Market Players Drive Attention towards Academic & Scientific Research Industry
At present, the healthcare and life science industry is the key value creator in the cloud ELN service market. Increasing regulatory pressure to maintain data integrity, validity, and security is primarily boosting the deployment of cloud ELN services in this end-use industry. Moreover, greater focus on enhancing laboratory productivity and cost efficacy is influencing industry executives to invest in cloud ELN services.
However, this study indicates that, market players would channelize their resources towards the academic and scientific research industry in the decade ahead. By leveraging cloud ELN services, scientists are able to retrieve their documents and partner with their colleagues.
North America in Vanguard, APEJ to Strengthen its Hold
Market players would realize superior returns from North America, which captures around a quarter of overall value. Rising deployment of robotic process automation (RPA) in the pharmaceutical industry and strong foothold of prominent industry players are significantly driving this developed regional market.
Going forward, the cloud ELN service market in Asia Pacific (excluding Japan) would emerge as the fastest-growing. In a bid to integrate information and communication technology (ICT) across all geographies and bridge the inequity gap in healthcare access, the Chinese government introduced its 12th five-year plan, which aims to generate digital health records and enable data sharing supported by Regional Healthcare Information Networks (RHINs) for citizens residing in the rural regions of the country.
Food & Beverage Industry to Offer Growth Potential
Cloud-based ELN services help develop high-quality products faster and cost-effectively in the food & beverage industry. They enable food and beverage scientists to document their data and analyze it to prepare reports. Moreover, they are beneficial in tracing previous experiments anywhere in the organization, providing additional time for creating new formulations or ingredients.
Researchers can share their data with their colleagues to compare recipes and identify new opportunities. Cloud-based ELNs incorporate electronic signatures, traceability, and version control to indicate approved formulations and ingredients for a particular experiment, which helps achieve compliance with global and local regulations. Kinematik Company, for instance, has developed cloud ELN services that are GxP-compliant for utilization in the food & beverage industry.
How Growth will Unfold
Initially, the applicability of ELN services was limited to large enterprises. With the onset of cloud-based subscription models, several small and medium enterprises (SMEs) are showing huge interest for cloud ELN services.
These cloud-based solutions offer umpteen benefits such as reduced labor cost and time, secured access to clinical data, and a flexible ecosystem. Market players are thus staying glued to SMEs, which will generate over 60% total return to shareholders by 2029.
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CLOUD ELN SERVICE MARKET TAXONOMY
The global cloud ELN service market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the readers.
By Component
- Software
- Laboratory Information Management System (LIMS) Platforms
- Cloud Electronic Lab Notebook (ELN) Software
- Services
- Validation Services
- Consulting Services
- Implementation and Integration Services
- Support and Maintenance
- Training
By Deployment
- Public Cloud
- Private Cloud
By Enterprise Size
- SMEs
- Large Enterprises
By Industry
- Healthcare and Life Sciences
- Energy
- Academic & Scientific Research
- Food & Beverages
- Petrochemicals
- Mining and Metals
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
- GCC Countries
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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