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
Market Size Value in US$ 404.66 Million in 2021 Market Size Value by US$ 720.92 Million by 2028 Growth rate CAGR of 8.6% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Specification Management Software Market: Strategic Insights
| Market Size Value in | US$ 404.66 Million in 2021 |
| Market Size Value by | US$ 720.92 Million by 2028 |
| Growth rate | CAGR of 8.6% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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 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
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.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Global Specification Management Software Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 Insights on License costs of Specification Management Software
5. Specification Management Software Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Production of Pharmaceutical Products
5.1.2 Flourishment of FMCG Sector
5.2 Market Restraint
5.2.1 Security Concerns and Cost of Integration with Other Existing Platforms
5.3 Market Opportunities
5.3.1 Growing Popularity of Cloud-Based Specification Management Platforms
5.4 Future Trends
5.4.1 Emergence of Advanced and Sophisticated Technologies
5.5 Impact Analysis of Drivers and Restraints
6. Specification Management Software Market – Global Analysis
6.1 Specification Management Software Market Global Overview
6.2 Specification Management Software Market – Global Revenue and Forecast to 2028 (USD Million)
6.3 Market Positioning – Five Key Players
6.4 Market Share Analysis
7. Specification Management Software Market Analysis – by Type
7.1 Overview
7.2 Specification Management Software Market Breakdown, by Type, 2020 and 2028
7.3 Cloud-Based
7.3.1 Overview
7.3.2 Cloud-Based: Specification Management Software Market Revenue and Forecast to 2028 (USD Million)
7.4 On-Premises
7.4.1 Overview
7.4.2 On-Premises: Specification Management Software Market Revenue and Forecast to 2028 (USD Million)
8. Specification Management Software Market Analysis – by End-Use Industry
8.1 Overview
8.2 Specification Management Software Market, by End-Use Industry (2020 and 2028)
8.3 FMCG
8.3.1 Overview
8.3.2 FMCG: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
8.4 Pharmaceuticals
8.4.1 Overview
8.4.2 Pharmaceuticals: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
8.5 Others
8.5.1 Overview
8.5.2 Others: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
9. Specification Management Software Market Analysis – by Application
9.1 Overview
9.2 Specification Management Software Market, by Application (2020 and 2028)
9.3 Raw Material Management
9.3.1 Overview
9.3.2 Raw Material Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
9.4 Formula and Ingredients Management
9.4.1 Overview
9.4.2 Formula and Ingredients Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
9.5 Packaging Management
9.5.1 Overview
9.5.2 Packaging Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
9.6 Document Management
9.6.1 Overview
9.6.2 Document Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
9.7 Others
9.7.1 Overview
9.7.2 Others: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
10. Specification Management Software Market – Geographic Analysis
10.1 Overview
10.2 North America Specification Management Software Market, Revenue and Forecast to 2028
10.2.1 Overview
10.2.2 North America Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.2.3 North America Specification Management Software Market Breakdown, By Type
10.2.4 North America Specification Management Software Market Breakdown, By End-Use Industry
10.2.5 North America Specification Management Software Market Breakdown, By Application
10.2.6 North America Specification Management Software Market Breakdown, by Country
10.2.6.1 US Specification Management Software Market, Revenue and Forecast to 2028
10.2.6.1.1 US Specification Management Software Market Breakdown, by Type
10.2.6.1.2 US Specification Management Software Market Breakdown, by End-Use Industry
10.2.6.1.3 US Specification Management Software Market Breakdown, by Application
10.2.6.2 Canada Specification Management Software Market, Revenue and Forecast to 2028
10.2.6.2.1 Canada Specification Management Software Market Breakdown, by Type
10.2.6.2.2 Canada Specification Management Software Market Breakdown, by End-Use Industry
10.2.6.2.3 Canada Specification Management Software Market Breakdown, by Application
10.2.6.3 Mexico Specification Management Software Market, Revenue and Forecast to 2028
10.2.6.3.1 Mexico Specification Management Software Market Breakdown, by Type
10.2.6.3.2 Mexico Specification Management Software Market Breakdown, by End-Use Industry
10.2.6.3.3 Mexico Specification Management Software Market Breakdown, by End-Use Industry
10.3 Europe Specification Management Software Market Revenue and Forecast To 2028
10.3.1 Overview
10.3.2 Europe Specification Management Software Market Revenue and Forecast to 2028 (USD Mn)
10.3.3 Europe Specification Management Software Market Breakdown, By Type
10.3.4 Europe Specification Management Software Market Breakdown, By End-Use Industry
10.3.5 Europe Specification Management Software Market Breakdown, By Application
10.3.6 Europe Specification Management Software Market Breakdown, by Country
10.3.6.1 UK Specification Management Software Market, Revenue and Forecast to 2028
10.3.6.1.1 UK Specification Management Software Market Breakdown, by Type
10.3.6.1.2 UK Specification Management Software Market Breakdown, by End-Use Industry
