North America Specification Management Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Cloud-Based and On-Premises), End-Use Industry (FMCG, Pharmaceutical, and Others), and Application (Raw Materials Management, Formula and Ingredients Management, Packaging Management, Document Management, and Others)
Market Introduction
The US, Canada, and Mexico are the key contributors to the specification management software market in North America. North America is one of the frontrunners in terms of developing and accepting new and advanced technologies across all markets, including consumer products and pharmaceuticals. The significant adoption of technologies in the last five years across the industries to automate processes and simplify other management operations has fueled the demand for specification management software in the region. The fast-moving consumer goods market across countries, such as the US, Canada, and Mexico, has experienced rapid growth over the years. The industry across the region 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, has allowed the business to significantly boost earnings. The fast-moving consumer goods industry consists of various products, such as food and beverages, toiletries, stationery, cleaning and laundry products, plastic goods, and personal care products. These industries are regulated by various bodies, which influences the companies to all compliance. For instance, the food & beverage industry is regulated by the US Food and Drug Administration (FDA), thereby influencing the manufacturing companies to follow specified regulations to produce the SKUs. All such factors are contributing to the growth of the specification management software market in North America.
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.
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Market Overview and Dynamics
The North America specification management software market is expected to grow from US$ 139.33 million in 2021 to US$ 220.60 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028. Companies in the FMCG, pharmaceuticals, logistics, and manufacturing industries are scaling up their business activities to meet the growing demands, which is one of the key forces driving the adoption of advanced specification management tools. 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 ahead to adopt cost-effective and collaborative solutions to accomplish their predetermined digital goals. As a result, free and cloud-based platforms for quality management, packaging, and document management are expected to gain great momentum. Specification management software allow end users to automate the management approval workflow process for business and maintain complete transparency. Lascom created a cloud platform for product creation and innovation. The company offers its product lifecycle management software, a quick and easy-to-implement solution, for enterprises in the food & beverages, personal care and cosmetics, and retail industries. Migrating specification proofing and approval to an online mode enables enterprises to have high-speed specification approvals and product launches, alongside reducing internal and external costs. As a result, cloud-based specification management software is emerging as an important trend in the North America market.
Key Market Segments
In terms of type, the cloud-based segment accounted for the largest share of the North America specification management software market in 2020. In terms of end-use industry, the FMCG segment held a larger market share of the North America specification management software market in 2020. Further, the raw materials management segment held a larger share of the North America specification management software market based on application in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America specification management software market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Accompa, Inc.; DocXellent; Emerson Electric Co.; Esko-Graphics BV.; Isolocity; Lascom; PiLog Group; QADEX; SAP SE; and Siemens AG.
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North America Specification Management Software Market Segmentation
North America Specification Management Software Market - By Type
- Cloud-Based
- On-Premises
North America Specification Management Software Market - By End-Use Industry
- FMCG
- Pharmaceutical
- Others
North America Specification Management Software Market - By Application
- Raw Materials Management
- Formula and Ingredients Management
- Packaging Management
- Document Management
- Others
North America Specification Management Software Market - By Country
- US
- Canada
- Mexico
North America Specification Management Software Market - Company Profiles
- Accompa, Inc.
- DocXellent
- Emerson Electric Co.
- Esko-Graphics BV.
- Isolocity
- Lascom
- PiLog Group
- QADEX
- SAP SE
- Siemens AG
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Specification Management Software Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Specification Management Software Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Rising Production of Pharmaceutical Products
5.1.2 Growing FMCG Sector across the Region
5.2 Market Restraint
5.2.1 Concerns Related to Cost and Security
5.3 Market Opportunities
5.3.1 Increasing Popularity of Cloud-based Specification Management Platforms
5.4 Future Trends
5.4.1 Rise of Advanced and Sophisticated Technologies
5.5 Impact Analysis of Drivers and Restraints
6. Specification Management Software Market – North America Analysis
6.1 North America Specification Management Software Market Overview
6.2 North America Specification Management Software Market –Revenue and Forecast to 2028 (USD Million)
7. North America Specification Management Software Market Analysis – By Type
7.1 Overview
7.2 North America Specification Management Software Market Breakdown, by Type, 2020 and 2028
7.3 Cloud-Based
7.3.1 Overview
7.3.2 Cloud-Based: Specification Management Software Market Revenue and Forecast to 2028 (USD Million)
7.4 On-Premises
7.4.1 Overview
7.4.2 On-Premises: Specification Management Software Market Revenue and Forecast to 2028 (USD Million)
8. North America Specification Management Software Market Analysis – By End-Use Industry
8.1 Overview
8.2 North America Specification Management Software Market, by End-Use Industry (2020 and 2028)
8.3 FMCG
8.3.1 Overview
8.3.2 FMCG: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
8.4 Pharmaceuticals
8.4.1 Overview
8.4.2 Pharmaceuticals: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
8.5 Others
