North America Specification Management Software Market Drivers and Forecasts by 2028

The North America specification management software market is expected to grow from US$ 139.33 million in 2021 to US$ 220.60 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028.

The US, Canada, and Mexico are economies in North America. Rising production of pharmaceutical products is expected to escalate the market growth. 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 region, 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 authorities across the region rigorously focus on regulatory compliance by pharmaceutical companies, thus ensuring the maintenance of quality standards across the 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. Increasing production of pharmaceutical products will escalate the demand of specification management software, thereby driving the North America specification management software market growth.

In case of COVID-19, North America is highly affected specially the US. The unprecedented rise in number of COVID-19 cases across the US and the subsequent lockdown to combat the spread of the virus across the country in the first two quarters of 2020 have led to numerous businesses to come on a standby situation. Technological investments in 2020 experienced a dip owing to the above-mentioned reasons, thereby impacting the growth of the market. However, the sudden lockdown has impacted the way businesses work thereby leading to the adoption of digital platforms for carrying out business operation from remote locations. Favorable government policies to boost innovation and reinforce infrastructure capabilities, North America have the highest acceptance and development rate of emerging technologies. Since the US has a larger density of specification management market players, the outbreak has severely affected the production of each. This factor has spurred the adoption of specification management across different industries namely: FMCG, pharmaceuticals, manufacturing, chemical, and many other industries. However, on the negative side, the slower than usual production had adversely affected the growth of the market during the initial months of COVID-19 spread when the restriction on human movement was stringent. But, in the forecast period the market is expected to witness a rapid growth by the industries.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America specification management software market. The North America specification management software market is expected to grow at a good CAGR during the forecast period.

North America Specification Management Software Market Segmentation   

North America Specification Management Software Market – By Type

• Cloud-Based
• On-Premises

North America Specification Management Software Market – By End-Use Industry

• FMCG
• Pharmaceutical
• Others

North America Specification Management Software Market – By Application

• Raw Materials Management
• Formula and Ingredients Management
• Packaging Management
• Document Management
• Others

North America Specification Management Software Market, by Country

• US
• Canada
• Mexico

North America Specification Management Software Market - Companies Mentioned

• Accompa, Inc.
• DocXellent 
• Emerson Electric Co.
• Esko-Graphics BV.
• Isolocity
• Lascom    
• PiLog Group
• QADEX
• SAP SE
• Siemens AG

North America Specification Management Software Report Scope