BATCH MANAGEMENT SOFTWARE MARKET IS ANTICIPATED IN ORDER TO REDUCE THE RISK OF PRODUCT RECALL BY MAINTAINING CUSTOMER SATISFACTION AND LOYALTY
Batch management software market is expected to grow at a CAGR of over 7%. Rising demand for enhanced production and importance to quality is expected to drive the market growth over the period. Food and beverages, chemicals, Pharmaceutical and biotech industries are the major users of batch management systems. However this software is also significant in mining and metals, cement and glass, pulp and paper.
To maintain customer satisfaction and loyalty in order to reduce the risk of product recall is anticipated to drive the batch management software market. The growing importance of social media through which consumers can easily share their opinions and criticism regarding the quality of the product. This may affect the reputation of the company and can be an important differentiation in a very competitive market.
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Increase importance of time to market is also expected to stimulate the demand for batch management software. In a time based competition, length of time taken from generation of an idea to the finished product is critical for a reduced production cycle time. By reducing the total time needed for a product to reach the market the consumers will be able to purchase it, thus making the company more profitable in a short span of time. Batch management software helps in reducing the time to market and reduce the speed to market for development of new products which is very efficient in pharmaceutical and biotech industries particularly.
Increased regulation on food and drug safety play a major role in the market. According to title 21 Part 11 of the food and drug administration (FDA) which implies that all the processes audits, controls, system validations, electronic signatures and documentation are to be maintained in electronic format by all the pharmaceutical industries, biotech companies, medical device manufacturers and other FDA regulated industries. Through the batch management software, all the companies will be able to make traceability information of products available to the authorities on demand.
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Maintaining the system would be a major restraint for the batch management software. One on staff expert or two can maintain a simple batch application, however it becomes difficult to manage the software or the codes with a single expert as the complexity increases .Non availability of skilled workforce can restraint the company to proceed with the processes. Batch manufacturers need to shift to more advanced batch applications to be more efficient and cost effective. They need to be more responsive to the consumer needs and produce products more economically.