8.5.1 Overview
8.5.2 Others: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
9. North America Specification Management Software Market Analysis – By Application
9.1 Overview
9.2 North America Specification Management Software Market, by Application (2020 and 2028)
9.3 Raw Material Management
9.3.1 Overview
9.3.2 Raw Material Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
9.4 Formula and Ingredients Management
9.4.1 Overview
9.4.2 Formula and Ingredients Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
9.5 Packaging Management
9.5.1 Overview
9.5.2 Packaging Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
9.6 Document Management
9.6.1 Overview
9.6.2 Document Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
9.7 Others
9.7.1 Overview
9.7.2 Others: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
10. North America Specification Management Software Market – Country Analysis
10.1 Overview
10.1.1 North America Specification Management Software Market Breakdown, by Country
10.1.1.1 US Specification Management Software Market, Revenue and Forecast to 2028
10.1.1.1.1 US Specification Management Software Market Breakdown, by Type
10.1.1.1.2 US Specification Management Software Market Breakdown, by End-Use Industry
10.1.1.1.3 US Specification Management Software Market Breakdown, by Application
10.1.1.2 Canada Specification Management Software Market, Revenue and Forecast to 2028
10.1.1.2.1 Canada Specification Management Software Market Breakdown, by Type
10.1.1.2.2 Canada Specification Management Software Market Breakdown, by End-Use Industry
10.1.1.2.3 Canada Specification Management Software Market Breakdown, by Application
10.1.1.3 Mexico Specification Management Software Market, Revenue and Forecast to 2028
10.1.1.3.1 Mexico Specification Management Software Market Breakdown, by Type
10.1.1.3.2 Mexico Specification Management Software Market Breakdown, by End-Use Industry
10.1.1.3.3 Mexico Specification Management Software Market Breakdown, by End-Use Industry
11. Impact of COVID-19 Pandemic on North America Specification Management Software Market
11.1 North America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
13. Company Profiles
13.1 Accompa, Inc.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Esko-Graphics BV.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Emerson Electric Co.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Lascom
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Siemens AG
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 SAP SE
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 DocXellent
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Isolocity
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 PiLog Group
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 QADEX
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. North America Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Table 2. North America Specification Management Software Market, Revenue and Forecast To 2028 – By Country (USD Mn)
Table 3. US Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 4. US Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 5. US Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 6. Canada Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 7. Canada Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 8. Canada Specification Management Software Market, Revenue and Forecast to 2028 – By Application (USD Mn)
Table 9. Mexico Specification Management Software Market, Revenue and Forecast to 2028 – By Type (USD Mn)
Table 10. Mexico Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry(USD Mn)
Table 11. Mexico Specification Management Software Market, Revenue and Forecast to 2028 – By End-Use Industry (USD Mn)
Table 12. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Specification Management Software Market Segmentation
Figure 2. North America Specification Management Software Market Segmentation – By Country
Figure 3. North America Specification Management Software Market Overview
Figure 4. Cloud-Based Segment held Largest Market Share in 2020
Figure 5. FMCG Segment held Largest Market Share in 2020
Figure 6. Raw Materials Management Segment held Largest Market Share in 2020
Figure 7. The US held Largest Market Share in 2020
Figure 8. North America: PEST Analysis
Figure 9. Expert Opinion
Figure 10. North America Specification Management Software Market: Impact Analysis of Drivers and Restraints
Figure 11. North America Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 12. North America Specification Management Software Market Revenue Share, by Type (2020 and 2028)
Figure 13. North America Cloud-Based: Specification Management Software Market Revenue and Forecast to 2028 (USD Million)
Figure 14. North America On-Premises: Specification Management Software Market Revenue and Forecast to 2028 (USD Million)
Figure 15. North America Specification Management Software Market Revenue Share, by End-Use Industry (2020 and 2028)
Figure 16. North America FMCG: Specification Management Software – Revenue and Forecast to 2028 (USD Million)
Figure 17. North America Pharmaceuticals: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 18. North America Others: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 19. North America Specification Management Software Market Revenue Share, by Application (2020 and 2028)
Figure 20. North America Raw Material Management: Specification Management Software – Revenue and Forecast to 2028 (USD Million)
Figure 21. North America Formula and Ingredients Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 22. North America Packaging Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 23. North America Document Management: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 24. North America Others: Specification Management Software Market – Revenue and Forecast to 2028 (USD Million)
Figure 25. North America: Specification Management Software Market, by Key Country – Revenue (2020) (USD Million)
Figure 26. North America Specification Management Software Market Breakdown, by Country, 2020 & 2028 (%)
Figure 27. US Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 28. Canada Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 29. Mexico Specification Management Software Market, Revenue and Forecast, 2018–2028 (USD Mn)
Figure 30. Impact of COVID-19 Pandemic on Market in North American Countries
- Accompa, Inc.
- DocXellent
- Emerson Electric Co.
- Esko-Graphics BV.
- Isolocity
- Lascom
- PiLog Group
- QADEX
- SAP SE
- Siemens AG
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