10.3.6.1.3 UK Specification Management Software Market Breakdown, by Application
10.3.6.2 Germany Specification Management Software Market, Revenue and Forecast to 2028
10.3.6.2.1 Germany Specification Management Software Market Breakdown, by Type
10.3.6.2.2 Germany Specification Management Software Market Breakdown, by End-Use Industry
10.3.6.2.3 Germany Specification Management Software Market Breakdown, by Application
10.3.6.3 France Specification Management Software Market, Revenue and Forecast to 2028
10.3.6.3.1 France Specification Management Software Market Breakdown, by Type
10.3.6.3.2 France Specification Management Software Market Breakdown, by End-Use Industry
10.3.6.3.3 France Specification Management Software Market Breakdown, by Application
10.3.6.4 Italy Specification Management Software Market, Revenue and Forecast to 2028
10.3.6.4.1 Italy Specification Management Software Market Breakdown, by Type
10.3.6.4.2 Italy Specification Management Software Market Breakdown, by End-Use Industry
10.3.6.4.3 Italy Specification Management Software Market Breakdown, by Application
10.3.6.5 Russia Specification Management Software Market, Revenue and Forecast to 2028
10.3.6.5.1 Russia Specification Management Software Market Breakdown, by Type
10.3.6.5.2 Russia Specification Management Software Market Breakdown, by End-Use Industry
10.3.6.5.3 Russia Specification Management Software Market Breakdown, by Application
10.3.6.6 Rest of Europe Specification Management Software Market, Revenue and Forecast to 2028
10.3.6.6.1 Rest of Europe Specification Management Software Market Breakdown, by Type
10.3.6.6.2 Rest of Europe Specification Management Software Market Breakdown, by End-Use Industry
10.3.6.6.3 Rest of Europe Specification Management Software Market Breakdown, by Application
10.4 APAC Specification Management Software Market, Revenue and Forecast To 2028
10.4.1 Overview
10.4.2 APAC Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.4.3 APAC Specification Management Software Market Breakdown, By Type
10.4.4 APAC Specification Management Software Market Breakdown, By End-Use Industry
10.4.5 APAC Specification Management Software Market Breakdown, By Application
10.4.6 APAC Specification Management Software Market Breakdown, by Country
10.4.6.1 China Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.4.6.1.1 China Specification Management Software Market Breakdown, by Type
10.4.6.1.2 China Specification Management Software Market Breakdown, by End-Use Industry
10.4.6.1.3 China Specification Management Software Market Breakdown, by Application
10.4.6.2 Japan Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.4.6.2.1 Japan Specification Management Software Market Breakdown, by Type
10.4.6.2.2 Japan Specification Management Software Market Breakdown, by End-Use Industry
10.4.6.2.3 Japan Specification Management Software Market Breakdown, by Application
10.4.6.3 India Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.4.6.3.1 India Specification Management Software Market Breakdown, by Type
10.4.6.3.2 India Specification Management Software Market Breakdown, by End-Use Industry
10.4.6.3.3 India Specification Management Software Market Breakdown, by Application
10.4.6.4 South Korea Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.4.6.4.1 South Korea Specification Management Software Market Breakdown, by Type
10.4.6.4.2 South Korea Specification Management Software Market Breakdown, by End-Use Industry
10.4.6.4.3 South Korea Specification Management Software Market Breakdown, by Application
10.4.6.5 Australia Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.4.6.5.1 Australia Specification Management Software Market Breakdown, by Type
10.4.6.5.2 Australia Specification Management Software Market Breakdown, by End-Use Industry
10.4.6.5.3 Australia Specification Management Software Market Breakdown, by Application
10.4.6.6 Rest of APAC Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.4.6.6.1 Rest of APAC Specification Management Software Market Breakdown, by Type
10.4.6.6.2 Rest of APAC Specification Management Software Market Breakdown, by End-Use Industry
10.4.6.6.3 Rest of APAC Specification Management Software Market Breakdown, by Application
10.5 MEA Specification Management Software Market, Revenue and Forecast To 2028
10.5.1 Overview
10.5.2 MEA Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.5.3 MEA Specification Management Software Market Breakdown, By Type
10.5.4 MEA Specification Management Software Market Breakdown, By End-Use Industry
10.5.5 MEA Specification Management Software Market Breakdown, By Application
10.5.6 MEA Specification Management Software Market Breakdown, By Country
10.5.6.1 Saudi Arabia Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.5.6.1.1 Saudi Arabia Specification Management Software Market Breakdown, by Type
10.5.6.1.2 Saudi Arabia Specification Management Software Market Breakdown, by End-Use Industry
10.5.6.1.3 Saudi Arabia Specification Management Software Market Breakdown, by Application
10.5.6.2 UAE Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.5.6.2.1 UAE Specification Management Software Market Breakdown, by Type
10.5.6.2.2 UAE Specification Management Software Market Breakdown, by End-Use Industry
10.5.6.2.3 UAE Specification Management Software Market Breakdown, by Application
10.5.6.3 South Africa Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.5.6.3.1 South Africa Specification Management Software Market Breakdown, by Type
