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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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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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Sinch Honored with Frost & Sullivan’s Enlightened Growth Leadership Award

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October 7, 2024

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Recognized for Commitment to Making the World a Better Place Through Innovative Growth, Customer Value, and Sustainable Business Practices
STOCKHOLM, Oct. 7, 2024 /PRNewswire/ — Sinch (Sinch AB (publ) – (XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, is pleased to announce that it has been awarded the Enlightened Growth Leadership Best Practices Recognition by the Frost & Sullivan Institute. This prestigious award celebrates Sinch as a Company of Action, for demonstrating best practices in its growth journey, while aligning with Frost and Sullivan’s “innovation to zero” initiative, which focuses on addressing global challenges through sustainable and responsible business practices.

In addition to its sustainability efforts, Sinch was recognized for its technology leadership, leveraging innovations like its cloud-based infrastructure for scalability and cost efficiency, and its API-first approach for rapid integration and customization. AI capabilities are embedded across Sinch’s entire portfolio, enhancing customer experience and operational efficiency, further solidifying its position as a leader in communication technology. The award acknowledges companies that drive significant economic impact and drive transformation, with Sinch advancing toward a future where environmental responsibility and business success are seamlessly aligned.
Sinch was specifically recognized for its dedication to the Science Based Targets initiative aimed at meeting the Paris Agreement’s 1.5°C goal. The company proactively assesses the environmental impact of its products and emphasizes responsible business practices that minimize waste and pollution.
“We are honored to be recognized for our commitment to sustainable growth, innovation, and our dedication to our employees, partners and customers,” shared Jonathan Bean, Chief Marketing Officer at Sinch. “This award reflects our focus on enhancing the customer experience by fostering a culture of responsibility, excellence, and forward-thinking. It also serves as a reminder of our ongoing commitment to reducing our environmental impact, fostering inclusive workplaces, and upholding the highest standards of ethical business practices with our customers and partners,” added Bean.
Sinch believes in the power of communication as a force for good and recognizes its responsibility to lead by example, especially as it powers billions of engagements each year. The company’s Environmental, Social, and Governance (ESG) initiatives are closely aligned with its core values, ensuring that its innovations and strategies not only connect people but also contribute to a sustainable and equitable future.
For further information, please contact:  Janet Lennon, Director of Global Communications [email protected]
This information was brought to you by Cision http://news.cision.com
 

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LG Innotek Becomes Industry’s First to Use AI to Prevent Input of Defective Raw Materials in Production

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October 7, 2024

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Achieved early detection of cause of defects in raw materials through AI, becoming “first to overcome this challenge in the industry”Applied to high-value semiconductor substrates, analyzing raw material defects in only one minuteReduces defect analysis time by up to 90%SEOUL, South Korea, Oct. 7, 2024 /PRNewswire/ — Today, LG Innotek (CEO Moon Hyuksoo) announced the development and application of the industry’s first “Artificial Intelligence (AI)-based inspection system for incoming raw materials”, designed to detect defects at the point of receipt and prevent the use of substandard raw materials in the process.

LG Innotek applied its AI-based inspection technology, developed by combining material information and AI image processing technologies, to the RF-SiP (Radio Frequency System-in-Package) process. Recently, the technology was also introduced for the FC-BGA (Flip Chip Ball Grid Array), and is expected to further enhance the competitiveness and quality of LG Innotek’s high-value semiconductor substrate products.
Previously, incoming raw materials underwent only a visual inspection before entering the production process. However, the continued advancement of semiconductor substrate technology changed this. Even after improving all in-process defect causes, failures in reliability evaluations continued to rise. This led the quality of incoming materials to gain attention as a decisive factor affecting reliability evaluations. 
The core raw materials (i.e. Prepreg (PPG), Ajinomoto Build-up Film (ABF), and Copper-Clad Laminate (CCL)) that comprise semiconductor substrates arrive as a mixture of glass fibers, inorganic compounds, and other components. In the past, air voids (gaps between particles) or foreign particles generated during the material mixing process did not significantly impact product performance. However, as substrate specifications, such as circuit spacing, have become increasingly stringent, the presence of air voids and foreign particles, depending on their size, has started to cause defects.
As a result, it is virtually impossible to identify which part of the raw material is responsible for the defect using traditional visual inspection methods, which has become a significant challenge for the industry.
If we were to compare one lot of raw materials mixture (unit of raw materials with the same characteristics that goes into the production process) to a batch of cookie dough, it is impossible for the eye to perceive the concentration of salt or sugar in a certain portion, the number of air holes in the dough, or the number of foreign particles.
LG Innotek has found a way to overcome this industry challenge with AI. Its “AI-based Inspection System for Incoming Raw Materials” has been trained with tens of thousands of pieces of data on the composition of materials that are either suitable or unsuitable for a product. Based on this, it analyzes the components and defective areas of semiconductor substrate raw materials in only one minute, with an accuracy rate of over 90%, and visualizes quality deviations in each lot of raw materials.
By using AI machine learning to visualize, quantify, and standardize material configurations optimized for quality, LG Innotek has been able to prevent defective raw materials from entering the production process. The company can change the material design based on the quality deviation information visualized by the AI system, allowing it to ensure that the quality of the raw materials lot is uniform at a suitable level before entering the process.
An LG Innotek official commented, “With the “AI-based Inspection System for Incoming Raw Materials”, the time required to analyze defects has been decreased by up to 90%, and the cost of resolving the causes of defects has been significantly reduced.”
LG Innotek plans to enhance the AI system’s detection capabilities by sharing raw materials-related data with customers and suppliers in the substrate sector through digital partnerships.
Additionally, the company aims to expand the system’s application to optical solutions, such as camera modules, where the image-based detection of material defects can play a crucial role.
LG Innotek CTO S.David Roh said, “With the “AI-based inspection system”, we will complete LG Innotek’s unique AI ecosystem, which delivers exceptional customer value by identifying causes of product defects early in the production process.” He added, “We will continue innovating in digital production technology to create top-quality products at the lowest cost and in the shortest time.”
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CogX Unveils Innovative Knowledge Networking Platform, Proxxi AI, at the CogX Leadership Summit

