Specification Management Software Market to Grow at a CAGR of 8.6% to reach US$ 720.92 Million from 2020 to 2028
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.
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.
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Specification Management Software Market: Strategic Insights
Specification Management Software Market
-
CAGR (2021 - 2028)
8.6%
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Market Size 2021
US$ 404.66 Million
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Market Size 2028
US$ 720.92 Million
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- Accompa Inc
- Emerson Electric Co
- ENSUR
- Esko
- Isolocity
- Lascom S A
- PiLog Group
- QADEX
- Siemens
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Cloud-Based and On-Premises
End-Use Industry
- Fast Moving Consumer Goods
- Pharmaceutical
Application
- Raw Materials Management
- Formula and Ingredients Management
- Packaging Management
- Document Management
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Specification Management Software Market: Strategic Insights
-
CAGR (2021 - 2028)8.6% -
Market Size 2021
US$ 404.66 Million -
Market Size 2028
US$ 720.92 Million
Market Dynamics
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
Key Players
- Accompa Inc
- Emerson Electric Co
- ENSUR
- Esko
- Isolocity
- Lascom S A
- PiLog Group
- QADEX
- Siemens
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type - Cloud-Based and On-Premises
End-Use Industry - Fast Moving Consumer Goods
- Pharmaceutical
Application - Raw Materials Management
- Formula and Ingredients Management
- Packaging Management
- Document Management
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
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.
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
Based on
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 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 Fluxafor its
Process & Knowledge Management (PKMTM) softwarethat
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.
Specification Management Software Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 404.66 Million |
| Market Size by 2028 | US$ 720.92 Million |
| Global CAGR (2021 - 2028) | 8.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- Accompa, Inc.
- Esko-Graphics BV.
- Emerson Electric Co.
- Lascom
- Siemens AG
- SAP SE
- DocXellent
- Isolocity
- PiLog Group
- QADEX
- SPECRIGHT
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , End-Use Industry , and Application and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The trend of using advanced technologies is prevailing across the world. Due to rising business activities in pharmaceutical, food & beverages, consumer goods, and manufacturing industries globally, the adoption of advanced specification management tools is ready to capture the attention of massive end users. Furthermore, it has been observed that more than 75% of enterprises are planning to foster their digital transformation to have business recovery out of 2020. The enterprises are looking forward to adopting collaborative and cost-effective solutions to achieve their pre-determined digital goals.
The US, Canada, and Mexico are the key contributors to the specification management software market in North America. North America is one of the frontrunners in terms of developing and accepting new and advanced technologies across all markets, including consumer products and pharmaceuticals. The significant adoption of technologies in the last five years across the industries to automate processes and simplify other management operations has fueled the demand for specification management software in the region.
Packaging across FMCG and pharmaceutical products as per standards should convey important information to its consumers. For instance, a drug packaging should include a description of the product's medicinal form, strength, and, if appropriate, method of application; the pack size, which is expressed in terms of the number, weight, or volume of the product in the final container. Similarly, for smoking products, there are specification to be included in the packaging of the product such as caution statement and picture for heath in smoking products should cover 80% of its packaging.
Packaged food, toiletries, beverages, stationery, cleaning and laundry products, plastic goods, personal care products, and less priced consumer electronics, such as mobile phones and headphones, are examples of fast-moving consumer goods. Customers connect with businesses through different online and offline channels, therefore digitization is quickly becoming a priority for FMCG brands.
Companies in the FMCG, pharmaceuticals, logistics, and manufacturing industries 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 ahead to adopt cost-effective and collaborative solutions to accomplish their predetermined digital goals.
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.
The List of Companies - Specification Management Software Market
- Accompa, Inc.
- Emerson Electric Co.
- ENSUR
- Esko
- Isolocity
- Lascom S.A.
- PiLog Group
- QADEX
- Siemens
- Specright LLC
- SAP
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