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Laboratory Information Management System (LIMS) Market worth $3.3 billion | MarketsandMarkets

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CHICAGO, July 7, 2023 /PRNewswire/ — The Laboratory Information Management System (LIMS) industry is poised for remarkable growth in the near future as laboratories across various sectors increasingly recognize the need for efficient data management and streamlined workflows. LIMS, a software-based solution that automates and centralizes laboratory operations, is becoming indispensable in today’s data-driven scientific landscape. In the coming years, we can expect LIMS to evolve with advancements in technology, offering improved integration with instruments, enhanced data analytics capabilities, and seamless integration with other laboratory systems. The industry will witness a surge in demand as laboratories seek to optimize sample tracking, data organization, compliance with regulatory standards, and collaboration among researchers. Moreover, the integration of emerging technologies such as artificial intelligence, machine learning, and cloud computing will further revolutionize LIMS, enabling advanced data analysis, predictive analytics, and remote access capabilities. As laboratories continue to generate massive amounts of data, LIMS will play a vital role in extracting valuable insights, accelerating scientific discoveries, and driving innovation across industries ranging from pharmaceuticals and healthcare to environmental monitoring and forensic sciences. The future of the LIMS industry holds immense potential as it empowers laboratories to operate more efficiently, improve data integrity, and make significant contributions to scientific advancements.      
Laboratory Information Management System (LIMS) Market in terms of revenue was estimated to be worth $1.6 billion in 2023 and is poised to reach $3.3 billion by 2028, growing at a CAGR of 14.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growing popularity of cloud-based LIMS, use of LIMS in cannabis industry, significant growth potential in emerging markets are some of the key factors that offer opportunities to the market during the forecast period. However, the dearth of trained professionals, and interfacing challenges with informatics software are some of the factors challenging the market growth to some extent.
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Browse in-depth TOC on “Laboratory Information Management System (LIMS) Market”161 – Tables46 – Figures254 – Pages
Laboratory Information Management System (LIMS) Market Scope:
Report Coverage
Details
Market Revenue in 2023
$1.6 billion
Estimated Value by 2028
$3.3 billion
Growth Rate
Poised to grow at a CAGR of 14.6%
Market Size Available for
2021–2028
Forecast Period
2023–2028
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Component, Deployment model, and Industry
Geographies Covered
North America, Europe, Asia, and Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Significant growth in emerging markets
Key Market Drivers
Increasing focus on improving the efficiency of laboratories
 
