Calibration Management Software Market size to increase by USD 91.28 million between 2022 to 2027, Market Segmentation by Technology and Geography, Technavio

NEW YORK, April 16, 2024 /PRNewswire/ -- The global calibration management software market size is estimated to grow by USD 91.28 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 4.69% during the forecast period. The calibration management software market encompasses various sectors, including pharmaceuticals, biotechnology, energy, utilities, renewables, and communication industries. While these industries benefit from smart manufacturing technologies, the shift to cloud-based solutions increases cybersecurity risks. Data vulnerabilities in calibration management software, located on software providers' servers, necessitate continuous software upgrades to prevent unauthorized access, data theft, and manipulation. Keywords: inaccuracy, uncertainty, normal values, true value, engineers, healthcare sector.

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The Technology segment emerges as the fastest-growing segment in the calibration management software market

The Calibration Management Software Market is experiencing significant growth due to the increasing demand from large-scale enterprises for managing electrical, mechanical, thermodynamic, and physical/dimensional calibration in industries such as electronics manufacturing, communication, and automotive. The adoption of advanced technologies like 5G technology, IoT, and edge computing is driving this growth. These technologies enable real-time calibration documents and processes, increasing productivity and efficiency while reducing costs. Inaccuracy and uncertainty in calibration are addressed through normal values and true values, ensuring engineers maintain accuracy in their work. The healthcare sector also benefits from calibration services provided by calibration laboratories, managing instruments like analog multimeters, calipers, chart recorders, clamp-on ammeters, data loggers, dial indicators, digital multimeters, force gauges, micrometers, oscilloscopes, and facilitating procurement of new instruments when needed.

The Calibration Management Software Market encompasses various industries, with North America leading the revenue generation due to its key manufacturing regions and sectors like oil and gas, power, automotive, food and beverage, and pharmaceutical. Instruments such as analog multimeters, calipers, chart recorders, clamp-on ammeters, data loggers, dial indicators, digital multimeters, force gauges, micrometers, oscilloscopes, and more require regular calibration services. Calibration laboratories provide electrical, mechanical, and thermodynamic calibration for industries like pharmaceutical, biotechnology, energy, utilities, renewable energy, wind power, solar power, electrical grids, water treatment plants, and telecommunication. Calibration management software facilitates procurement, instrument management, and ensures accuracy through normal values and true value for engineers in electronics manufacturing, communication, and automotive industries. Key technologies include 5G, IoT, edge computing, signal analyzers, spectrum analyzers, optical power meters, and network analyzers. Inaccuracy and uncertainty are minimized through calibration management software, ensuring productivity without compromising on quality.

Commenting on the market trends, a Senior Analyst of Technavio, stated," Calibration management software is essential for advanced laboratories, facilitating automated pre-calibration, calibration, and post-calibration of instruments. It supports various devices, including analog multimeters, calipers, and oscilloscopes, and sectors like pharmaceuticals, energy, and telecommunications. IoT adoption increases demand. Regulatory compliance, such as ISO/IEC 17025, ensures confidence. Key features include electrical, mechanical, and thermodynamic calibration, as well as instrument procurement and data analysis."

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Analyst Review

In the dynamic and complex world of calibration services, the need for efficient and accurate calibration management is paramount. Calibration Management Software (CMS) plays a crucial role in this regard, facilitating the procurement, inventory, and maintenance of various instruments used in industries such as the Pharmaceutical, Biotechnology, Energy, Utilities, Renewable Energy, and Automotive sectors. CMS ensures the accurate and timely calibration of essential instruments like Analog multimeters, Calipers, Chart recorders, Clamp-on ammeters, Data loggers, Dial indicators, Digital multimeters, Force gauges, Micrometers, Oscilloscopes, and more. By maintaining normal values and reducing inaccuracy and uncertainty, CMS enables engineers to work with true values, enhancing overall productivity and ensuring compliance with industry standards. In the Healthcare sector, where precision is a matter of life and death, CMS becomes an indispensable tool for managing the calibration of critical instruments used in patient care and research. With its ability to streamline instrument management, CMS is an essential investment for any organization seeking to optimize its calibration processes and maintain the highest levels of accuracy.

Market Overview

The Calibration Management Software market is a significant sector in the industry, focusing on solutions that ensure the accurate and efficient operation of various equipment and instruments. These software solutions serve multiple industries, including laboratories, manufacturing, and research. They offer features such as real-time monitoring, automated scheduling, and report generation for calibration activities. Additionally, they provide traceability and compliance with regulatory requirements. Calipers, thermomodules, and other measuring devices are common applications for these software systems. Procurement, maintenance, and training are also essential aspects of calibration management. Electronic records, document management, and integration with other systems are crucial functionalities. The market is expected to grow due to increasing automation and the need for regulatory compliance.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio