LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global chemical software market since 2018 and the market is poised to grow by USD 286.8 million during 2019-2023, decelerating at a CAGR of around 8% during the forecast period. Request free sample pages
Read the 123-page report with TOC on “Chemical Software Market Analysis Report by Application (chemical process simulation, inventory management, ISO management, and others), Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2019-2023”.
The market is driven by the rise in digitalization in the chemical industry. In addition, the increased adoption of Industry 4.0 across the chemical industry is anticipated to boost the growth of the chemical software market.
Chemical companies are increasing their focus on digitalization to improve innovation, profit margins, and functional excellence. This has increased the adoption of various chemical software, including process simulation, quality management, and advanced analytics to improve production processes and obtain real-time updates. The adoption of such software is helping chemical plant operators improve production efficiency by reducing energy consumption. The rise in digitalization in the chemical industry is one of the key factors driving the demand for chemical software.
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Major Five Chemical Software Companies:
Ansys, Inc. owns and operates its business across various segments. The company offers a wide range of chemical software solutions. Materials and Chemical Processing Solution is one of the major products offered by the company. It helps companies in improving their asset and process equipment efficiency and achieve reliability.
Aspen Technology, Inc.
Aspen Technology, Inc. owns and operates its business in segments such as subscription and software and services and others. Aspen HYSYS is one of the major products offered by the company. It is a process simulation software, which is used to mathematically model chemical processes from unit operations to full chemical plants and refineries.
AVEVA Group plc
AVEVA Group plc owns and operates its business across various segments. The company offers a wide range of chemical software solutions. Engineer, Procure, and Construction Solution is one of the major products offered by the company.
Oracle owns and operates its business across various segments including cloud and license, hardware, and services. The company offers customer-specific chemical software and services to meet unique customer requirements.
SAP SE owns and operates its business across segments such as Applications, Technology, & Services segment, SAP Business Network segment, and Customer Experience segment. The company offers a wide range of chemical software solutions. SAP S/4HANA is one of the major products offered by the company.
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Chemical Software Application Outlook (Revenue, USD Million, 2019 - 2023)
- Chemical process simulation
- Inventory management
- ISO management
Chemical Software Regional Outlook (Revenue, USD Million, 2019 - 2023)
- North America
- South America
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