10.5.6.3.2 South Africa Specification Management Software Market Breakdown, by End-Use Industry
10.5.6.3.3 South Africa Specification Management Software Market Breakdown, by Application
10.5.6.4 Rest of MEA Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
10.5.6.4.1 Rest of MEA Specification Management Software Market Breakdown, by Type
10.5.6.4.2 Rest of MEA Specification Management Software Market Breakdown, by End-Use Industry
10.5.6.4.3 Rest of MEA Specification Management Software Market Breakdown, by Application
10.6 South America Specification Management Software Market Revenue and Forecast To 2028
10.6.1 Overview
10.6.2 South America Specification Management Software Market Revenue and Forecast to 2028 (USD Mn)
10.6.3 South America Specification Management Software Market Breakdown, By Type
10.6.4 South America Specification Management Software Market Breakdown, By End-Use Industry
10.6.5 South America Specification Management Software Market Breakdown, By Application
10.6.6 SAM Specification Management Software Market Breakdown, by Country
10.6.6.1 Brazil Specification Management Software Market, Revenue and Forecast to 2028
10.6.6.1.1 Brazil Specification Management Software Market Breakdown, by Type
10.6.6.1.2 Brazil Specification Management Software Market Breakdown, by End-Use Industry
10.6.6.1.3 Brazil Specification Management Software Market Breakdown, by Application
10.6.6.2 Argentina Specification Management Software Market, Revenue and Forecast to 2028
10.6.6.2.1 Argentina Specification Management Software Market Breakdown, by Type
10.6.6.2.2 Argentina Specification Management Software Market Breakdown, by End-Use Industry
10.6.6.2.3 Argentina Specification Management Software Market Breakdown, by Application
10.6.6.3 Rest of SAM Specification Management Software Market, Revenue and Forecast to 2028
10.6.6.3.1 Rest of SAM Specification Management Software Market Breakdown, by Type
10.6.6.3.2 Rest of SAM Specification Management Software Market Breakdown, by End-Use Industry
10.6.6.3.3 Rest of SAM Specification Management Software Market Breakdown, by Application
11. Impact of COVID-19 Pandemic on Global Specification Management Software Market
11.1 North America: Impact Assessment of COVID-19 Pandemic
11.2 Europe: Impact Assessment of COVID-19 Pandemic
11.3 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
11.5 South America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
13. Company Profiles
13.1 Accompa, Inc.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Esko-Graphics BV.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Emerson Electric Co.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Lascom
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Siemens AG
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 SAP SE
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 DocXellent
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Isolocity
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 PiLog Group
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 QADEX
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 SPECRIGHT
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Financial Overview
13.11.4 SWOT Analysis
13.11.5 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. Specification Management Software Market – License Cost
Table 2. Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Table 3. Global Specification Management Software Market, Revenue and Forecast to 2028, by Geography (USD Mn)
Table 4. North America Specification Management Software Market, Revenue and Forecast To 2028 – By Type (USD Mn)
Table 5. North America Specification Management Software Market, Revenue and Forecast To 2028 – By End-Use Industry (USD Mn)
Table 6. North America Specification Management Software Market, Revenue and Forecast To 2028 – By Application (USD Mn)
Table 7. North America Specification Management Software Market, Revenue and Forecast To 2028 – By Country (USD Mn)
Table 8. US Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 9. US Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 10. US Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 11. Canada Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 12. Canada Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 13. Canada Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 14. Mexico Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 15. Mexico Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 16. Mexico Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 17. Europe Specification Management Software Market, Revenue and Forecast To 2028 – By Type (USD Mn)
Table 18. Europe Specification Management Software Market, Revenue and Forecast To 2028 – By End-Use Industry (USD Mn)
Table 19. Europe Specification Management Software Market, Revenue and Forecast To 2028 – By Application (USD Mn)
Table 20. Europe Specification Management Software Market, Revenue and Forecast To 2028 – By Country (USD Mn)
