Cloud-Based Segment to Dominate Europe Specification Management Software Market During 2021–2028    

According to a new market research study on “Europe 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$ 208.42 million by 2028 from US$ 112.86 million in 2021. The market is estimated to grow at a CAGR of 9.2% from 2021 to 2028. The report provides trends prevailing in the Europe specification management software market along with the drivers and restraints pertaining to the market growth. Rising FMCG sector across the region and increasing production of pharmaceutical products are the major factor driving the growth of the Europe specification management software market. However, issues related to security and cost hinders the growth of Europe specification management software market.

In case of COVID-19, Europe is highly affected specially France and Russia. In Europe, the COVID-19 pandemic has a different impact on different countries, as only selective countries have witnessed the rise in the number of cases and subsequently attracted strict, as well as prolonged, lockdown periods or social isolation norms. However, Western European countries have seen a comparatively modest decrease in their growth activities because of the robust healthcare systems. The sudden outbreak of the COVID-19 pandemic across the region has not only led to the standstill of business operations but have also led to the closure of several small and medium enterprises across the region. In the initial three to four months of 2020, the region has experienced a dip in technological investments across the country. However, the region rapidly adopted remote working culture thereby utilizing digital platform for business operations. The UK’s logistics and transportation sector are widely spread and handles significantly higher volumes of food & beverage, pharmaceuticals & chemicals. Attributing to the rise in the number of COVID-19 infected patients, the British government-imposed lockdown measures with an aim to contain the spread of the virus. This has risen the adoption of specification management software to move higher volumes of produced pharmaceuticals from the production units to warehouses. Pertaining to the fact that Germany, Denmark, the Netherlands, Switzerland, and Italy are fastest-growing exporters of medicines and drugs, the scope of specification management software among pharma business in mentioned countries will continue to rise.

The Europe 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 Europe 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 Europe 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 Europe 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 UK, Germany, France, Italy, Russia, and rest of Europe.  

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 Europe 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.