Specification Management Software Market is Set to Experience Revolutionary Growth by 2028 - Accompa, Lascom, Siemens AG, SAP SE

The Specification Management Software Market was valued at US$ 404.66 million in 2021 and is projected to reach US$ 720.92 million by 2028; it is expected to grow at a CAGR of 8.6% from 2021 to 2028. North America dominated the market in 2020 with a share of 35.0%. The US comprises several major FMCG companies such as Kellogg's, Con Agra Foods, Colgate Palmolive, General Mills, Altria Group, Kraft Foods, Kimberly Clark, Coca Cola, Pepsi Co, and Procter & Gamble. The presence of such major players is boosting the growth of the specification management software market across the region. Companies such as Duracell, Chemtura, and Nice-Pak have integrated specification management solutions in their production lines. Moreover, the onset of COVID-19 pandemic has impacted the way businesses work, thereby encouraging them to adopt digital platforms in managing business operations remotely. Owing to favourable government policies to boost innovation and reinforce infrastructure capabilities, many North American countries have significantly greater acceptance and development rate of emerging technologies than many other countries in the world. Since the US has a larger density of specification management market players, the outbreak has severely affected the production of each, especially in the first of 2020, when there were stringent restrictions on transportation.

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Global Specification Management Software Market Insight:

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.

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.

The Key Players In The Global Market Are:

•Accompa
•Esko-Graphics BV.
•Emerson Electric Co.
•Lascom
•Siemens AG
•SAP SE
•DocXellent
•Isolocity
•PiLog Group
•QADEX
•SPECRIGHT

Impact of COVID-19 Pandemic on Specification Management Software Market in North America

The COVID-19 pandemic has severely affected many industries in North American countries, such as the US, Canada, and Mexico. The unprecedented rise in number of COVID-19 cases across the US and the subsequent imposition of various restrictions to combat the spread of the virus in the first two quarters of 2020 hampered the performance of various businesses. Technological investments suffered considerable dip in 2020. However, the pandemicimpacted the way businesses work and encouraged them to digital platforms for carrying out business operations from remote locations. North America is at the forefront of accepting and developing state-of-the-art technologies owing to favorable government policies to boost innovation and reinforce infrastructure capabilities. Since the US has a high density of specification management software market players, the outbreak has severely affected the production of each, especially in the first of 2020, when there were stringent restrictions on transportation.

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Type - Based Market Insights

Based on type, the specification management software market is bifurcated into cloud-based and on-premise. In 2020, the cloud-based segment accounted for a larger share in the market.

Application-Based Market Insights

Application

the specification management software market is segmented into raw materials management, formula and ingredients management, packaging management, document management, and other applications. In 2020, the packaging management segment accounted for the largest market share.

The report segments the global Market as follows:

By Type (Cloud-Based and On-Premises)

End-Use Industry [Fast Moving Consumer Goods (FMCG), Pharmaceutical, and Others]

By Application (Raw Materials Management, Formula and Ingredients Management, Packaging Management, Document Management, and Others) and Geography

Answers that the report acknowledges:

• Market size and growth rate during forecast period.
• Key factors driving the Market.
• Key market trends cracking up the growth of the Market
• Challenges to market growth.
• Key vendors of Specification Management Software Market
• Detailed SWOT analysis.
• Opportunities and threats faces by the existing vendors in Global Market>
• Trending factors influencing the market in the geographical regions.
• Strategic initiatives focusing the leading vendors.
• PEST analysis of the market in the five major region

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Contact Person: Sameer Joshi
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This release was published on openPR.