Strong market growth opportunities for Cloud-based Electronic Lab Notebooks (ELNs)Published On: October 29, 2018
Surpassing the capabilities of a traditional paper bound laboratory notebooks, electronic lab notebook (ELN) provides a sophisticated platform that enables research professionals and scientists to share experiment related information and improve or reuse the data. Moreover, rising compatibility of ELNs with laboratory information management systems (LIMS) ensures a complete information access and administration. R&D labs are using ELN to focus on their core activities and improve productivity as with ELN they are able to capture and share all the unique and proprietary information they generate. Thus, ELNs help in improved operational efficiency and cost containment, smooth regulatory compliance, enhanced productivity, traceability, quality, decision making, and faster innovation.
The market for Electronic Lab Notebook (ELN) is booming primarily due to technological developments, laboratory automation, growing R&D activities, rising demand to archive, store and manage lab-data and meet the regulatory requirements. Cloud-based ELNs are rapidly gaining traction and provide immense growth opportunities for the market players. This is mainly attributed to benefits offered by cloud models including cost-effectiveness, real-time data analysis, easy accessibility, reliability, flexibility, and scalability. Big companies are shifting towards web & cloud-based solutions for storage and data accessibility within the organization and across multiple geographic locations. Cloud-based ELNs are being widely adopted by small to medium-sized end users for its user-friendliness, and cost-effectiveness. However, some organizations are still implementing ELN on-premises due to concerns related to data confidentiality and security on remotely managed servers.
Thus, rapidly growing adoption of cloud-based ELNs will drive the overall growth of electronic lab notebook market, which is expected to grow at a CAGR of 6.8% to reach USD 557.9 million by 2023, according to Meticulous Research®.
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