FMCG Segment to Dominate APAC Specification Management Software Market During 2021–2028     

According to a new market research study on “APAC 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$ 200.71 million by 2028 from US$ 95.50 million in 2021. The market is estimated to grow at a CAGR of 11.2% from 2021 to 2028. The report provides trends prevailing in the APAC specification management software market along with the drivers and restraints pertaining to the market growth. Increasing popularity of cloud-based specification management platforms and growth of advanced and sophisticated technologies are the major factor driving the growth of the APAC specification management software market. However, complications related to security and cost hinders the growth of APAC specification management software market.

In case of COVID-19, APAC is highly affected specially India. The rapid outbreak of the COVID-19 pandemic has led to strict lockdowns across the region since the starting of 2020. Some part of the region like India are still facing lockdowns owing to the rising cases across the country. The region has been experienced a closure of all business activities in the initial moths of 2020, thereby leading to declining investment in any form of technologies and increase in digital adoption to carry on daily business operation from remote locations. China is one of the leading manufacturing countries in the region, and initially, the most affected country in APAC, owing to this, the manufacturing facilities have been witnessing severe conditions in its manufacturing sufficient volumes of products. In addition, the specification management software market in APAC is dominated by China since the country has a significantly higher number of manufacturers. The fewer workforce in each of the production facilities has resulted in limited production, thereby leading the manufacturers to witness the loss. Nevertheless, since May 2020, the Chinese manufacturing facilities have started operating with higher manpower, which begun showcasing a positive trend in the specification management software market in China. Japan and India are the other two critical countries in the specification management software market. As China, Japan, Taiwan, and South Korea are known for having strong base of manufacturing units, the penetration of specification management software has declined due to temporary closure of manufacturing plants. However, with business getting resumed, the scope of the same will expand gradually.

The APAC 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 APAC 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 APAC 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 APAC specification management software market in 2020 and document management segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC.    

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 APAC 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, To increase the speed of design process, Sonnenwagen uses Teamcenter, a tool within Siemens’ Xcelerator portfolio of integrated software and services.