Global Standard Operating Procedure Management Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Standard Operating Procedure Management Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A standard operating procedure (SOP) is a company's documented method for its business processes.

An SOP typically emphasizes the legal and regulatory issues associated with the process.

Market Overview:

The latest research study on the global Standard Operating Procedure Management market finds that the global Standard Operating Procedure Management market reached a value of USD 180.95 million in 2022. It’s expected that the market will achieve USD 376.49 million by 2028, exhibiting a CAGR of 12.99% during the forecast period.

Coronavirus Disease 2019 (Covid-19): Standard Operating Procedure Management Industry Impact

Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency.
COVID-19 is, first and foremost, a global humanitarian challenge. Thousands of health professionals are heroically battling the virus, putting their own lives at risk. Governments and industry are working together to understand and address the challenge, support victims and their families and communities, and search for treatments and a vaccine.
COVID-19 has seen a consistent case decline in countries that had experienced rapid case growth early (esp. China, South Korea). However, cases outside of Asia are growing dramatically, driven primarily by complexes in Europe, the United States, and the Middle East.
In addition to the direct damage it does to human health, COVID-19 is sure to have an enormous economic impact. As we try to prepare for that, let's look at what economists have learned from the damage done by past pandemics, particularly the Spanish flu outbreak of 1918–19.

Market Drivers

The amount of data has been increasing rapidly. This speed not only refers to the growth of data flow, but also includes the increase of new types of data. The current growth rate of data capacity has greatly exceeded the development speed of hardware technology, and is triggering a crisis of data storage and processing. According to statistics, the data generated globally in 2013 reached 3.5 zettabytes, and the number generated by 2020 will increase to 44 zettabytes.
The SOP management solution is based on a secure central document repository, which allows users to easily find and retrieve the documents they need. The SOP management solution provides electronic distribution and routing of all electronic documents. SOP management solutions enable organizations to create, distribute, approve and archive all electronic documents. Suppliers provide SOP management solutions for a wide range of documents, such as work instructions, manuals, work instructions, forms, and product specifications.
The development of big data just meets the large file storage required by the SOP management plan, laying a solid foundation for the application of SOP in the enterprise.
SOP management solutions help maximize file and document compilation efficiency and safety in all industries. SOP management solutions enable companies to conduct business in a regulatory environment. SOP management solutions perform functions such as document control and management, ensure compliance strategies, employee training, improve efficiency and save money.

To reduce errors and save time, the adoption of automation is increasing. SOP management solutions with automated workflows can provide effective results. Automated workflow not only saves time, but also reduces costs. They reduce paper handling costs through intelligent document delivery, and save money and time by reducing manual delivery, photocopying, and repeated drag-and-drop. SOP management solutions with automated workflows can realize automatic distribution, document routing, document printing, track printing, custom spreadsheets, document barcodes, document control, reducing costs and errors and improving visibility, all of which drive its needs factor.

By centralizing documents and using integrated automated workflow technology, they can deliver documents to stakeholders in a timely manner. The migration from manual workflow to automated workflow is driving the growing demand for SOP management solutions.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

The top three companies are IBM 31, Oracle, DASSAULTSYSTÈMES with the revenue market share of 9.59%, 7.12% and 5.19% in 2020.

International Business Machines Corporation (IBM) provides computer solutions. The Company offers application, technology consulting and support, process design and operations, cloud, digital workplace, and network services, as well as business resiliency strategy, and design solutions. IBM serves clients worldwide.

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

Segmentation Overview:

Among different product types, Document Control Workflow Process segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the BFSI segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Standard Operating Procedure Management market covered in Chapter 3:

Khosla Ventures
Azbil
Oracle
Master Control
ConvergePoint Inc.
Bizmanualz
EtQ LLC
DASSAULTSYSTÈMES
DHC Business Solutions GmbH＆Co.KG
Accenture
ComplianceBridge Corporation
Aurea
IBM

In Chapter 4 and Chapter 14.2, on the basis of types, the Standard Operating Procedure Management market from 2018 to 2029 is primarily split into:

Document Control Workflow Process
Centralized Processes and Procedures
SOP Writing and Manuals

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Standard Operating Procedure Management market from 2018 to 2029 covers:

BFSI
Retail and Consumer Goods
Manufacturing
IT and Telecom
Healthcare
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)