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.
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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.
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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.
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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.
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