New York, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Specification Management Software Market: Key Insights
According to our new research study on “Specification Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, End-Use Industry, Application, and Geography,” the Specification Management Software Market is projected to reach US$ 720.92 million by 2028 from US$ 385.36 million in 2020; it is expected to grow at a CAGR of 8.60% from 2021 to 2028.
Specification Management Software Market: Competitive Landscape and Key Developments
Accompa, Inc.; Emerson Electric Co.; ENSUR; Esko; Isolocity; Lascom S.A.; PiLog Group; QADEX; Siemens; Specright LLC; and SAP SE are among key players in the specification management software market. The market leaders are focusing on the expansion and diversification of their market presence, and acquisition of new customer base.
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.
Get Exclusive Sample Pages of Specification Management Software Market - COVID-19 Impact and Global Analysis with Strategic Insights at https://www.theinsightpartners.com/sample/TIPRE00018599/
Specification management software assist manufacturers in keeping a track of their products throughout the supply chain. The solution is used to set product and packaging specifications, collaborate with suppliers to satisfy those specifications, and adhere to quality and sustainability standards. Specification management benefits product development teams the most, in addition to other departments such as procurement, quality control, and sales. Specification management also benefits business partners and suppliers, as it promotes transparency in collaborations. The software connects with product lifecycle management (PLM) software and enterprise resource planning (ERP) systems to share product data and monitor operations, which is specifically beneficial in complex supply networks. In highly regulated industries such as food & beverages and pharmaceuticals, the specification management software solutions are integrated with quality management systems. A few of the major factors driving the market's growth include providing a single data repository of product and packaging specifications, as well as defining and managing product specifications such as BOM or recipes. Other factors include ensuring that suppliers meet specifications and adhere to quality standards, as well as managing technical documentation and content from concept to execution.
The North America held the largest share in the specification management software market in 2020, followed by Europe and APAC. The fast-moving consumer goods (FMCG) market across countries such as the US, Canada, and Mexico has experienced rapid growth over the years. The FMCG industry North America experienced a 50% rise in Stock Keeping Units (SKUs) from 2013 to 2020. Continuous innovation, along with a tendency for passing on increases in input costs, allows business to significantly boost their earnings. The FMCG include food and beverages, toiletries, stationery, cleaning and laundry products, plastic goods, and personal care products, and operations in these industries are governed by respective regulatory bodies.
Download Sample PDF Brochure of Specification Management Software Market Growth Research Report at https://www.theinsightpartners.com/sample/TIPRE00018599/
For instance, the food & beverages industry is regulated by the US Food and Drug Administration (FDA. However, the onset of COVID-19 pandemic impacted the way businesses work and drove them toward digital platforms for performing 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 concentration 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.
With a surge in business activities in the pharmaceuticals, food & beverages, consumer goods, and manufacturing industries, the adoption of advanced specification management tools is also on rise across the world. 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 forward to adopting cost-effective solutions to accomplish their predetermined digital goals. Specification management software allow end users to automate the management approval process, alongside maintaining complete transparency. For instance, in December 2020, Kallik announced the operation of its software platform on Amazon Web Services. The company unveiled the Veracity software platform, the first label and artwork management solution that runs entirely on the Amazon Web Services cloud platform.
Order a Copy Specification Management Software Market Shares, Strategies and Forecasts 2021-2028 Research Report at https://www.theinsightpartners.com/buy/TIPRE00018599/
The manufacturers in strongly regulated industries, which are benefitted from the highest possible levels of constant availability and cloud security, and easy onboarding of new labeling and artwork technologies like machine learning and artificial intelligence. Kalik’s platform can ensure effective security and regulatory compliance for manufacturers in industries such as chemicals, MedTech, FMCG, pharmaceuticals, and food & beverages; it would also assist them in executing new artwork and labeling technologies. The adoption of the company’s platform would allow the end-user industries to future-proof their business operations through the adoption of machine learning and artificial intelligence (AI).
