According to a new report, published by KBV research, The Global Process Spectroscopy Market size is expected to reach $44.98 billion by 2031, rising at a market growth of 10.8% CAGR during the forecast period.
The Software segment is anticipating a CAGR of 11.8% during (2024 - 2031). The growing integration of artificial intelligence (AI) and machine learning (ML) algorithms in spectroscopic analysis has driven demand for advanced software solutions. These software platforms enable real-time data processing, predictive analytics, and remote monitoring, enhancing operational efficiency and decision-making. Industries increasingly rely on spectroscopy software for improved data interpretation, process automation, and regulatory compliance. The demand for cloud-based spectroscopy solutions and seamless integration with laboratory information management systems (LIMS) has also increased the software segment’s growth.
The Molecular Spectroscopy segment is leading the Global Process Spectroscopy Market by Technology in 2023; thereby, achieving a market value of $20.18 billion by 2031. This dominance is driven by the widespread adoption of extensively used techniques for material identification, quality control, and process monitoring across industries. The increasing demand for non-destructive and real-time analysis and advancements in molecular spectroscopy instruments have significantly contributed to the segment’s growth. Additionally, integrating AI-driven analytics and automation has enhanced the efficiency and accuracy of molecular spectroscopic techniques, further propelling market expansion.
The Food & Agriculture segment is registering a CAGR of 9.3% during (2024 - 2031). This is primarily due to the growing focus on food safety, quality assurance, and sustainable agricultural practices. Spectroscopy is widely used in nutritional analysis, contamination detection, authentication of food ingredients, and precision farming. Technologies like NIR and Raman spectroscopy help detect adulterants, monitor moisture levels, and assess crop health, making them indispensable in the industry. The increasing adoption of AI-driven spectral analysis and portable spectroscopy devices has further boosted market penetration.
Full Report: https://www.kbvresearch.com/process-spectroscopy-market/
The North America region dominated the Global Process Spectroscopy Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $18.4 billion by 2031. The Europe region is showcasing a CAGR of 10.3% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 11.7% during (2024 - 2031).
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