Global Chemical Software Market 2019-2023 | 8% CAGR Projection over the Next Five Years | Technavio

LONDON--(BUSINESS WIRE)--lt;a href="https://twitter.com/hashtag/InformationTechnology?src=hash" target="_blank"gt;#InformationTechnologylt;/agt;--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.



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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