; and SPECRIGHT.
Key Industry Dynamics
- Increasing Production of Pharmaceutical Products
- Flourishment of FMCG Sector
- Security Concerns and Cost of Integration with Other Existing Platforms
- Growing Popularity of Cloud-Based Specification Management Platforms
- Emergence of Advanced and Sophisticated Technologies
- Accompa, Inc.
- Emerson Electric Co.
- Lascom S.A.
- PiLog Group
- Specright LLC
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