Middle East and Africa Specification Management Software Market
No. of Pages: 112 | Report Code: TIPRE00025446 | Category: Technology, Media and Telecommunications
No. of Pages: 112 | Report Code: TIPRE00025446 | Category: Technology, Media and Telecommunications
The MEA specification management software market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of MEA. With the rise in digitalization in the region and the adoption of advanced and automated solutions across the MEA economy, the demand for specification management solutions across the FMCG and pharma industries has surged over the years. The pharmaceutical industry in the UAE is experiencing growth owing to government support through incentive schemes for increasing domestic production, a brand-friendly environment, and rising health care needs. Several new pharmaceutical plants are being launched in the country over the last decade. A few major pharma companies across the region include Pfizer, Sanofi, Novartis, Tabuk, and SPIMACO. Thus, owing to the rapid growth of the pharmaceutical industry across the MEA is expected to influence the growth of the specification management software market over the years. The food and beverage sector of the region has experienced a rise in revenues over the years. A few major reasons for the growth of the sector are increasing population, high GDP per capita, and rising tourist arrivals across the region. According to Euromonitor 2018, fresh food and packaged food sales in the UAE totaled US$ 8 billion and US$ 5.5 billion, respectively. Thus, this rise in demand for packaged food due to consumers’ convenience across the region is influencing the manufacturing of such items, which is contributing to the growth of the specification management software market.
In case of COVID-19, MEA is highly affected especially South Africa followed by Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait. Saudi Arabia's economy shrank by 7% in the second quarter, indicating how hard the latest coronavirus struck both the oil and non-oil industries, and unemployment reached a new high of 15.4%. The sudden spread of the pandemic resulted to a standstill in the economy and declined the technological investments of the companies across the region, thereby leaving a negative impact on the adoption of specification management software. It is becoming clear with the COVID-19 pandemic spreading through the above-mentioned countries that few can avoid its effects, posing major challenges for all sectors including food & beverage, retail, and pharmaceutical. The COVID-19 outbreak has highly disrupted the supply and demand gap in the adoption of specification management software in MEA countries. Thus, the above-mentioned factors expected to contribute to the high adoption of specification management software, thereby positively impacting the market growth.
Strategic insights for the Middle East and Africa Specification Management Software provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 37.67 Million |
| Market Size by 2028 | US$ 63.80 Million |
| Global CAGR (2021 - 2028) | 7.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa Specification Management Software refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The MEA specification management software market is expected to grow from US$ 37.67 million in 2021 to US$ 63.80 million by 2028; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028. Escalating FMCG sector across the region is expected to fuel the MEA specification management software market. The fast-moving consumer goods (FMCG) sector is under continuous pressure of launching newer products. All product launch experiences product development cycle to provide each project in a specified time frame. The FMCG sector is constantly experiencing healthy growth, which is mainly ascribed to the adoption of smart retailing. The smart retailing concept compels retailers to continuously focus on fulfilling continuously evolving consumer requirements as well as on providing an enhanced and convenient shopping experience to the consumers. In the consumer goods industry, specification management software is deployed in processes such as raw material management, packaging, and product detail documentation. Packaging holds utmost importance as it is the first aspect consumers observe and touch. Furthermore, the quality of the product continues to be the main concern for consumers. Thus, the companies, especially in the consumer goods industry, continuously focus on delivering standard-quality products in a timely and hassle-free manner. The consequent requirement of upgrading the processes, services, and outcomes requires technology intervention, which is boosting the adoption of specification management software. As a result, the adoption of specification management software for document management, packaging management, and artwork management is on the rise in the FMCG sector, thereby driving the MEA market growth.
In terms of type, the cloud-based segment accounted for the largest share of the MEA specification management software market in 2020. In terms of end-use industry, the FMCG segment held a larger market share of the MEA specification management software market in 2020. Further, the packaging management segment held a larger share of the MEA specification management software market based on application in 2020.
A few major primary and secondary sources referred to for preparing this report on the MEA 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.
The Middle East and Africa Specification Management Software Market is valued at US$ 37.67 Million in 2021, it is projected to reach US$ 63.80 Million by 2028.
As per our report Middle East and Africa Specification Management Software Market, the market size is valued at US$ 37.67 Million in 2021, projecting it to reach US$ 63.80 Million by 2028. This translates to a CAGR of approximately 7.8% during the forecast period.
The Middle East and Africa Specification Management Software Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East and Africa Specification Management Software Market report:
The Middle East and Africa Specification Management Software Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa Specification Management Software Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa Specification Management Software Market value chain can benefit from the information contained in a comprehensive market report.
Office No. 1011, First floor, Farena Corporate Park, Magarpatta-Mundhwa road, Pune - 411028, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For Middle East and Africa Specification Management Software Market