The cloud-based segment is expected to register a substantial growth in the laboratory information management systems market, by deployment mode
The cloud-based segment is expected to register a substantial growth in the laboratory information management systems market, by deployment mode. This growth can be attributed to advantages of this deployment model, such as cost-effectiveness and ease of use. Factors such as on-demand self-serving analytics, their highly adaptable nature, ease of use, affordability, reliability, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model have also ensured the high growth of cloud-based LIMS.
Asia is to witness a considerable growth rate during the forecast period.
The Asian market is projected to grow at a considerable CAGR during the forecast period. Factors such as increasing medical tourism, growing investments expected to bring about the creation of new market participants, growing emergence of various technologies, and the rising foreign direct investments by North American and European pharmaceutical and biotechnology firms in Asia are anticipated to drive the development of laboratory information management systems applications in the Asia Pacific region.
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Laboratory Information Management System (LIMS) Market Dynamics:
Drivers:
Increasing focus on improving the efficiency of laboratoriesRestraints:
Limited adoption of LIMS in small and medium-sized companiesOpportunities:
Significant growth in emerging marketsChallenges:
A dearth of trained professionalsKey Market Players:
LabWare (US), LabVantage Solutions Inc. (US), Thermo Fisher Scientific (US), Thermo Fisher Scientific Inc. (US), Agilent Technologies (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US), Autoscribe Informatics (a wholly owned subsidiary of Autoscribe Limited) (US), Accelerated Technology Laboratories (ATL) (US), CloudLIMS (US), Computing Solutions, Inc. (US), GenoLogics Inc. (an Illumina Company) (Canada), Siemens (Germany), Novatek International (Canada), Ovation (US), Clinsys (US) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.
Recent Developments:
In October 2022, LabVantage Solutions, Inc. (US) and Biomax Informatics AG (Germany) announced the closure of their merger agreement. The merger aims to enhance scientific data contextualization, accelerate product development, and provide innovative capabilities for the life science and bio-manufacturing industries.In March 2022, LabWare (US), acquired data analytics firm CompassRed (US). The merger aimed to create a LabWare Data Analytics Innovation Center and accelerate the transformation of data into actionable knowledge. The acquisition allowed LabWare to expand its services and establish a global presence.In March 2022, Thermo Fisher Scientific, Inc. (US) and Symphogen (Denmark) announced the continuation of their collaboration to provide innovative tools and workflows for the efficient characterization of complex therapeutic proteins in biopharmaceutical discovery and development laboratoriesGet 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=250610373
Laboratory Information Management System (LIMS) Market Advantages:
Data Centralization and Organization: LIMS provides a centralized platform for storing, managing, and organizing laboratory data. It eliminates the need for manual record-keeping and paper-based systems, reducing the risk of errors, data loss, and inefficient workflows. LIMS enables laboratories to efficiently track samples, manage test results, and maintain comprehensive records, ensuring data integrity and facilitating easy access to information.Streamlined Workflows and Increased Efficiency: LIMS automates various laboratory processes, including sample registration, tracking, and analysis. It standardizes workflows, reduces manual intervention, and optimizes resource allocation, leading to increased operational efficiency, faster turnaround times, and improved productivity. LIMS also enables seamless collaboration among researchers and departments, facilitating information sharing and enhancing overall laboratory performance.Quality Control and Regulatory Compliance: LIMS incorporates built-in quality control measures and ensures adherence to regulatory standards and industry guidelines. It enables laboratories to implement standardized protocols, monitor quality parameters, and track instrument calibration and maintenance schedules. By automating data entry and validation, LIMS minimizes errors and supports compliance with regulatory requirements, such as Good Laboratory Practices (GLP) and ISO standards.Enhanced Data Analysis and Reporting: LIMS offers powerful data analysis and reporting capabilities, enabling laboratories to derive valuable insights from their data. It provides tools for data visualization, trend analysis, and statistical calculations, facilitating informed