Specification Management Software Market to Grow at a CAGR of 8.6% during 2021–2028.

Over the years, the fast-moving consumer products sector in countries such as the United States, Canada, and Mexico has grown rapidly. From 2013 to 2020, the number of SKUs (stock keeping units) in the industry increased by 50% across the region. In addition, the United States is home to several prominent FMCG firms, including Kellogg’s, Con Agra Foods, Colgate Palmolive, General Mills, Altria Group, Kraft Foods, Kimberly Clark, Coca-Cola, Pepsi Co, and Procter & Gamble, to name a few. The presence of such significant companies around the region is also having an impact on the market’s growth. On the other hand, APAC is expected to grow with the highest CAGR over the forecast period. In APAC, the food and beverage business are expanding at a breakneck pace. In terms of demand and consumption, countries like China and India play a significant role. Rapid urbanization, changing lifestyles, and an increase in the number of working populations are all factors contributing to the expansion. Furthermore, as public awareness grows, the food and beverage industry are becoming increasingly regulated, fueling market demand for specification management systems. Thus, the above-mentioned factors are contributing to the high growth of the region over the forecast period. Based on geography, the specification management software market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Emerson Electric Co., Siemens AG, SAP SE, SPECRIGHT and Trace One– Prominent Market Participants in Specification Management Software Market

Emerson Electric Co., Siemens AG, SAP SE, SPECRIGHT and Trace One are among the well-known players operating in the global specification management software market and are focused on product development and innovations. For instance, Specright, Inc., help various companies to share and manage supply chain data among manufacturers, suppliers, and retailers, has announced a $30 million Series B round of funding to support the on-going growth. Emerson announced that it has made an equity investment in Fluxa, whose Process & Knowledge Management (PKMTM) software manages product and process specifications seamlessly throughout the product development lifecycle.

It is becoming apparent with the COVID-19 pandemic spreading across the North American countries like United States, Canada, and Mexico have impacted all industries severely. Thus, any impact on industries directly affects the region’s economic development. The unprecedented rise in number of COVID-19 cases across the US and the subsequent lockdown to combat the spread of the virus across the country in the first two quarters of 2020 have led to numerous businesses to come on a standby situation. Technological investments in 2020 experienced a dip owing to the above-mentioned reasons, thereby impacting the growth of the market. However, the sudden lockdown has impacted the way businesses work thereby leading to the adoption of digital platforms for carrying out business operation from remote locations. Favorable government policies to boost innovation and reinforce infrastructure capabilities, North America have the highest acceptance and development rate of emerging technologies.

The top five companies in the market Emerson Electric Co., Siemens AG, SAP SE, SPECRIGHT and Trace One. The above listing of key players is derived by considering multiple factors such as overall revenue, current specification management software portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below: