Pharma Knowledge Management Software Market Overview:
Pharma companies have a large knowledge pool associated with the medication drugs. This knowledge requires to be well organized and easily accessible. The use of Pharma Knowledge Management Software solves the knowledge management problem of pharma industry. The Pharma Knowledge Management Software refers to the software that assists with the identification, creation, distribution, and organization of Pharma Company’s knowledge pool.
The pharma knowledge management software allows to identify, captures, evaluates, retrieve, and share the information. This information can provide source of knowledge about various kind of drug development process and offers at a glance view of pharmaceutical knowledge management strategy. It also provides the knowledge held within the social networks that can help to know about various kind of herbs, drugs, diseases and others in pharmaceutical industry. The adoption of advanced technologies as artificial intelligence, machine learning and the Internet of Things has embarked the knowledge management in pharmaceutical industry to the next level.
The Global Pharma Knowledge Management Software Market is growing with the rapid pace; mainly due to the increasing adoption of internet of things (IoT). According to a recent study report published by the Market Research Future, the global market of Pharma Knowledge Management Software is growing rapidly and expected to gain prominence over the forecast period. The market is projected to demonstrate a remarkable growth by 2023, beating its previous growth records in terms of value with a noticeable CAGR during the anticipated period (2017 – 2023).
Innovation and increasing demand from drug researchers is driving growth of the global Pharma Knowledge Management Software markets. The growth and advancements in the big data analytics is boosting the Pharma Knowledge Management Software Market. Therefore it is expected that Pharma Knowledge Management Software market would grow significantly in the coming years. However, the complexities involved with drug data is a challenge for the knowledge management software market.
Major Key Players:
Oracle Inc. (U.S.), SAP SE (Germany), SuiteRx (U.S), eXo Platform (U.S.), MangoApps Inc. (U.S.), Callidus Software Inc. (U.S.), Lucidea (Canada) , Nuance Communications, Inc.(U.S), Theum AG (Germany), Altair Engineering, Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Pharma Knowledge Management Software Market.
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Pharma Knowledge Management Software Market Regional Analysis:
North America is dominating the Global Pharma Knowledge Management Software Market owing to the technological advancements in this region. Pharma Knowledge Management Software market in Europe region is expected to grow at a substantial CAGR during 2017 to 2023 owing to the increasing pharma industry in this region. The European market for Pharma Knowledge Management Software Market is expected to grow at a considerable CAGR (2017-2023).
Asia Pacific is growing at a significant rate owing to the research and development into the pharma industry. China and Japan are some major countries dominating the Asia Pacific knowledgement management software market.
April 2018 – Upstream Works Software Ltd., a provider of Omnichannel Contact Center solutions has announced Version 3.6 of its signature software, Upstream Works for Finesse (UWF). This is expected to provide new capabilities that enable organizations to optimize customer journey engagement with Assist Knowledge Management and FollowUp capabilities. It is also expected to enhance security and architectural changes that improve performance.
April 2018- Epicor Software Corporation, a global provider of industry-specific enterprise software is promoting business growth. They have announced that DocStar® has been recognized by KMWorld in its 2018 prestigious list of “100 Companies That Matter in Knowledge Management” for the second consecutive year.
March 2018- Upland Software, Inc., a leader in cloud-based Enterprise Work Management software has announced an early adopter solution that would combine its Tenrox solution for Professional Services Automation (PSA) with RightAnswers, its KCS v6 verified Knowledge Management (KM) platform. The unified solution would provide professional services organizations with real-time access to the right information at the right time to drive greater collaboration and efficiency, resulting in reduced costs and improved customer satisfaction.
Pharma Knowledge Management Software Market Competitive Analysis:
The Market of Pharma Knowledge Management Software appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through extensive research and development. Competitors are also focusing towards customer satisfactions and innovation as the major focus for maintaining the market positions.
Many start-ups are targeting small and medium business to provide budget friendly and effective Pharma Knowledge Management Software solutions to the large players in the electronics industry. On the other hand, large players are focusing towards production of innovative software and focusing towards strategic partnerships.
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Pharma Knowledge Management Software Market Segmentation:
The Pharma Knowledge Management Software Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Deployment: On Premises, Cloud, Hybrid
Segmentation by Software: Android, iOS, Windows, Others
Segmentation by End User: Medical Biotechnology, Animal Biotechnology, Agricultural Biotechnology, Environmental Biotechnology, Academics, Forensic Biotechnology, Other
Segmentation by Regions: North America, Europe, Asia-Pacific and Rest of the world
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