The cloud ELN services market is estimated to reflect a 3x growth between 2019 and 2029. Social distancing guidelines, and lockdown measures imposed by governments around the world is boosting the demand for cloud ELN services in a number of research verticals including pharma, food & beverage, energy, and IT among others. Superior compliance and lab automation capabilities aids short term market prospects.
The global cloud ELN service market is expected to witness a CAGR of 13% during the forecast period (2019-2029). 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 2020, 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.
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“Cloud ELN services provide a superior alternative for conventional data records associated with lab work. Cloud ELN enables secure sharing and references of data records, which is expected to increase the demand for ELNs within professional laboratory facilities for the foreseeable future,” says the FMI analyst.
Cloud ELN Services Market – Key Takeaways
- Cloud ELN services for specific applications are witnessing strong growth owing to higher productivity and data security characteristics.
- Proprietary cloud ELN services contribute substantially to revenue owing to better security and wider functionality options.
- North America lead the field in cloud ELN services owing to the presence of major market players and better access to tech infrastructure.
Cloud ELN Services Market – Driving Factors
- Demand for automation and process optimization in laboratory operations for multiple verticals supports adoption.
- Lower costs of labor, better compliance with regulations, and easy sharing of data regionally or internationally boosts usage.
Cloud ELN Services Market – Key Constraints
- High costs of configuration, maintenance, and training to operate cloud ELN hamper market growth.
- Lack of standardized regulations governing ELN services around the world hinders application.
Explore the global cloud ELN services market report with 192 illustrative figures, 44 data tables and the table of contents. You can also find market segmentation on https://www.futuremarketinsights.com/ask-question/rep-gb-1984
The Anticipated Impact of Coronavirus
The coronavirus pandemic is expected to open up a number of growth opportunities for the cloud ELN service market. Lockdown measures imposed by governments around the world hinder conventional laboratory collaborations with external partners. However, this issue is largely solved through the use of cloud ELN. In addition, cloud ELN services provide automated backups of data while also reducing costs which will bolster adoption strongly throughout and even after the crisis period.
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.
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More About the Report
The FMI’s market research report offers detailed insights on cloud ELN services market. The market is scrutinized on the basis of component (software and services), deployment (public and private cloud), enterprise size (SMEs and large enterprises), and industry (healthcare & life science, energy, academic & scientific research, food & beverages, petrochemicals, mining and metals, and others) across eight key regions (North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, GCC countries, and Middle East and Africa).
Table Of Content
1. Executive Summary
2. Market Overview
3. Key Market Trends
4. Key Success Factors
5. Global Cloud ELN Service Market Demand (in Value or Size in US$ Mn) Analysis 2014-2018 and Forecast, 2019-2029
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