Packaging Management Segment to Dominate MEA Specification Management Software Market During 2021–2028
According to The Insight Partners market research study on “MEA Specification Management Software Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, End-Use Industry, and Application” is expected to reach US$ 63.80 million by 2028 from US$ 37.67 million in 2021. The market is estimated to grow at a CAGR of 7.8% from 2021 to 2028. The report provides trends prevailing in the MEA specification management software market along with the drivers and restraints pertaining to the market growth. Integration with advanced and sophisticated technologies and burgeoning popularity of cloud-based specification management platforms are the major factor driving the growth of the MEA specification management software market. However, obstacles related to cost and security hinders the growth of MEA specification management software market.
In case of COVID-19, MEA is highly affected especially South Africa followed by Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait. Saudi Arabia's economy shrank by 7% in the second quarter, indicating how hard the latest coronavirus struck both the oil and non-oil industries, and unemployment reached a new high of 15.4%. The sudden spread of the pandemic resulted to a standstill in the economy and declined the technological investments of the companies across the region, thereby leaving a negative impact on the adoption of specification management software. It is becoming clear with the COVID-19 pandemic spreading through the above-mentioned countries that few can avoid its effects, posing major challenges for all sectors including food & beverage, retail, and pharmaceutical. The COVID-19 outbreak has highly disrupted the supply and demand gap in the adoption of specification management software in MEA countries. Thus, the above-mentioned factors expected to contribute to the high adoption of specification management software, thereby positively impacting the market growth.
The MEA specification management software market is segmented on the basis of type, end-use industry, application, and country. Based on type, the market is bifurcated into cloud-based and on-premises. The cloud-based segment dominated the MEA specification management software market in 2020 and on-premises segment is expected to be fastest growing during forecast period. Based on end-use industry, the market is bifurcated into FMCG, pharmaceutical, and others. The FMCG segment dominated the MEA specification management software market in 2020 and pharmaceutical segment is expected to be fastest growing during forecast period. By application, the market is bifurcated into raw materials management, formula and ingredients management, packaging management, document management, and others. The packaging management segment dominated the MEA specification management software market in 2020 and same segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the UAE, Saudi Arabia, South Africa, and rest of MEA.
Accompa, Inc.; DocXellent; Emerson Electric Co.; Esko-Graphics BV.; Isolocity; Lascom; PiLog Group; QADEX; SAP SE; and Siemens AG are among the leading companies in the MEA specification management software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Emerson announced that it has made an equity investment in Fluxa, whose Process & Knowledge Management (PKMTM) software manages product and process specifications seamlessly throughout the product development lifecycle.