ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.
The report offers actionable and valuable market insights of On-Cloud Regulatory Information Management. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of On-Cloud Regulatory Information Management Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of On-Cloud Regulatory Information Management market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of On-Cloud Regulatory Information Management
This newly published and insightful report sheds light on Market Insights of On-Cloud Regulatory Information Management, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of On-Cloud Regulatory Information Management Market.
The regulatory information management (RIM) market is envisaged to surpass revenues worth US$ 893 Mn in 2019, according to a recent study by Fact.MR. Growing requirement for seamless regulatory submission data and product labeling management across enterprises is providing a fillip to the installation of regulatory information management software. Dire need of companies to alleviate the ‘time to market’ (TTM) cycle is a significant factor providing an impetus to the growth of regulatory information management market.
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Key Growth Drivers of Regulatory Information Management Market
- Growing regulatory reporting requirements and business financial imperatives are driving a regulatory shift from a mainly document-based model to data-based paradigm. Managing structured as well as unstructured content and a large amount of metadata demands a new level of precision in executing regulatory responsibilities, which is provided by regulatory information management software.
- Rapidly transforming regulatory compliance of life sciences with no loss of momentum has made the regulatory approval more complex, thereby, increasing the burden – both direct costs and indirect costs, of compliance for most organizations. With no alternative to compliance, and for the fact that companies’ approach to compliance holds a direct impact on their competitive stature, installation of regulatory information management software has increased considerably.
- The world is driven by ever-increasing demand for speed to market, which continues to make it difficult for brands to maintain pharmaceutical regulatory compliance. Unification of information enabled by an efficient regulatory information management software coupled with benefits such as improved consistency and reduced wasted efforts is favoring its deployment across verticals.
- Organizations are increasingly taking efforts to gain additional value from their product data, as they realize strategically important role data could play in driving new productivity, competence and competitive differentiation. This, coupled with the growing importance to make product as well as regulatory information more shareable among and beyond specific functions, are driving the deployment of regulatory information management software.
- The implementation of new European requirements, and the fact that other regions are considering adoption of similar requirements, companies will need to submit higher volumes of structured product information across demographics. A unified regulatory information management capability is vital to sourcing and linking data and submission, reinforcing the broader supply chain with authentic and accessible product data.
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Regulatory Information Management – Competitive Landscape
The market for regulatory information management is highly fragmented with a wide pool of small scale companies operating in this industry. Companies, including
- Veeva/ Sparta Systems
- DXC Technology
- Parexel
- Aris Global
are leading the market owing to their broader and best-in-industry portfolios, in addition to their robust geographical reach.
While the attractiveness of RIM remains high for health authority management, the rapidly changing portfolios of drug manufacturers are compelling RIM service providers to align their regulatory training and management offerings with product specifications and regulations in the region of deployment.
Promising product launches hold a competitive advantage in regulation information management market. For instance, IQVIA™ has recently launched IQVIA RIM Smart, the first fully integrated, cloud-based, complete regulatory information management solution for life sciences. Companies are increasingly leveraging artificial intelligence (AI) and machine learning (ML) to enable intelligent management of the complete regulatory lifecycle of a product portfolio.
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More Valuable Insights on On-Cloud Regulatory Information Management Market
Fact.MR, in its new report, offers an unbiased Market Analysis of On-Cloud Regulatory Information Management, Sales and Demand of On-Cloud Regulatory Information Management, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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