Table 21. UK Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 22. UK Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 23. UK Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 24. Germany Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 25. Germany Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 26. Germany Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 27. France Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 28. France Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 29. France Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 30. Italy Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 31. Italy Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 32. Italy Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 33. Russia Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 34. Russia Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 35. Russia Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 36. Rest of Europe Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 37. Rest of Europe Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 38. Rest of Europe Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 39. APAC Specification Management Software Market, Revenue and Forecast To 2028 – By Type (USD Mn)
Table 40. APAC Specification Management Software Market, Revenue and Forecast To 2028 – By End-Use Industry (USD Mn)
Table 41. APAC Specification Management Software Market, Revenue and Forecast To 2028 – By Application (USD Mn)
Table 42. APAC Specification Management Software Market, Revenue and Forecast To 2028 – By Country (USD Mn)
Table 43. China Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 44. China Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 45. China Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 46. Japan Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 47. Japan Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 48. Japan Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 49. India Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 50. India Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 51. India Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 52. South Korea Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 53. South Korea Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 54. South Korea Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 55. Australia Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 56. Australia Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 57. Australia Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 58. Rest of APAC Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 59. Rest of APAC Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 60. Rest of APAC Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 61. MEA Specification Management Software Market, Revenue and Forecast To 2028 – By Type (USD Mn)
Table 62. MEA Specification Management Software Market, Revenue and Forecast To 2028 – By End-Use Industry (USD Mn)
Table 63. MEA Specification Management Software Market, Revenue and Forecast To 2028 – By End-Use Industry (USD Mn)
Table 64. MEA Specification Management Software Market, Revenue and Forecast to 2028 – By Country (USD Mn)
Table 65. Saudi Arabia Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 66. Saudi Arabia Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 67. Saudi Arabia Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 68. UAE Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 69. UAE Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 70. UAE Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 71. South Africa Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 72. South Africa Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 73. South Africa Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 74. Rest of MEA Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 75. Rest of MEA Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 76. Rest of MEA Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 77. South America Specification Management Software Market, Revenue and Forecast To 2028 – By Type (USD Mn)
Table 78. South America Specification Management Software Market, Revenue and Forecast To 2028 – By End-Use Industry (USD Mn)
Table 79. South America Specification Management Software Market, Revenue and Forecast To 2028 – By Application (USD Mn)
Table 80. SAM Specification Management Software Market, Revenue and Forecast To 2028 – By Country (USD Mn)
Table 81. Brazil Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 82. Brazil Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 83. Brazil Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 84. Argentina Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 85. Argentina Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 86. Argentina Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 87. Rest of SAM Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 88. Rest of SAM Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 89. Rest of SAM Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 90. List of Abbreviation
LIST OF FIGURES
Figure 1. Specification Management Software Market Segmentation
Figure 2. Specification Management Software Market Segmentation – By Geography
Figure 3. Global Specification Management Software Market Overview
Figure 4. Cloud-Based Segment is Expected to Dominate the Market by Type
Figure 5. FMCG Segment held Largest Market Share in 2020
Figure 6. Packaging Management Segment held Largest Market Share in 2020
Figure 7. North America held Largest Market Share in 2020
Figure 8. North America: PEST Analysis
Figure 9. Europe: PEST Analysis
Figure 10. APAC: PEST Analysis
Figure 11. MEA: PEST Analysis
Figure 12. SAM: PEST Analysis
Figure 13. Expert Opinion
Figure 14. Global Specification Management Software Market: Impact Analysis of Drivers and Restraints
Figure 15. Geographic Overview of Specification Management Software Market
Figure 16. Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 17. Market Share Analysis
Figure 18. Specification Management Software Market Revenue Share, by Type (2020 and 2028)
