Specification Management Software - Introduction
- Specification management software is a type of software which helps companies active in various industries to manage and store the product specification details across their entire supply chain.
- Specification management software is primarily used to define product details, which include the information about the raw material availability from supplier, packaging specifications, and helps to ensure the sustainability standard of the product by maintaining quality standards.
- Specification management software is majorly used by product development teams; however, it can also be used in other departments such as procurement, quality control, and sales to automate the values and inputs of structured data.
Global Specification Management Software Market: Dynamics
Global Specification Management Software Market: Key Drivers
- Growing penetration of AI and ML technologies in specification management software adopted by various end-user industries to automate their future business operations is projected to fuel the demand for specification management software during the forecast period
- Increase in adoption of specification management software by various end-users to organize and structure the information about product specifications, product images, pricing, cost, share capacity, and production is a key factor which is anticipated to drive the market
- Rise in demand for specification management software in the pharmaceutical industry to maintain, share, and standardize the supply chain of pharmaceutical products from production units to warehouses and also to improve quality and consistency in their packaging, labels, and artwork is estimated to boost the demand for specification management software during the forecast period
- However, lack of centralization about product information in specification management software hinders the market
- Nevertheless, increasing adoption of specification management software generates significant opportunities for the growth of the market
Impact of COVID-19 on the Global Specification Management Software Market
- The COVID-19 pandemic has had a severe impact on various industries across the globe, which has resulted in economic slowdown in most countries. Thus, it also has had a high impact on various industry sectors.
- Most companies have adopted work from home due to the pandemic situation, for which companies need to provide more attention toward the product lifecycle management process due to remote work culture.
- Adoption of specification management software is increasing to verify product specifications, label, and artwork, by providing virtual assistance to production units of an organization
- Therefore, COVID-19 has propelled the specification management software market during the lockdown situation
North America to Hold Major Share of the Global Specification Management Software Market
- In terms of region, the global specification management software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America is a prominent region in the global specification management software market due to continuous innovations in FMCG industry in the U.S. and Canada, which is expected to fuel the demand for specification management software in the region
- Growing penetration of e-commerce companies in Asia Pacific which rapidly increases internet based services along with real-time access is anticipated to boost the demand for specification management software in the region
- Rising penetration of manufacturing companies in Europe is expected to drive the demand for specification management software in the region
- Growing adoption of advance infrastructure in corporate and manufacturing sectors in Middle East & Africa is expected to boost the demand for specification management software in the region during the forecast period
- Increase in adoption of advanced technologies such as AI, and ML in South America focuses on bringing advancement in the product lifecycle management (PLM) process, which is projected to boost the demand for specification management software in the region
Global Specification Management Software Market: Competition Landscape
- Several prominent players operating in the specification management software market have strong presence in the market and are witnessing rapid technological development
- In February 2021, Emerson Electric Co., a key player in the specification management software market announced investment in Fluxa to develop its process & knowledge management software that predominantly helps to manage product specifications throughout the product development cycle
Key Players Operating in Global Specification Management Software Market Include:
- Accompa Inc.
- Dassault Systemes S.E.
- Esko-Graphics BV.
- Emerson Electric Co.
- Kallik Ltd.
- PiLog Group
- SAP SE
- Specright LLC.
- Siemens AG
Global Specification Management Software Market: Research Scope
Global Specification Management Software Market, by Deployment
Global Specification Management Software Market, by Application
- Raw Materials Management
- Formula & Ingredient Management
- Packaging Management
- Document Management
Global Specification Management Software Market, by Enterprise Size
- Small and Medium Enterprises
- Large Enterprises
Global Specification Management Software Market, by Industry Vertical
- Telecommunication and IT
- Logistics & Transportation
- Retail and Ecommerce
Global Specification Management Software Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
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