According to the latest market research report released by Technavio, the global chemical software market is expected to accelerate at a CAGR of over 11% during the forecast period. The need to adhere to regulations is one of the key factors triggering the growth of the market.
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According to the latest market research report released by Technavio, the global chemical software market is expected to accelerate at a CAGR of over 11% until 2022. (Graphic: Business Wire)
This research report titled 'Global Chemical Software Market 2018-2022' provides an in-depth analysis of the market in terms of revenue and emerging market trends. It also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global chemical software market into the following application:
- Chemical process simulation
- Inventory management
- ISO management
In 2017, the chemical process simulation segment accounted for 36.70% of the global market and is projected to decline to 36.24% by 2022, exhibiting almost 0.46% decrease in market share.
Global chemical software market: Top emerging trend
Digital transformation and automation of the chemical industry is an emerging driver in the global chemical software market. Digitization of the chemical industry in numerous 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 key 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. In addition, automation in the chemical sector has attracted investments in IT solutions. Subsequently, as the number of plants increases in the chemical sector, it becomes more 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 solutions is expected to increase in the chemical sector, in turn driving the chemical software market over the forecast period.
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Technavio's report provides expert market research on the following topics:
- Market Outline
- Global Chemical Software Market Overview
- Market Sizing and Forecasts
- Market Growth
- Market Drivers and Challenges
- Key Emerging Trends
Market Segmentation Analysis
- Regional comparison (APAC, Americas, and EMEA)
- Key leading countries
- Market segmentation by application (chemical process simulation, inventory management, and ISO management)
- Vendor classification
- Market positioning of vendors
- Competitive scenario
- Analysis of top vendors (ANSYS, Frontline Data Solutions, RURO, and SFS Chemical Safety)
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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