Albany, NY -- (SBWire) -- 05/04/2018 --According to the International Federation for Pharmaceuticals Manufacturers & Associations (IFPMA), the global pharmaceutical market was estimated to US$ 1,125 Bn in 2016 and is expected to reach to US$ 1,430 Bn in 2020, projecting a CAGR by 6.1% between 2016 and 2020. One of the pharmaceutical giant- Lupin Pharmaceuticals, Inc. highlighted that the company is able to lower the administrative burdens and increase the revenue by adopting the software solutions in its business process. Nowadays most pharmaceutical companies adopt software solutions for improving the technological capacities of their operations. Other purposes include appropriate and simplified financial metrics, time management, streamlined business processes, information security, regulatory compliance and workforce productivity. From small to large pharmaceutical companies, software solutions are used in quality control and assurance, supply chain, manufacturing, sales and in other applications.

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The global pharmaceutical software market is driven by following factors such as increasing number of pharmaceutical companies, plethora of pharmaceutical research, trend of automated process, emerging technologies such as big data and cloud computing, strong pharmaceutical regulatory scrutiny, and pharmaceutical supply chains. This market is likely to face challenges from risk of software hacking, country specific standards for software, high cost, and limited knowledge about the software solutions. On the other hand, R&D investments, technological advancements, and strategic alliances among the key companies are expected to open the new avenues for the growth of the market in the near future.

By terms of application type, the global pharmaceutical software market is segmented into quality management, customer relationship management, production, clinical trial and regulatory management, human resource management and supply chain management, financial management and others. Furthermore, on basis of the end-users the global pharmaceutical software market is classified into pharmaceutical companies, contract research organization, academic institutes and others.

Cloud computing is an emerging technology in the software industry. It is actually pool of a summarized, highly scalable infrastructure capable of hosting end customer utilizations and billed by consumptions. In cloud technology, the resources are distributed over internet and accessed through heterogeneous client platforms (such as laptops, tablets etc.). The cloud technology has following advantages such as on-demand self-service, resource pooling, broad network access, rapid elasticity and measured service. For these advantages, the pharmaceutical companies nowadays deploy software solutions through cloud technology. Therefore, this global pharmaceutical software market is categorized into on premise based segment, cloud-based segment and hybrid segment, by delivery mode.      

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Geographically, the global pharmaceutical software market is divided into five regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The North America and Europe regions are expected to hold the largest share of the global pharmaceutical software market, owing to high quality services, technological growth, adequate pharmaceutical research environments and presence of key players. On the other hand, the Asia Pacific region is expected to record the highest growth during the forecast period due to the increasing trend of big data and growing adoption of cloud technology. Cost is the biggest concern in this market- hence, the Latin America and Middle East and Africa region is anticipated to hold the minimal market share and will grow by significant but low CAGR during the forecast period. Moreover, the global pharmaceutical software market is highly competitive and large numbers of regional players are located in different geographies. As a part of their strategies, those companies are engaging to expand their business through various strategic alliances.

Key companies operating in the global pharmaceutical software market includes Cognizant, Tata Consultancy Services, Microsoft, Capegamini, Wipro, Apple, IBM, Qualcomm Technologies, Infosys, HCL Technologies, Tech Mahindra, SAP, Oracle, Dell EMC, VMWare, Sales Force among others.

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