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October 7, 2024

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New platform uses pioneering “Expert-in-the-Loop” model that matches questions from users with the best specialists to answer them – all assisted by state-of-the-art AI
LONDON, Oct. 7, 2024 /PRNewswire/ — CogX Group Ltd, the tech community and online platforms group, which brings together the sector’s leaders and innovators from across the world, will showcase today its new knowledge networking platform, Proxxi AI, an “expert-in-the-loop” model that connects users and specialists to provide bespoke answers to their questions, assisted by state-of-the art AI.

Proxxi AI will be unveiled later at CogX’s London Leadership Summit at the historic Royal Albert Hall. Proxxi AI understands user questions, identifies the best available experts, assists them with answers based on their own trained “proxxi”, and features a broad range of subjects to deliver the best of AI, but with human oversight.
The live stream of the Summit will be available on YouTube from 10 am here.
Proxxi AI aims to play a leading role within a global knowledge management marketplace projected to grow beyond $1 trillion by 2026 (MarketsandMarkets), with organisations seeking faster, reliable, and lower-cost ways to access expertise and stay ahead of the curve.
Employing the latest large language models (LLMs), Proxxi AI will continuously learn and improve each expert’s proxxi and ranking. The platform will initially be accessed via Slack, Teams, and the CogX Insights app. Shortly after it will be available via API for web and mobile app developers. It supports a broad range of use cases for startups and enterprises, governments, universities and research institutions.
CogX will be demonstrating Proxxi AI at today’s Leadership Summit throughout the day.
Also announced today is the organisation of CogX’s businesses — CogX Ltd (UK Events and the CogX Insights app) and Proxxi AI (Knowledge Network)— under CogX Group Ltd  enabling the community to connect both in-person at our events, and through its two online platforms.
Charlie Muirhead, Founder and CEO of CogX, said:
“CogX’s mission is to convene our community to address the question: How do we get the next 10 years right?  To do so, we need to connect the right people to the right expertise, just when they need it.
So we’re hugely excited to be sharing Proxxi AI today at the Leadership Summit, which will instantly connect people to subject specialists through Slack and Teams our own CogX Insights app, and shortly after via our API for web and mobile app developers.
By blending AI-driven insights with trusted expert oversight, we will empower organisations, large and small, to better navigate the rapid technological changes taking place and enhance their overall performance.”
Notes to editors
About CogX
Co-founded by Charlie Muirhead in 2017, CogX is a tech community and online platforms business that convenes inspirational events featuring leading voices from a huge range of sectors. The community brings together entrepreneurs, business leaders, academics, investors and policy makers both in-person, and online.
More about CogX Leadership Summit London
Taking place at the Royal Albert Hall – the historic venue that hosted the 1851 Great Exhibition, a showcase of the 1st Industrial Revolution – the CogX Summit will focus on the 4th Industrial Revolution, an era of technological convergence that will change the way we live and work.
The Summit is being held on Monday 7th October 2024, and will bring together over 100 world-class speakers, and host over 20 editorially curated salons and mixers to answer the central question: “How do we seize the AI opportunity?
Leaders from Google, OpenAI, Microsoft, NVIDIA, Meta, Hugging Face, Northern Data, Stanford University, and companies at the forefront of generative AI will join over 2,500 delegates to discuss how to apply AI safely and responsibly today and improve productivity and drive business growth.
The live stream of the Summit is available on YouTube from 10am here. (https://shorturl.at/lj3HP).
 
 

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