North America Specification Management Software Market Drivers and Forecasts by 2028
North America Specification Management Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Cloud-Based and On-Premises), End-Use Industry (FMCG, Pharmaceutical, and Others), and Application (Raw Materials Management, Formula and Ingredients Management, Packaging Management, Document Management, and Others)
- Report Date : Oct 2021
- Report Code : TIPRE00025447
- Category : Technology, Media and Telecommunications
- Status : Published
- Available Report Formats :
- No. of Pages : 108
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.
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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. North America Specification Management Software Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Specification Management Software Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Rising Production of Pharmaceutical Products
5.1.2 Growing FMCG Sector across the Region
5.2 Market Restraint
5.2.1 Concerns Related to Cost and Security
5.3 Market Opportunities
5.3.1 Increasing Popularity of Cloud-based Specification Management Platforms
5.4 Future Trends
5.4.1 Rise of Advanced and Sophisticated Technologies
5.5 Impact Analysis of Drivers and Restraints
6. Specification Management Software Market – North America Analysis
6.1 North America Specification Management Software Market Overview
6.2 North America Specification Management Software Market –Revenue and Forecast to 2028 (USD Million)
7. North America Specification Management Software Market Analysis – By Type
7.1 Overview
7.2 North America 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. North America Specification Management Software Market Analysis – By End-Use Industry
8.1 Overview
8.2 North America 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. North America Specification Management Software Market Analysis – By Application
9.1 Overview
9.2 North America 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. North America Specification Management Software Market – Country Analysis
10.1 Overview
10.1.1 North America Specification Management Software Market Breakdown, by Country
10.1.1.1 US Specification Management Software Market, Revenue and Forecast to 2028
10.1.1.1.1 US Specification Management Software Market Breakdown, by Type
10.1.1.1.2 US Specification Management Software Market Breakdown, by End-Use Industry
10.1.1.1.3 US Specification Management Software Market Breakdown, by Application
10.1.1.2 Canada Specification Management Software Market, Revenue and Forecast to 2028
10.1.1.2.1 Canada Specification Management Software Market Breakdown, by Type
10.1.1.2.2 Canada Specification Management Software Market Breakdown, by End-Use Industry
10.1.1.2.3 Canada Specification Management Software Market Breakdown, by Application
10.1.1.3 Mexico Specification Management Software Market, Revenue and Forecast to 2028
10.1.1.3.1 Mexico Specification Management Software Market Breakdown, by Type
10.1.1.3.2 Mexico Specification Management Software Market Breakdown, by End-Use Industry
10.1.1.3.3 Mexico Specification Management Software Market Breakdown, by End-Use Industry
11. Impact of COVID-19 Pandemic on North America Specification Management Software Market
11.1 North America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
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
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. North America Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Table 2. North America Specification Management Software Market, Revenue and Forecast To 2028 – By Country (USD Mn)
Table 3. US Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 4. US Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 5. US Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 6. Canada Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 7. Canada Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 8. Canada Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 9. Mexico Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 10. Mexico Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry(USD Mn)
Table 11. Mexico Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 12. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Specification Management Software Market Segmentation
Figure 2. North America Specification Management Software Market Segmentation – By Country
Figure 3. North America Specification Management Software Market Overview
Figure 4. Cloud-Based Segment held Largest Market Share in 2020
Figure 5. FMCG Segment held Largest Market Share in 2020
Figure 6. Raw Materials Management Segment held Largest Market Share in 2020
Figure 7. The US held Largest Market Share in 2020
Figure 8. North America: PEST Analysis
Figure 9. Expert Opinion
Figure 10. North America Specification Management Software Market: Impact Analysis of Drivers and Restraints
Figure 11. North America Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 12. North America Specification Management Software Market Revenue Share, by Type (2020 and 2028)
Figure 13. North America Cloud-Based: Specification Management Software Market Revenue and Forecast to 2028 (USD Million)
Figure 14. North America On-Premises: Specification Management Software Market Revenue and Forecast to 2028 (USD Million)
Figure 15. North America Specification Management Software Market Revenue Share, by End-Use Industry (2020 and 2028)
Figure 16. North America FMCG: Specification Management Software – Revenue and Forecast to 2028 (USD Million)
Figure 17. North America Pharmaceuticals: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 18. North America Others: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 19. North America Specification Management Software Market Revenue Share, by Application (2020 and 2028)
Figure 20. North America Raw Material Management: Specification Management Software – Revenue and Forecast to 2028 (USD Million)
Figure 21. North America Formula and Ingredients Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 22. North America Packaging Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 23. North America Document Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 24. North America Others: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 25. North America: Specification Management Software Market, by Key Country – Revenue (2020) (USD Million)
Figure 26. North America Specification Management Software Market Breakdown, by Country, 2020 & 2028 (%)
Figure 27. US Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 28. Canada Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 29. Mexico Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 30. Impact of COVID-19 Pandemic on Market in North American Countries
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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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