According to FutureWise analysis the market for electronic lab notebook is expected to reach US$ 0.9 billion by 2031 at a CAGR of 7.32%.
Electronic lab notebooks are used for recording data, systematically documenting lab results that can be incorporated with lab automation. Rising demand for lab automation, increased expenditure for research and development activities, advancements in technology, rising emphasis for abiding stringent regulations are some key factors contributing to the growth of the market.
Laboratories are expected to generate faster outcomes with least errors, which mounts unsurmountable pressure on lab workers. But with the introduction of lab automation has expanded the capabilities of these labs resulting in an efficient workflow. With increased automation, it becomes necessary to manage the rising data volume. Furthermore, there is an additional pressure over labs for abiding the strict regulations and keeping the lab infrastructure as updated as possible which is likely to restrain the electronic lab notebook market growth.
The ELN manufacturers are emphasizing on offering cloud and web based electronic lab notebook solutions, providing multi-disciplinary ELNs with enhanced integration capabilities. Furthermore, there has been a significant rise in the acceptance of cloud-based and web- based solutions for real-time analysis, cost effectiveness, software and system integration, ease of data access, internal and external sharing. Moreover, rising dependence on cloud-based platforms and accessibility to cloud informatics, rising necessity for reducing cost, improvements in the efficiency and speed of workflow, maximizing relevant business intelligence that has opened new growth opportunities for market growth.