The calibration management software market is expected to grow by USD 100.84 million during 2020-2024 according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global calibration management software market 2020-2024 (Graphic: Business Wire)
The calibration management software provides optimized solutions to automate the calibration process. It ensures the accuracy of devices operating in remote locations and is, therefore, essential for power stations, offshore platforms, refineries, and other process plants. In addition, effective deployment of calibration management software minimizes process and equipment failure costs and the resultant wastage of resources. Furthermore, they carry out major calibration processes such as planning, scheduling, and documenting outputs. This reduces the manpower required in such operations and thus helps organizations to cut down on labor costs. Thus, the growing automation of calibration process is expected to boost market growth during the forecast period.
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As per Technavio, the automation of laboratory instruments will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Calibration Management Software Market: Automation of Laboratory Instruments
Several major laboratories have been adopting advanced technologies for rapid and accurate calibration of instruments. Automated systems are supported by the calibration management software, which includes pre-calibration, calibration, and post-calibration techniques. Furthermore, the implementation of IoT will create increased demand for calibration management software during the forecast period. In addition, automated laboratories assure compliance to regulations such as ISO/IEC 17025. The calibration of laboratory equipment has the capability to impact the international trade as calibration ensures the acceptance of test reports and certificates between different countries. Thus, the automation of laboratory instruments is one of the key trends anticipated to have a positive impact on the calibration management software market growth during the forecast period.
"Integration of calibrators with maintenance management systems, web-based training for calibration management software, and use of software data to derive deep knowledge are a few other factors that will boost the calibration management software market growth during the forecast period," says a senior research analyst at Technavio.
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Calibration Management Software Market: Segmentation Analysis
This market research report segments the calibration management software market by technology (locally installed and cloud-based) and geography (North America, Europe, APAC, South America and MEA).
North America led the calibration management software market share in 2019, followed by Europe, APAC, South America, and MEA. The North American region is a key manufacturing region with a strong presence of industries such as the oil and gas, power, automotive, food and beverage, and pharmaceutical industries. Furthermore, significant investments from emerging economies including Mexico in the power sector are expected to boost the deployment of calibration management software during the forecast period.
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Some of the key topics covered in the report include:
Technology Segmentation
- Locally installed
- Cloud-based
Geographic Segmentation
- North America
- Europe
- APAC
- South America
- MEA
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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