Raw Materials Management Segment to Dominate North America Specification Management Software Market During 2021–2028   

According to a new market research study on “North America 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$ 220.60 million by 2028 from US$ 139.33 million in 2021. The market is estimated to grow at a CAGR of 6.8% from 2021 to 2028. The report provides trends prevailing in the North America specification management software market along with the drivers and restraints pertaining to the market growth. Rising production of pharmaceutical products and growing FMCG sector across the region are the major factor driving the growth of the North America specification management software market. However, concerns related to cost and security hinders the growth of North America specification management software market.

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.

The North America 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 North America 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 North America 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 raw materials management segment dominated the North America specification management software market in 2020 and packaging management segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the US, Canada, and Mexico.

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 North America 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.