World News: 20:22 GMT Friday 14th September 2018. [Technavio Research via Businesswire via SPi World News]
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.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
The market research analysis categorizes the global chemical software market into the following application:
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 Segmentation Analysis
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Business Wire: 20:22 GMT Friday 14th September 2018
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