Art Management Software Market Grows With Growth Of FMCG Industry Globally By 2028
NEW YORK, UNITED STATES, November 22, 2021 /EINPresswire.com/ – According to our last market study on âArt Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application â, the market was valued at US $ 469.05 million in 2020 and is expected to reach US $ 942.80 million by 2028; it is expected to grow at a CAGR of 9.2% from 2021 to 2028.
The players operating in the Art Management Software market are mainly focusing on the development of advanced and efficient products.
â¢ In 2021, Perigord Life Science Solutions developed a new product which is independent packaging and labeling services. It performs the full range of inspection tasks required by a life science company when bringing a product to market.
â¢ In 2021, Loftware, Inc. and NiceLabel Combine, extend their global leadership in corporate labeling and artwork management. This merger offers consumers and partners a wider range of solutions, improved labeling capabilities, and the benefits of increased investment in the cloud.
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On the basis of deployment, the art management software market is divided into on-premises and cloud. The cloud segment held a larger market share in 2020.
On the basis of applications, the art management software market is segmented into life science, retail, manufacturing, and others. The retail segment is expected to register the highest CAGR during the forecast period.
The growth in the art management software market is attributed to the growth in pharmaceutical and life science businesses. With the increasing demand for drugs and other life science elements across the world, artwork management tools are primarily used in the pharmaceutical and life science industries.
For example, the penetration of free and cloud-based platforms, such as Artwork Flow, is expected to gain momentum. The cloud-based platform helps teams track, collaborate, and manage artwork in the way possible. Artwork Flow enables the end user to automate the management approval workflow process for the business and unleash full transparency. Likewise, Karomi Inc. provides ManageArtwork, a cloud-based packaging and art lifecycle management system. The system connects processes and people between customers, internal departments, agencies, suppliers and vendors to get products to market quickly while meeting regulatory compliance. The company’s system is the foundation for packaging and artwork requirements, ensuring supply chain agility and compliance. Amul, Trinchero, Dr. Reddy’s, Nivea and Groupe Casino are some of the leading companies using ManageArtworks to improve the workflow of packaging projects.
Impact of the COVID-19 pandemic on the art management software market
The pandemic has had a negative impact on the art management software market. Due to travel bans, movement restrictions and temporary shutdown of supply chains, the label and packaging manufacturing business has been negatively affected. On the contrary, due to the operational activities of essential goods such as food and drink, pharmaceuticals for biological or pharmaceutical laboratories, the demand for packaging and labeling has stimulated, which has increased the adoption of the system. management of illustrations. This has led players in the art management tools market to witness the constant flow of demand for their products.
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Adoption of a cloud-based artwork management platform
Due to the increase in business activity in the pharmaceutical, food and beverage, consumer goods, logistics and life sciences industries across the world, the adoption of advanced illustration management tools is growing. ready to grab the attention of massive end users. In addition, it has been observed that over 75% of companies are planning to foster their digital transformation with the aim of relaunching their activities from 2020. Companies are planning to adopt cost-effective and collaborative solutions to accomplish their predetermined goals. digital goals.
Therefore, art management software would positively contribute to achieving the mentioned goal. By migrating artwork proofing and approval to the online mode, the consumer goods business can gain huge benefits such as speed of artwork approval and product launches and lower internal costs. and external. This aspect of reducing costs and speeding up artwork approvals will drive adoption of a cloud-based artwork management tool.
Across the pharmaceutical industry, packaging and labeling is highly recognized as a critical process, which helps the organization to set strategic goals to attract more customers. Frequent label changes are obvious and new rules and regulations are appearing with increasing frequency. This factor will help use an artwork management system to reduce human error, reduce process variances, and improve label quality and business agility. Additionally, medical device companies must comply with regulatory requirements such as the European Union’s MDR systems and the Falsified Medicines Directive (FMD), and the Food and Drug’s Unique Device Identification (UDI). Administration and the Drug Supply Chain Security Act (DSCSA) to maintain the smooth functioning of the pharmaceutical and life sciences sectors. Therefore, manufacturers are reviewing the medical device packaging and barcode labeling processes to comply with new regulatory requirements.
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