Figure 19. Cloud-Based: Specification Management Software Market Revenue and Forecast to 2028 (USD Million)
Figure 20. On-Premises: Specification Management Software Market Revenue and Forecast to 2028 (USD Million)
Figure 21. Specification Management Software Market Revenue Share, by End-Use Industry (2020 and 2028)
Figure 22. FMCG: Specification Management Software – Revenue and Forecast to 2028 (USD Million)
Figure 23. Pharmaceuticals: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 24. Others: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 25. Specification Management Software Market Revenue Share, by Application (2020 and 2028)
Figure 26. Raw Material Management: Specification Management Software – Revenue and Forecast to 2028 (USD Million)
Figure 27. Formula and Ingredients Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 28. Packaging Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 29. Document Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 30. Others: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 31. Global Specification Management Software Market Breakdown, by Region, 2020 & 2028 (%)
Figure 32. North America Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
Figure 33. North America Specification Management Software Market Breakdown, By Type, 2020 & 2028 (%)
Figure 34. North America Specification Management Software Market Breakdown, By End-Use Industry, 2020 & 2028 (%)
Figure 35. North America Specification Management Software Market Breakdown, By Application, 2020 & 2028 (%)
Figure 36. North America Specification Management Software Market Breakdown, by Country, 2020 & 2028 (%)
Figure 37. US Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 38. Canada Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 39. Mexico Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 40. Europe Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 41. Europe Specification Management Software Market Breakdown, By Type, 2020 & 2028 (%)
Figure 42. Europe Specification Management Software Market Breakdown, By End-Use Industry, 2020 & 2028 (%)
Figure 43. Europe Specification Management Software Market Breakdown, By Application, 2020 & 2028 (%)
Figure 44. Europe Specification Management Software Market Breakdown, by Country, 2018 & 2027(%)
Figure 45. UK Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 46. Germany Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 47. France Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 48. Italy Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 49. Russia Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 50. Rest of Europe Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 51. APAC Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 52. APAC Specification Management Software Market Breakdown, By Type, 2020 & 2028 (%)
Figure 53. APAC Specification Management Software Market Breakdown, By End-Use Industry, 2020 & 2028 (%)
Figure 54. APAC Specification Management Software Market Breakdown, By Application, 2020 & 2028 (%)
Figure 55. APAC Specification Management Software Market Breakdown, by Country, 2020 & 2028 (%)
Figure 56. China Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 57. Japan Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 58. India Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 59. South Korea Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 60. Australia Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 61. Rest of APAC Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
Figure 62. MEA Specification Management Software Market, Revenue and Forecast to 2028 (USD Mn)
Figure 63. MEA Specification Management Software Market Breakdown, By Type, 2020 & 2028 (%)
Figure 64. MEA Specification Management Software Market Breakdown, By End-Use Industry, 2020 & 2028 (%)
Figure 65. MEA Specification Management Software Market Breakdown, By Application, 2020 & 2028 (%)
Figure 66. MEA Specification Management Software Market Breakdown, By Country, 2020 & 2028 (%)
Figure 67. Saudi Arabia Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 68. UAE Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 69. South Africa Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 70. Rest of MEA Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 71. South America Specification Management Software Market, Revenue and Forecast To 2028 (USD Mn)
Figure 72. South America Specification Management Software Market Breakdown, By Type, 2020 & 2028 (%)
Figure 73. South America Specification Management Software Market Breakdown, By End-Use Industry, 2020 & 2028 (%)
Figure 74. South America Specification Management Software Market Breakdown, By Application, 2020 & 2028 (%)
Figure 75. SAM Specification Management Software Market Breakdown, by Country, 2020 & 2028 (%)
Figure 76. Brazil Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 77. Argentina Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 78. Rest of SAM Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 79. Impact of COVID-19 Pandemic on Market in North American Countries
Figure 80. Impact of COVID-19 Pandemic in Europe Country Markets
Figure 81. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 82. Impact of COVID-19 Pandemic in Middle East and Africa Country Markets
Figure 83. Impact of COVID-19 Pandemic in South America Country Markets
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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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