The global spectroscopy software market is expected to grow over the forecast period, owing to the integration of automation in laboratories. The spectroscopy software enhances efficiency and meets the growing demand for research and development. It reduces manual errors and provides reliable and accurate results with user-friendly interface hence boosting the market growth. Moreover, the ability to collect detailed temporal and spatial information is promoting the market growth. Furthermore, the rising prevalence of infectious diseases such as COVID-19 has resulted in social distancing and lockdowns. There has been a considerable shortage of manpower due to the shutdown. This has necessitated the healthcare and pharmaceutical sector to implement artificial intelligence (AI) systems in their R&D, hence increasing the demand for spectroscopy software.
On the basis of deployment mode, the spectroscopy software can be segmented into on-premise based & cloud-based. The on-premise spectroscopy software has gained popularity as it enhances the internal processes and systems to share data within the premises. This software has more control and less scalability and prevents data breaching. Cloud-based spectroscopy software is the dominant market segment and is expected to propel the market over the forecast period. This can be attributed to the free storage space available which makes it easy to store a large amount of data that can be retrieved when needed.
On the basis of application, the spectroscopy software applications can be segmented into food testing, environment testing. The food industry segment has a high demand for the spectroscopy software owing to the increasing food supply chains of high-quality food. To meet the quality standards and analysis, the adoption of spectroscopic software has increased. Moreover, the software is also used in environmental testing as a part of atmospheric chemistry. There is an increased software utilization for determining air quality, climate dynamics, and the presence of pollutants in the air, thereby fueling the market.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North America will hold the dominant regional share followed by the European Countries due to its high digital literacy and policies supporting the deployment of spectroscopy software. Moreover, the presence of key market players such as Thermo Fisher Scientific Inc, Waters Corp etc.in the regions is fueling the market growth.
Asia Pacific region will witness lucrative growth over the forecast period due to the high adoption of spectroscopy software and favorable government initiatives towards lab automation. Moreover, rising food testing industries and food safety awareness have increased the demand for spectroscopy software in laboratories.
The major market players include OpenMS, Advanced Chemistry Development, MS Wil B.V, Scientific Instrument Services by Adaptas Solutions, Lablicate GmbH, Microsaic Systems plc, SpectralWorks Ltd, Thermo Fisher Scientific Inc, Bruker, Shimadzu Scientific Instruments, WATERS, Genedata AG, AB Sciex Pte Ltd, Agilent Technologies, Inc. These players are involved in new product launch, strategic collaborations, and regional expansion.
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