Pharma Knowledge Management Software Market Overview
Market Research Future “Pharma Knowledge Management Software Market” report, throws light on tweaking factors of the market and causes that can hinder its expansion. Key players and their impact are also discussed in the report. MRFR’s study suggests that the PKMS market is expected to thrive at about 17% CAGR through the evaluation period (2016 to 2023).
The growing healthcare industry, of which the pharmaceutical is a lucrative segment for investment, Pharma Knowledge Management Software Market solutions are gaining high traction due to the growing need to manage the bulk generation of medical data. Thus, this is expected to tweak the global pharma knowledge management software 2020. MRFR findings state that the pharma knowledge management market size can be USD 2 billion by 2023. The growing research and developmental activities and the number of drugs in the pipeline are contributing to the PKMS industry surge.
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Major Key Players:
eXo Platform (U.S.), SAP SE (Germany), Theum AG (Germany), Callidus Software Inc. (U.S.), Lucidea (Canada), Oracle Inc. (U.S.), Altair Engineering, Inc. (U.S.), SuiteRx (U.S), MangoApps Inc. (U.S.), and Nuance Communications, Inc. (U.S) among others are some prominent names of companies that are operating in the global pharma knowledge management software market. Strategic investment made by these key players are excepted to serve their long-term purpose. In addition, mergers and acquisitions, partnerships, and deals among these companies are observed to work in favor of the market. The report discusses roles of these renowned pharma knowledge management software developers in the expansion of the market.
The segmental study of the pharma knowledge management software market is based on software, deployment type, and end-user. Segmental analysis of the market offers insights that can aid investors in identifying the growth opportunities of the market.
The deployment type-based segments of the market are on premises, hybrid, and cloud. The increase in the adoption of cloud technology for running knowledge management software can make significant contribution to the market expansion. High scalability and better speed offered by hybrid deployment model is observed to benefit the market, as they can seamlessly handle large volume of data generated by pharma industry.
The software-based segments of the market are Windows, iOS, Android, and others. The increase in number of smartphone ownership and convenience of data management offered by them is gaining high traction for android, which can boost the global PKMS market. Sophisticated technology, such as iOS that offers enhanced customer experience can spur the PKMS market growth.
The expansion rate of the pharma knowledge management software industry in North America is observed to be high. Healthcare solution providers are focusing on developing their own software to handle a large volume of data that is generated every day for future reference. To illustrate, Baxter Inc, a US-based healthcare company, designed global information platform (GIP) that provided its employees with tools to share, analyze, and research.
Similar growth inducers are observed for the pharma knowledge management software market in Europe. AstraZeneca, a UK-based pharmaceutical weaned off paper and deploys its internally developed international biology information system (IBIS) for knowledge sharing. In addition, the presence of renowned pharmaceuticals in these regions are gaining traction for effective pharma knowledge management software to improve the productivity of these companies. In Asia Pacific, the surge in demand for multi-disciplined processes is expected to cause the generation of high profits for the regional pharma knowledge management software industry.
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