Specification Management Software Market Worth US$ 720.92 Million, Globally, by 2028 at 8.6% CAGR - Exclusive Report by The Insight Partners

The Insight Partners published latest research study on "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 (Raw Materials Management, Formula and Ingredients Management, Packaging Management, Document Management, and Others) and Geography

Pharmaceutical products are manufactured by combining different types of chemicals or biological substances. The manufacturing process involves a range of unit operations, including granulation, filling, blending, milling, tablet pressing, and coating. The manufacturers need to abide by specific regulations and follow the apt guidelines to maintain the accurate amount of chemicals and sustain their quality. The equipment involved in pharmaceutical manufacturing must be run and maintained as per the good manufacturing practices (GMP). With the continuous rise in demand for medicines/drugs across the world, pharmaceutical companies are investing significantly in the implementation of various IT solutions in different operations. For example, specification management software is adopted for the accurate and precise specification of chemicals used in pharmaceutical manufacturing; this helps the pharmaceutical companies to ensure quality as well as regulatory compliance across the entire value chain of the industry.

Report Coverage Details
Market Size Value in US$ 404.66 million in 2021
Market Size Value by US$ 720.92 million by 2028
Growth rate CAGR of 8.6% from 2021 to 2028
Forecast Period 2021- 2028
Base Year 2021
No. of Pages 162
No. Tables 90
No. of Charts & Figures 83
Historical data available Yes
Segments covered Type, and Application
Regional scope North America; Europe; Asia Pacific; Latin America; MEA

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Complex supply chains, tight regulations, and data integrity issues impact the quality strategies and processes in the pharmaceuticals industry. The FDA and other equivalent authorities rigorously focus on regulatory compliance by pharmaceutical companies, thus ensuring the maintenance of quality standards across the global pharmaceuticals industry. The specification management software data permits users to maintain consistent metrics, risk calculations, and other trend analyses. The specification management software function encompasses raw material management, formula and ingredient management, packaging management, document management, and quality management. For instance, Pilgrim Quality Solutions offers SmartSolve Pharmaceutical QMS Solutions that precisely and accurately handle document management, out-of-specification management, recall management, supplier quality management, and so on.

Specification Management Software Market Insights
Flourishing FMCG Sector Fuels Growth of Specification Management Software Market
The global fast-moving consumer goods (FMCG) sector is under continuous pressure of launching newer products. All product launch experiences product development cycle to provide each project in a specified time frame. The FMCG sector is constantly experiencing healthy growth, which is mainly ascribed to the adoption of smart retailing. The smart retailing concept compels retailers to continuously focus on fulfilling continuously evolving consumer requirements as well as on providing an enhanced and convenient shopping experience to the consumers. In the consumer goods industry, specification management software is deployed in processes such as raw material management, packaging, and product detail documentation. Packaging holds utmost importance as it is the first aspect consumers observe and touch. PackIQ, ORBIS Corporation, TODAY IT, GEFCO, and Amatech are among the packaging management tools providers for the retail and consumer goods sector.

Furthermore, the quality of the product continues to be the main concern for consumers. Thus, the companies, especially in the consumer goods industry, continuously focus on delivering standard-quality products in a timely and hassle-free manner. The consequent requirement of upgrading the processes, services, and outcomes requires technology intervention, which is boosting the adoption of specification management software. As a result, the adoption of specification management software for document management, packaging management, and artwork management is on the rise in the FMCG sector, which further allows retailers to attain customer excellence.

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The players operating in the specification management software market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In 2021, Emerson announced its equity investment in Fluxa for its Process & Knowledge Management (PKMTM) software that seamlessly manages product and process specifications throughout the product development lifecycle.

In May 2021, Specright became a silver member of the GS1 US Solution Partner Program. This designation indicates Specright's commitment to offer solutions and services that enable efficient, quick, and accurate implementation of GS1 Standards.

The global specification management software market has been segmented as mentioned below:
By Type
• Cloud-Based
• On-Premises

By End-Use Industry
• Fast Moving Consumer Goods (FMCG)
• Pharmaceutical
• Others

By Application
• Raw Materials Management
• Formula and Ingredients Management
• Packaging Management
• Document Management
• Other Applications

Specification Management Software Market-CompanyProfiles
• Accompa, Inc.
• Esko-Graphics BV.
• Emerson Electric Co.
• Lascom
• Siemens AG
• SAP SE
• DocXellent
• Isolocity
• PiLog Group
• QADEX
• SPECRIGHT

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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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