The rapid increase in the number of devices connected with the internet is generating a large volume of data. Thus, data management has become vital for all sorts of industries, especially the healthcare industry. As the volume of digital content is growing across the globe, the need for cloud storage is anticipated to increase. The advent of cloud computing for handling large data sets leads to an increase in the adoption of the data management system. A scientific data management system (SDMS) is primary data management software that locates, collects, catalog, and stores data created in a scientific lab. A scientific data management system is specifically developed to handle unstructured data collected from data systems such as ELN and LIMS. The SDMS enables researchers, analysts, scientists, and other lab resources to conveniently store and search for lab data, resulting in faster workflows and optimized collaboration among staff.
Major Driving Factors for Scientific Data Management System Market
Growing academic development coupled with rising demand for laboratory automation is creating scope for advanced software tools to ensure data security and sharing, thereby fueling the growth of the global scientific data management system market. In addition to this, growing acceptance for advanced technologies and rising investments in the healthcare sector are anticipated to accelerate growth for the global market. SDMS provides an excellent automated framework that helpful for capturing scientific data through the integration of core informatics with the resources available in the scientific laboratory. Moreover, it largely reduces the time required during the data handling, thus boosting the overall system performance.
The presence of global brands and the availability of ample resources provide stability to the global market. The growing prevalence of severe infectious diseases such as COVID-19 has impacted the global market. The imposed social distancing and lockdowns have led to a shortage of manpower, fueling demand for the adoption of scientific data management systems. Moreover, the Adoption of technologically advanced equipment and favorable government policies are augmenting the demand for the global market.
- The on-premise scientific data management system has gained huge popularity owing to the institution’s preference for such a system enabling them the prevent data breaching by having complete control over the software. Additionally, it is easy to use software and data storage process that helps for future reprocessing of data.
- The cloud-based system is one of the major revenue-generating segments and is expected to boost the market in the years to come. This can be attributed to the sufficient availability of free storage space to store and manage data that can be accessed conveniently during cross checking and audits.
- The rise in the number of experiments performed has contributed to the data generated in large volumes. This has created a major scope for the laboratory segment to dominate the market. Additionally, SDMS found its wide use in research laboratories owing to frequent data import and export with the partner institutions.
Geographical Scenario for Scientific Data Management System Market
North America will hold dominance over a regional SDMS market followed by the European region. This dominance is attributed to supportive policies and higher literacy related to the deployment of a scientific data management system. In addition to this, the active participation of leading Industry players in the region is boosting the market growth. High deployment by enterprises coupled with the growing IT industry further drives the demand for the market. Asia Pacific region is anticipated to experience lucrative growth on the account of the rising adoption of technologically advanced equipment and increasing investments for lab automation.
Several market players are operating in the market include Accelerated Technology Laboratories Inc., Shimadzu Corporation, Merck KGaA, Thermo Fisher Scientific Inc., SciCord LLC, TIBCO Software Inc., Abbott Laboratories, and LabVantage Solutions Inc. Companies are proactively working towards the development of technologically equipped cloud-based solutions for laboratories creating growth prospects for the SDMS market. New entrants to the market as well as existing players are involved in strategic collaborations, new product launches, and regional expansions for strengthening their foothold in the market.
Recent Developments in Scientific Data Management System Market
- LabVantage Solutions, Inc. has launched the LabVantage platform 8.5 version that provides a fully functional integrated scientific data management system. This advanced SDMS precisely identifies the data and gather it properly. It also provides a high level of security to the laboratory instruments.
- TIBCO Software Inc, a leading company working API management and data analytics software has acquired SnappyData Inc. The company conducted this acquisition for bettering its analytics portfolio and data management.
Deep-dive Insights on Scientific Data Management System Market By Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/scientific-data-management-system-market