Specification Management Software Market: End-Use Industry Overview
Based on end-use industry, the specification management software market is segmented into FMCG, pharmaceutical, and others. The FMCG segment accounted for the largest market share in 2020. Packaged food; toiletries; beverages; stationery; cleaning and laundry products; plastic goods; personal care products; and low-cost consumer electronics, such as mobile phones and headphones, are among the examples of FMCG. Customers connect with businesses through different online and offline channels, therefore digitization is quickly becoming a priority for FMCG brands. Companies may obtain important data from social media platforms, websites, and mobile applications, among others, and they can also directly communicate with their customers. Effective communication with customers allows enterprises to attain improved customer loyalty, thus converting one-time buyers into loyal customers.
Browse Related Reports:
Document Management Software Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Solutions, Services), Deployment Mode (On-Premise, Cloud-Based), Organization Type (SME and Large Enterprise), Application (Healthcare, BFSI, Government, Education, Retail, and others) and Geography - https://www.theinsightpartners.com/reports/document-management-software-market
Trade Promotion Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment Type (Cloud and On-Premise), Application (Small & Medium-Size Enterprises and Large Enterprises), and End-User (Retail and Consumer Goods, IT Services, Pharmaceutical, Manufacturing, and Others) - https://www.theinsightpartners.com/reports/trade-promotion-management-software-market/
Supplier Relationship Management Software Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Deployment (On-Premise, Cloud); Organization Size (Small and Medium Enterprise, Large Enterprise); Industry Vertical (Manufacturing, Retail, Automotive, Transportation and Logistics, Telecom, BFSI, Government, Others) and Geography - https://www.theinsightpartners.com/reports/supplier-relationship-management-software-market
Policy Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premises, Cloud); Enterprise Size (SMEs, Large Enterprise); Industry Vertical (BFSI, Retail, Transportation, IT and Telecom, Others) and Geography - https://www.theinsightpartners.com/reports/policy-management-software-market
Board Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment Type (Cloud, On-premises); End User (BFSI, Education, Healthcare, Government, Others) and Geography - https://www.theinsightpartners.com/reports/board-management-software-market
Construction Drawing Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product Type (Installed-PC, Installed-Mobile, Cloud-Based); End-Users (General Contractors, Building Owners, Independent Construction Managers, Sub-Contractors, Others) and Geography - https://www.theinsightpartners.com/reports/construction-drawing-management-software-market
Distillery Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On premise, Cloud); Enterprise Size (SMEs, Large enterprises) and Geography - https://www.theinsightpartners.com/reports/distillery-management-software-market
Bookkeeper Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Deployment Type (On-premise, Cloud); Organization Size (SMEs, Large Enterprises) and Geography - https://www.theinsightpartners.com/reports/bookkeeper-management-software-market
Construction Jobsite Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product Type (Installed-PC, Installed-Mobile, Cloud-Based); End-User (General Contractors, Building Owners, Independent Construction Managers, Sub-Contractors, Others) and Geography - https://www.theinsightpartners.com/reports/construction-jobsite-management-software-market
Society Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By By Module (Web-Based, Mobile Apps); By Society Size (Small and Medium Societies, Large Societies) and Geography - https://www.theinsightpartners.com/reports/society-management-software-market
Treasury and Risk Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment Type (On-premise, Cloud); Type (Treasury , Investment Management , Risk and Compliance); Application (Corporates, Banks) and Geography - https://www.theinsightpartners.com/reports/treasury-and-risk-management-software-market
Real Estate Management Software Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Product (Enterprise Resource Planning (ERP), Property Management System (PMS), Customer Relationship Management (CRM), Others); End-User (Small Enterprises, Medium Enterprises, Large Enterprises) and Geography - https://www.theinsightpartners.com/reports/real-estate-management-software-market
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release - https://www.theinsightpartners.com/pr/specification-management-software-market
Connect With Us on:
LinkedIn: https://www.linkedin.com/company/7591674/admin/
Twitter: https://twitter.com/tipmarkettrends
Facebook: https://www.facebook.com/theinsightpartners/
YouTube: https://www.youtube.com/c/TheInsightPartners
RSS/Feeds: https://www.theinsightpartners.com/feed/ | https://www.biospace.com/employer/2309254/tip-knowledge-services-pvt-ltd-/
