Cloud ELN Service Market 2022 Size, Growth Analysis Report, Forecast to 2029
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The Cloud ELN Service Market expanding at a CAGR of 13.1%, and is projected to increase a valuation from US$ 296.4 Mn in 2022 to US$ 701.7 Mn by 2029. The adoption of cloud-based electronic lab notebook (ELN) services is increasing in industries such as healthcare, research, and pharmaceuticals for data accuracy, portability, and security. They help improve collaboration in an organization, allowing data and workflow access from anywhere via an Internet connection.
Cloud ELNs help organizations save time and cost, facilitate the homogeneity of data and high-quality standards, and improve scalability and connectivity. Cloud-based ELNs provide better data management and help organizations manage their collaborations effectively.
Cloud-based ELNs are offered as SaaS on a subscription model that allows the end user to access data by any device from anywhere for service portability. Data on cloud-based ELNs can be encrypted by the user’s signature or password for data security.
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The coronavirus (COVID-19) pandemic is affecting the global economic order at almost all levels, and the cloud ELN service market will not remain immune to it. Based on initial indicators of Q1, FMI anticipates a substantial drop in spending during the first half of 2022, as the crisis echoes across every sector of the economy.
Amidst the COVID-19 pandemic, following social distancing and remote working (work from home) is becoming a confounding challenge for several companies, especially in the sphere of lab research and clinical trials. In order to address the demanding situation, key players are offering cloud ELN services to propel research or diagnostics of COVID-19 to curb its spread.
Adoption of Cloud-based ELNs in Food & Beverage Industry
Key Takeaways of Cloud ELN Service Market Study
- The academic and scientific research industry is expected to register a higher CAGR among all segments by industry during the forecast period, as by using cloud ELNs, scientists can easily access their documents and collaborate with their colleagues.
- Among the components, the software segment is projected to hold significant market share, owing to increasing adoption of cloud ELN services across various industries.
- The market in Asia Pacific excluding Japan (APEJ) is estimated to grow at a higher CAGR in the global cloud ELN service market, due to increasing awareness of laboratory solutions. Moreover, increasing number of clinical trials in emerging economies such as India, China, and Singapore is also expected to drive the growth of the cloud ELN service market in APEJ.
Cloud ELN services help develop high-quality products faster and cost-effectively in the food & beverage industry. ELNs enable food and beverage scientists to document their data and analyse it to make reports. They are useful for tracking previous experiments anywhere in an organization, which helps gain time in creating new formulations or ingredients.
Researchers can share their data with others so as to compare recipes and identify new opportunities. Cloud-based ELNs include electronic signatures, traceability, and version control to indicate approved formulations and ingredients for a specific experiment, which helps ensure compliance with global and local regulations.
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Competition Landscape
Key manufacturers in the cloud ELN service market include but are not limited to LabWare, Agilient Technologies, Perkin Elmer, Abbott Informatics, and Biodata.
Leading players in the cloud ELN service market have been observed investing in strategic collaborations and acquisitions in the industry to meet customized requirements of projects in myriad verticals.
For instance, Collaborative Drug Discovery has announced the integration of its Vault ELN with Microsoft’s Cloud Storage Program to facilitate real-time coordination between ELN users. Dotmatics has announced the acquisition of BioBright, which will involve cloud ELN capabilities with a single supplier. Also, AGU and TetraScience have joined hands for biopharma research through cloud ELN service.
More Valuable Insights on Cloud ELN Service Market
FMI’s report on the cloud ELN service market is segmented into four major sections – component (software and services), deployment (public cloud and private cloud), enterprise size (SMEs and large enterprise), industry (healthcare & life science, energy, food & beverages, academic and scientific research, petrochemicals, mining and metal, and others), across major regions such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan Middle East & Africa, and GCC Countries, to help readers understand and evaluate lucrative opportunities in the global cloud ELN service market.
Cloud ELN Service Market Outlook By Category
By Solution :
- Software
- Services
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
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Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
- GCC Countries
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