The global chemical software market is expected to post a CAGR of close
to 8% during the period 2019-2023, according to the latest market
research report by Technavio.
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Technavio has published a new market research report on the global chemical software market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global chemical software market
is the rise in digitalization in the chemical industry. The growing
digitalization offers improved plant productivity and reduces supply
chain delays. In addition, it also helps chemical companies in achieving
cost cutting, improving supply chain management, and garnering good
margins on the products. Several chemical companies are opting for
digital technologies and chemical software including process simulation,
advanced analytics, and quality management to optimize their production
process. This helps to promote innovation and functional excellence
along with providing real-time updates that are beneficial for plant
operators. Therefore, growing digitalization in the chemical industry
will further drive the demand for chemical software in the upcoming
years.
As per Technavio, the increased adoption of Industry 4.0 across the
chemical industry will have a positive impact on the market and
contribute to its growth significantly over the forecast period. This global
chemical software market 2019-2023 research report also
analyzes other important trends and market drivers that will affect
market growth over 2019-2023.
Global chemical software market: Increased
adoption of Industry 4.0 across chemical industry
Industry 4.0 pertains to the integration of physical systems and cyber
systems in industrial manufacturing industries. With increasing number
of factories adopting automation, the demand for chemical software has
surged as it facilitates the manufacturing process. The deployment of
Industry 4.0 with existing systems is helping manufacturers gain a
competitive advantage, ensure high operational efficiency and minimize
downtime. In addition, various chemical organizations are adopting
Industry 4.0 to reduce the risks involved in managing supply chains and
in-house operations. As a result, the growing awareness and adoption of
Industry 4.0 will eventually boost the chemical software market revenue
over the next few years.
“The implementation of Industry 4.0 necessitates investments in
specialized software solutions for the key market players in the
chemical industry. Chemical software solutions support
industry-specified production processes including scheduling, predictive
asset management, process management and control, hazardous materials
management, among others. Thus, the increasing implementation of
industry 4.0 will boost the demand for chemical software,” says a
senior research analyst at Technavio.
Global chemical software market: Segmentation
analysis
This market research report segments the global chemical software market
by application (chemical process simulation, inventory management, ISO
management, and others) and geographic regions (North America, Europe,
APAC, MEA, and South America).
North America led the market in 2018, followed by Europe, APAC, MEA, and
South America respectively. The market growth in North America can be
attributed to the presence of global chemical companies that are making
significant investments in technology. In addition, strict laws
associated with the chemical industry are also driving the use of
chemical software in North America.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190529005459/en/