Cloud ELN Service Market Projected to Reach US$ 1,203.3 Million with a Striking 13.7% CAGR by 2033

The global cloud ELN service market size is anticipated to surpass US$ 332.3 million in 2023. It is anticipated to hit US$ 1,203.3 million by 2033. The global market is anticipated to develop at a striking CAGR of 13.7% from 2023 to 2033.

Data security, accessibility, and precision are all guaranteed by cloud ELN services. They enable data and workflow access from any location via an internet connection, enhancing cooperation inside the enterprise. Enterprises of all sizes benefit from cloud ELN services as they are affordable and efficient. The rising integration of advanced technologies is flourishing in growth for the market. Data security is utmost crucial for enterprises and cloud ELN services help businesses to steer through these cyber threats. Businesses can add additional resources to be more efficient and help in maximizing growth potential.

Pharmaceutical and life science industries are increasing cloud ELN service adoption. Digitalization of laboratory data is promoted by cloud ELN software, which has advantages. It helps in making data searches simpler, enabling effective data management, collaboration, data protection, and data centralization, among others. Additionally, it makes it possible for researchers and scientists to search for, access, and share the findings of their experiments. As a result, these characteristics assist to fuel the market for cloud-based ELN services.

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North America is anticipated to dominate the global market during the forecast period. The number of biotech businesses using cloud ELN services is rising. The existence of prominent cloud ELN service providers like PerkinElmer, Thermo Fisher Scientific, Agilent Technologies, Bruker Corporation, Benchling, and many others makes the United States one of the leading nations in healthcare technology. As a result, the existence of such important players increases demand for cloud ELN services in the United States.

Key Takeaways from Cloud ELN Service Market Report:

• In 2018, the global cloud ELN service market size stood at US$ 190.7 million.
• The market expanded at a CAGR of 11.6% from 2018 to 2022.
• In 2022, the market size stood at US$ 296.4 million.
• In 2022, the healthcare and life sciences segment captured a 27% market share.
• The large enterprise segment captured 56.9% of market shares in 2022.
• Europe Cloud ELN service market accounted for 25.4% of the global market shares in 2022.
• Germany captured a 6.7% market share in 2022.
• North America’s cloud ELN service market captured a 29.5% market share in 2022.
• China’s cloud ELN service market held a 15.7% global market share in 2022.

Recent Developments Observed by FMI:

• IBM unveiled its “IBM Security QRadar Suite” security suite in April 2023. The new launch shows the QRadar Brand’s considerable growth and development. The new suite is intended to streamline the incident lifecycle for security analysts.
• ManageEngine, an enterprise IT management company, debuted the Managed Security Service Provider (MSSP) edition of their Log360Cloud in April 2023.
• Oracle Cloud Infrastructure (OCI) introduced new services and capabilities in March 2023 to give customers additional flexibility. Some notable OCI users include Samsung Securities, Cox Automotive, GoTo, and Vodafone.

Key Players in Cloud ELN Service Market:

• Dassault Systemes SA
• PerkinElmer Inc.
• Thermo Fisher Scientific
• Agilent Technologies Inc.
• Bruker Corporation
• Benchling Inc.
• Abbott Informatics Corp.
• LabVantage Solutions Inc.
• Lab-Ally
• Kinematik US & Inc.
• Codon Software Pvt. Ltd.
• LabWare
• Bio-ITech BV
• Agaram Technologies Pvt. Ltd.
• AgileBio (LabCollector)
• BioData Inc. (Labguru)

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