On-Premises Segment is Expected to be Fastest Growing During Forecast Period for SAM Region  

According to a new market research study on “SAM 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$ 27.40 million by 2028 from US$ 19.30 million in 2021. The market is estimated to grow at a CAGR of 5.1% from 2021 to 2028. The report provides trends prevailing in the SAM specification management software market along with the drivers and restraints pertaining to the market growth. Increasing production of pharmaceutical products and flourishment of FMCG sector are the major factor driving the growth of the SAM specification management software market. However, security concerns and cost of integration with other existing platforms hinders the growth of SAM specification management software market.  

In case of COVID-19, SAM is highly affected especially Brazil, followed by Ecuador, Chile, Peru, and Argentina, among others. The pandemic has compelled several country governments to impose lockdowns and suspend economic activities to contain the spread of the virus. Owing to the strict lockdown imposed by the governing bodies, the countries experienced a decline in adoption of rapid technologies and automation among all industries across the region. The government of SAM has taken an array of actions to protect their citizens and contain COVID-19’s spread. The COVID-19 outbreak has majorly caused Brazil’s specification management software market disruption in 2020. Countries such as Brazil, Chile, Peru, Colombia experiences higher volume of manufacturing facilities for food & beverage, and pharmaceutical industries which is projected to create a positive impact in the growth of specification management software. Thus, the above-mentioned factors positively impacted the growth of the market in the region.

The SAM 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 SAM 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 SAM specification management software market in 2020 and same 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 SAM 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 Brazil, Argentina, and rest of SAM.    

Accompa, Inc.; Emerson Electric Co.; Esko-Graphics BV.; Isolocity; Lascom; PiLog Group; QADEX; SAP SE; and Siemens AG are among the leading companies in the SAM 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, Emerson announced that it has made an equity investment in Fluxa, whose Process & Knowledge Management (PKMTM) software manages product and process specifications seamlessly throughout the product development lifecycle.