The specification management software market is expected to grow from US$ 404.66 million in 2021 to US$ 720.92 million by 2028; it is estimated to grow at a CAGR of 8.6% during 2021-2028.

FMCG, pharmaceuticals, logistics, and manufacturing companies 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 forward to adopting cost-effective 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 process, alongside maintaining complete transparency. The company offers its quick and easy-to-implement product lifecycle management software 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, along with reducing internal and external costs. As a result, cloud-based specification management software is emerging as an important trend in the specification management software market.

The specification management software market is segmented on the bases of type, end-use industry, application and geography. Based on type, the market is bifurcated into cloud-based and on-premises. The cloud-based segment accounted for a larger market share in 2020. Based on end-use industry, the specification management software market is segmented into fast moving consumer goods (FMCG), pharmaceutical, and others. In 2020, the FMCG segment accounted for the substantial share of the market. Based on application, the specification management software market is segment into raw materials management, formula and ingredients management, packaging management, document management, and other applications. The packaging management segment held the largest share of the market in 2020. Based on geography, the specification management software market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for the significant share in the global market.

In Europe, the COVID-19 pandemic had varied impact on different countries, as only selective countries witnessed the rise in the number of cases and subsequently attracted strict, as well as prolonged, lockdown periods or social isolation measures. Western European countries such as Germany, France, Russia, and the UK experienced a comparatively modest decrease in their growth activities because of the robust healthcare systems in these countries. The outbreak led to the discontinuation of business operations and shuttering of several small and medium enterprises in the region. In the first 3-4 months of 2020, Europe experienced a dip in technological investments. However, the region rapidly adopted remote working culture and adopted digital platforms for effective business operations. The UK's logistics and transportation sector is widely spread and handles significantly higher volumes of food & beverages, pharmaceuticals, and chemicals. Surge rise in the number of COVID-19 infected patients led the British government to impose lockdown measures, multiple times, to contain the spread of the virus. This triggered the adoption of specification management software to move higher volumes of pharmaceutical produce from the production units to warehouses. As Germany, Denmark, the Netherlands, Switzerland, and Italy are among the fastest-growing exporters of medicines and drugs, the use of specification management software in pharmaceuticals companies in these countries would continue to rise in the coming years.

The overall specification management software market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the specification management software market with respect to all the segments. It also provides the overview and forecast of the market based on all the segmentation provided with respect to five major regions-North America, Europe, APAC, MEA, and SAM. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process typically include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the specification management software market.

A few of the major players operating in the global specification management software market are Accompa, Inc.; Esko-Graphics BV.; Emerson Electric Co.; Lascom; Siemens AG; SAP SE; DocXellent; Isolocity; PiLog Group; QADEX; and SPECRIGHT.