decision-making and driving scientific discoveries. LIMS also generates customizable reports and audit trails, simplifying data interpretation, and facilitating compliance reporting and regulatory audits.Scalability and Integration: LIMS systems are designed to scale with the evolving needs of laboratories. They can accommodate increasing sample volumes, expanding test menus, and changing regulatory requirements. LIMS also integrates with various laboratory instruments and systems, such as analytical instruments, electronic laboratory notebooks (ELNs), and laboratory automation systems, enabling seamless data transfer and interoperability.Data Security and Integrity: LIMS ensures data security and integrity by implementing robust access controls, user authentication, and data encryption. It safeguards sensitive and confidential information, protects against unauthorized access or data tampering, and maintains an audit trail of all activities. LIMS also provides data backup and disaster recovery mechanisms, minimizing the risk of data loss and ensuring business continuity.In summary, the Laboratory Information Management System (LIMS) market offers advantages such as data centralization, streamlined workflows, increased efficiency, quality control, enhanced data analysis, scalability, integration capabilities, and data security. These advantages make LIMS a crucial tool for laboratories, enabling them to operate more efficiently, improve data accuracy, and comply with regulatory standards while facilitating scientific advancements and innovation.
Laboratory Information Management System (LIMS) Market – Report Highlights:
The North American region offers potential growth opportunities for most product manufacturers, owing to its high per-capita healthcare expenditure and higher innovation in technologies in laboratory systems such as integration with ERP, CDS. Easy accessibility to advanced healthcare, growth in the number of biobanks are significant factors supporting the market growth.
In the latest edition, market sizing and forecasting has been done at a more granular level, also changes in trends and forecasts have been incorporated as per the market scenario.
Market Overview: This edition includes updated market dynamics and market ecosystems specific to the laboratory information management systemsmarket.Industry Trends: This new edition includes an updated market map, value chain analysis, revenue shift analysis, case studies, technology analysis, market ecosystem, regulatory landscape, Porter’s Five Forces analysis, and trends/disruptions impacting customers’ businesses that are specific to the laboratory information management system (LIMS) market.Company Profiles: In this edition, 25 players have been profiled, and the product portfolios of the key players have been updated. It also includes updated financial information from 2020 to 2023 (wherever available).Recent Developments: Recent developments help understand the market trends and growth strategies the key players adopt. For instance, partnerships and collaborations increased during 2020–2023 in this market. Therefore, updated information for the mentioned period is provided.Latest Product Portfolio: Tracking the products offered by the companies helps improve market segmentation analysis. This edition provides updated product portfolios of the companies profiled.Company Evaluation Quadrant: The updated company evaluation quadrant in this edition covers a comprehensive study of the key vendors offering laboratory information management systems. Vendors are placed in either of the four categories: stars, emerging leaders, participants, and pervasive players. The top 25 companies operating in the market have been evaluated in this section.Startup/SME Evaluation Quadrant: The updated startup/SME evaluation quadrant in this edition covers a comprehensive study of the startups/SMEs offering laboratory information management systems. Vendors are placed in either of the four categories: progressive companies, responsive companies, dynamic companies, and starting blocks. Seven startups/SMEs operating in the market have been evaluated in this section.Recession Impact: The current edition of the report considers the ongoing economic recession and provides an impact analysis of the same. Detailed qualitative insights for recession impact by region have been provided across the regional analysis section.Related Reports:
Lab Automation Market – Global Forecasts to 2028
Laboratory Information System Market – Global Forecasts to 2028
Healthcare Cloud Computing Market – Global Forecasts to 2027
Healthcare Analytics Market – Global Forecasts to 2027
Laboratory Informatics Market – Global Forecasts to 2026
About MarketsandMarkets™:
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BeeHero Reveals Groundbreaking Data-Backed Insights from the Latest Almond Pollination Seasons

