Global batch management software market is expected to grow at a CAGR exceeding 7% over the next seven years. Rising demand for enhanced production coupled with increasing importance to quality is expected to drive the market over the forecast period.
Industries such as food &beverages, chemicals, pharmaceutical and biotechnology employ batch management systems to enhance production. This software is also significantly used in mining & metals, cement and glass, pulp and paper industries.
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Companies have been adopting batch management software in order to reduce risk of product recall and maintain customer satisfaction & loyalty. Rising importance of social media through which consumers may easily share their opinions and criticism regarding the product quality is expected to have a positive impact on market growth.
Increasing importance of time to market is anticipated to stimulate batch management software demand in near future. In a time based competition, time taken from initiation of an idea to the finished product is critical for a reduced production cycle time. By reducing the total time needed for a product to reach the market, the consumers will be able to purchase it, thus generating greater profit margins in a short span of time.
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Batch management software helps in reducing the time to market and in reducing speed to market for development of new products which is very efficient particularly in pharmaceutical and biotechnology industries.
Stringent regulations in food and drug industry are expected to have a positive impact on market growth over the foreseeable future. According to title 21 Part 11 of the food and drug administration (FDA) which implies that all the processes audits, controls, system validations, electronic signatures and documentations are to be maintained in electronic format by FDA regulated industries. Through adoption of batch management software, all the companies are expected to provide product traceability information efficiently to authorities on demand.
High system maintenance costs along with requirement of skilled manpower to handle critical operations are expected to be a major restraint for the batch management software market. Non-availability of skilled workforce may have a negative impact on company production processes.
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