Software play an important role in manufacturing processes, especially in the chemical industry. Rise in use of software can be attributed to factors such as increase in complexity of products, rapid globalization, and advancements in the technology. Chemical manufacturing software is evolving the chemical industry, as digitization is disrupting the industry at a rapid pace. As per the study by EMC more than 44 zettabytes of data will be generated by seven billion people with several devices connected to internet by 2022.
Therefore, various chemical manufacturers are adopting chemical manufacturing software to optimize their manufacturing operations and increase profitability. Additionally, rise in demand for chemicals owing to long-term demographics, government regulations, economic cycles, and new uses has led to the demand of Chemical Manufacturing Software among end users. The rapid changes in the chemical industry are compelling manufacturers to adapt to the changing situations.
This, in turn, is creating opportunities in the market. Chemical manufacturing software help in various functions such as hastening of product development, increase in production, ensure efficient quality, control costs, ensure compliance, control inventory, and improve scheduling and planning. Demand for chemical manufacturing software has been increasing owing to the stringent regulations enacted on the chemical industry. Companies focus on comprehensive and tightly integrated solutions that combine demand management, scheduling, and planning to achieve efficiency.
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Increase in demand for streamlining business operations efficiency and transparency across various business hubs is driving the chemical manufacturing software market. Rise in adoption of the software is owing to the increase in need for enterprise resource planning solutions and services from small and medium business and adoption of cloud-based infrastructure solutions and mobile applications.
High operational costs involved and availability of open source enterprise resource planning applications restrain the market. However, rapid digitization in industries and growth in adoption of cloud-based solutions are creating opportunities in the market. Interoperability issues related to the integration of manufacturing software solutions with the existing systems and within enterprise is affecting the growth of the market.