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On World Bee Day, BeeHero shares findings from the 2022-2024 almond pollination seasons that showcase its ability to optimize and boost pollination efficacy while decreasing operational costs, by empowering both beekeepers and growers with innovative, data-driven solutions
FRESNO, Calif., May 20, 2024 /PRNewswire/ — BeeHero, the pioneer of precision pollination, today unveiled groundbreaking data-driven bee activity insights from the 2022-2024 almond pollination seasons. The company has revealed bee flight hour and bee frame insights via its cutting-edge sensor technology and AI-powered analysis that contribute to improved pollination practices. In recent months, BeeHero cemented its position as the world’s leading provider of precision pollination as it surpassed the threshold of 300K hives under management, from which the company records more than 25 million hive samples daily. The new data is being released on World Bee Day, the date designated by the UN to raise awareness of the importance of these vital pollinators, the numerous threats they face, and how they contribute to sustainable agriculture and development.

Analysis of the previous almond seasons revealed that BeeHero-managed hives demonstrated a higher degree of effectiveness, with an average of nearly 50% more bee-frames per hive compared to the industry standard. This superior performance translates into stronger colonies and enables BeeHero to optimize hive placement and reduce the number of hives required per acre in almond orchards, resulting in enhanced pollination at a lower input-to-output ratio for growers.
BeeHero also discovered a significant difference in the average daily bee flight hours (BFH) measured by its sensors as compared to the traditional bee flight hour calculations. While conventional bee flight hour methods (based on industry standard hives) recorded a total of 2.7 daily BFH over the 2022 and 2023 almond pollination seasons, BeeHero was able to more accurately measure almost double this amount, at 5.9 daily BFH, demonstrating that bees will indeed fly in suboptimal conditions. This revelation underscores the higher accuracy of BeeHero’s methodology over traditional calculations, which underestimate the actual flying time of bees due to a reliance on and proximity to local national weather stations, affecting industry crop yield predictions. Both this finding and BeeHero’s ability to provide stronger hives have widespread implications for not only almonds, but other seed, row, and specialty crops as well.
“We are excited to be consistently achieving new, pivotal milestones on our mission to transform pollination efficiency through transparency and data-driven precision,” explained Omer Davidi, CEO and Co-Founder of BeeHero. “Our findings showcase the critical nature of robust data in optimizing pollination activities, and our unique ability to provide previously unknowable insights – and as a result, stronger hives and more accurate yield predictions – to industry stakeholders. We look forward to continuing to reshape industry paradigms, empowering growers and beekeepers to better foster bee welfare and bolstering productivity for greater profitability.”
During the 2024 almond pollination season, BeeHero utilized various proprietary tools to extract its unparalleled dataset on bee behavior and pollination efficacy. The company introduced a Deployment Planning Tool, enabling beekeepers to visualize their almond orchards and strategically plan daily tasks for maximum efficiency. Additionally, its Hive Tracker offered growers real-time insights into hive shipment and placement, while BeeHero’s new mobile growers platform provided growers with seamless access to hives’ frame counts and other critical information and updates.
Following the culmination of the pollination season, BeeHero is providing personalized precision pollination reports for growers with insights into bee flight hours, bee frames, and how BeeHero’s data and technology have directly impacted their season. In alignment with this mission, a recent study conducted by BeeHero and the USDA explored how bee colony strength and hive entrance orientation affected honey bee foraging behavior, offering actionable insights to improve pollination efficacy. The research underscores the pivotal role of BeeHero’s proprietary technology in gathering data to drive operational efficiency, reduce costs, increase yields, enhance bee welfare, and promote sustainable agriculture.
“The findings from these past pollination seasons – both in our research and in the field – highlight the profound potential of our innovative technology to revolutionize pollination practices, fostering a sustainable ecosystem that benefits both beekeepers and growers,” said Yuval Regev, CTO and Co-Founder of BeeHero. “By illuminating intricate bee behavior patterns and ecosystem dynamics, we are pioneering a new frontier in pollination science and technology.”
Earlier this month, BeeHero was recognized as an Honorable Mention by Fast Company’s 2024 World Changing Ideas Awards in the agriculture category. The award honors products and companies designed to make the world safer, cleaner, more sustainable, and more equitable. This is the latest in a slew of prestigious awards and recognitions for BeeHero, which include Cleantech Group’s 2024 Global Cleantech 100 list, the 2024 Founder’s Games for social impact, CNBC’s 2023 Disruptor 50 list, and The New York Times’ 2022 Good Tech Awards.
About BeeHero
BeeHero is a data-driven technology company redefining pollination in commercial agriculture. Using advanced data analytics, artificial intelligence, and low-cost IoT sensors, BeeHero brings transparency and efficiency to the complex logistics of commercial crop pollination. Its Precision Pollination as a Service (PPaaS) results in better crop yields and increased profits for commercial crop growers and agribusiness stakeholders. Its precision pollination solution is rapidly evolving into the backbone of the data-driven approach needed to build a resilient and future-proof sustainable agriculture ecosystem. The company is headquartered in Fresno, California, with offices in Palo Alto, California and R&D in Tel Aviv, Israel.
Media Contact
Allison GreyHeadline [email protected]  US: +1 323 283 8176UK: +44 203 807 4482IL: +972 53 820 2606

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Dubai World Trade Centre Drives Impact as Economic Output Surges to US$4.98 Billion in 2023, up 40% YoY

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DUBAI, UAE, May 20, 2024 /PRNewswire/ — Dubai World Trade Centre (DWTC), a global leader in the events and exhibitions industry, has once again demonstrated its significant impact on Dubai’s economy in 2023, welcoming 2.47 million participants and hosting 301 events, 76 of which, were large-scale events that attracted 1.54 million attendees, with 46% from overseas.

