Technavio market research analysts forecast the global chemical software market to grow at a CAGR of more than 11% during the period 2018-2022, according to their latest report.
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Technavio has published a new market research report on the global chemical software market 2018-2022 under their ICT library. (Photo: Business Wire)
This market research report segments the global chemical software market into the following applications (chemical process simulation, inventory management, and ISO management) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the digital transformation and automation of the chemical industry as a key factor contributing to the growth of the global chemical software market:
Digital transformation and automation of the chemical industry
Digitization of the chemical industry in several developed nations such as the US, Germany, France, Italy, and China has created the demand for IT solutions. The digital transformation of the chemical industry is a major driver in the adoption of the chemical software in the chemical industry. Modernization of the chemical industry has increased the procurement of most advanced IT solutions such as chemical process simulation, inventory management, analytics, and IoT to reduce waste and enhance productivity.
Furthermore, automation in the chemical sector has attracted investments in IT solutions. Fully automated IT systems in organizations operating under the chemical sector attract significant investments in IT solutions. Industrial automation solutions such as supervisory control and data acquisition (SCDA), programmable logic control (PLC), and computer software (CS) remained the top selection of enterprises in 2017. Also, clean environment initiatives in many countries have helped the market to attract significant IT spending in the chemical industry.
According to a senior analyst at Technavio forIT professional services, "There is an increase in the number of plants in the chemical sector. This has made it difficult to manage, monitor, and maintain the data in an organization. With the increase in the number of central inventory software, the demand for IoT solutionsis anticipated to increase in the chemical sector. This is further fueling the growth of the chemical software market."
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Global chemical software market segmentation
Of the three major applications, the chemical process simulation segment held the largest market share in 2017, accounting for nearly 37% of the market. The inventory management segment held the second largest share in the market. It was followed by the ISO management segment that contributed for the least share in the market.
The Americas was the leading region for the global chemical software market in 2017, accounting for a market share of close to 42%. It was followed by the EMEA and the APAC regions respectively. The Americas and EMEA are mature markets in terms of revenue and adoption of technology.
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