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

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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 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.

Specification Management Software Market Regional Insights

The regional trends and factors influencing the Specification Management Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Specification Management Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Specification Management Software Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Specification Management Software Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Specification Management Software Market are:

1. Accompa, Inc.
2. Emerson Electric Co.
3. ENSUR
4. Esko
5. Isolocity

Disclaimer: The companies listed above are not ranked in any particular order.

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