Specification Management Software Market is expected to reach US$ 720.92 Mn by 2028

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.

Europe held the second-largest share in the specification management software market in 2020. Medicine manufacturing across the EU countries increased from ~Euro 127 billion in 2000 to ~Euro 260 billion in 2018. Germany, Switzerland, Denmark, Spain, Ireland, and France are among the European countries with high pharmaceutical production capacities. GlaxoSmithKline, Sanofi, Allergan, Merck Group, Nestlé, L'Oréal, Danone, Mondelèz International, and The Kraft Heinz Company are among the major pharmaceutical companies operating in the region, and they are investing continuously in advanced solutions to automate and simplify their production and documentation processes. Companies such as GlaxoSmithKline, Nestlé, and Perrigo have adopted the specification management solutions.

The specification management software market players adopt several organic and inorganic strategies to expand their business and maintain brand name worldwide. For instance, Specright, Inc., a company that assists in sharing and managing supply chain data among manufacturers, suppliers, and retailers, announced a US$ 30 million Series B round of funding in 2021 for further growth.

The specification management software market is segmented on the bases of type, end-use industry, application, and geography. Based on type, the market is bifurcated into cloud-based and on-premises. Based on end-use industry, the specification management software market is segmented into fast moving consumer goods (FMCG), pharmaceutical, and others. By application, the market is segmented into raw materials management, formula and ingredients management, packaging management, document management, and others. Based on geography, the specification management software market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and Rest of APAC), Middle East & Africa (Saudi Arabia, South Africa, the UAE, and Rest of MEA), and South America (Brazil, Argentina, and Rest of SAM).

Specification Management Software Breakdown - by Region, 2020 and 2028

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