DWTC’s 2023 Economic Impact Assessment (EIA) Report, based on its 76 large-scale events (2000 or more attendees) revealed an impressive surge in the total economic output, reaching US$4.98 billion, marking an incredible 40% YoY increase, with high returns for adjacent industries such as Travel, Accommodation and Retail, connected to the Meetings Incentives Conferences and Exhibitions (MICE) ecosystem.
DWTC’s large-scale events generated a substantial US$2.87 billion Gross Value Added (GVA) to Dubai’s GDP, retaining an impressive 58% of the total economic output locally. International participation soared by 53%, with overseas visitors driving 6.2 times more contribution than domestic counterparts.
Events hosted at DWTC supported 69,281 jobs, generating US$915 million in disposable household income for the city’s residents. The substantial economic impact of these events extends beyond direct revenue generation, fostering socio-economic development and contributing to Dubai’s status as a leading global business hub.
His Excellency Helal Saeed Almarri, Director General of DWTC Authority, said: “Aligned with Dubai’s Economic Agenda D33, we continue to spearhead efforts in sector diversification, reinforcing the city’s stature as a leading global business hub. The remarkable accomplishments of 2023, presented in the ‘DWTC Economic Impact Assessment Report’ demonstrate that Dubai’s MICE sector, driven by DWTC, remains a vital pillar of financial resilience and growth underscoring our accelerated strides towards sustainable socio-economic development. The increase in international participation, along with the significant economic impact generated across diverse sectors such as travel, accommodation and retail, highlights the city’s steadfast commitment to propelling business tourism.”
The venue’s formidable events portfolio strategically aligned with Dubai’s economic priorities, showcasing Healthcare, Medical, and Scientific; Information Technology (IT); and Food, Hotel, and Catering as the top contributors. These leading sectors collectively accounted for 59% (US$1.71 billion) of the GVA to Dubai’s economy, and 49% (747,468) of the total large-scale event visitation.
Adjacent sectors, including hotels, air travel, and local transportation experienced a significant boost in economic activity. The direct revenue generated through expenditure was nearly US$2.94 billion.
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Aramco signs agreement with Pasqal to deploy first quantum computer in the Kingdom of Saudi Arabia

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DHAHRAN, Saudi Arabia, May 20, 2024 /PRNewswire/ — Aramco, one of the world’s leading integrated energy and chemicals companies, has signed an agreement with Pasqal, a global leader in neutral atom quantum computing, to install the first quantum computer in the Kingdom of Saudi Arabia.

The agreement will see Pasqal install, maintain, and operate a 200-qubit quantum computer, which is scheduled for deployment in the second half of 2025.
Ahmad Al-Khowaiter, Aramco EVP of Technology & Innovation, said: “Aramco is delighted to partner with Pasqal to bring cutting-edge, high-performance quantum computing capabilities to the Kingdom. In a rapidly evolving digital landscape, we believe it is crucial to seize opportunities presented by new, impactful technologies and we aim to pioneer the use of quantum computing in the energy sector. Our agreement with Pasqal allows us to harness the expertise of a leading player in this field, as we continue to build state-of-the-art solutions into our business. It is also further evidence of our contribution to the growth of the digital economy in Saudi Arabia.”
Georges-Olivier Reymond, Pasqal CEO & Co-founder, said: “The era of quantum computing is here. No longer confined to theory, it’s transitioning to real-world applications, empowering organisations to solve previously intractable problems at scale. Since launching Pasqal in 2019, we have directed our efforts towards concrete quantum computing algorithms immediately applicable to customer use cases. Through this agreement, we’ll be at the forefront of accelerating commercial adoption of this transformative technology in Saudi Arabia.  This isn’t just any quantum computer; it will be the most powerful tool deployed for industrial usages, unlocking a new era of innovation for businesses and society.”
The quantum computer will initially use an approach called “analog mode.” Within the following year, the system will be upgraded to a more advanced hybrid “analog-digital mode,” which is more powerful and able to solve even more complex problems.
Pasqal and Aramco intend to leverage the quantum computer to identify new use cases, and have an ambitious vision to establish a powerhouse for quantum research within Saudi Arabia. This would involve leading academic institutions with the aim of fostering breakthroughs in quantum algorithm development — a crucial step for unlocking the true potential of quantum computing.
The agreement also accelerates Pasqal’s activity in Saudi Arabia, having established an office in the Kingdom in 2023, and follows the signing of a Memorandum of Understanding between the companies in 2022 to collaborate on quantum computing capabilities and applications in the energy sector. In 2023, Aramco’s Wa’ed Ventures also participated in Pasqal’s Series B fundraising round.
About Aramco
Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com 
About PASQAL
Pasqal is a leading Quantum Computing company that builds quantum processors from ordered neutral atoms in 2D and 3D arrays to bring a practical quantum advantage to its customers and address real-world problems. Pasqal was founded in 2019, out of the Institut d’Optique, by Georges-Olivier Reymond, Christophe Jurczak, Professor Dr. Alain Aspect – Nobel Prize Laureate Physics, 2022, Dr. Antoine Browaeys and Dr. Thierry Lahaye. Pasqal has secured more than €140 million in financing to date. To learn more about Pasqal, visit www.pasqal.com.
Disclaimer
The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Stock Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Stock Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.
Aramco Contact Information:
  @aramco

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