The global Regulatory Information Management System (RIMS) market is estimated to be valued at US$ 797.2 million in 2018 and is expected to exhibit a CAGR of 13.7% over the forecast period of 2019-2027, according to a new report published by Coherent Market Insights.

A) Market Overview:
Regulatory Information Management System (RIMS) refers to a software solution that helps organizations efficiently manage and streamline regulatory compliance processes. It allows companies to track, organize, and analyze regulatory data and submissions, ensuring compliance with various laws and regulations. RIMS offer several advantages, including improved data accuracy, enhanced collaboration among stakeholders, better visibility into regulatory processes, and reduced time and cost associated with regulatory submissions.

B) Market Key Trends:
One key trend in the global Regulatory Information Management System (RIMS) market is the increasing adoption of cloud-based RIMS solutions. Cloud-based RIMS offer several benefits, such as easy accessibility from anywhere, automatic software updates, scalability, and reduced IT infrastructure costs. Organizations are increasingly preferring cloud-based solutions over on-premises solutions, as they allow them to focus on their core competencies without worrying about software maintenance and upgrades. For example, Veeva Systems offers a cloud-based RIMS solution specifically designed for the life sciences industry.

C) PEST Analysis:
- Political: Regulatory compliance is highly influenced by political factors. Changes in regulations and government policies can have a significant impact on the regulatory landscape for various industries.
- Economic: The economic factors play an important role in determining the need and demand for Regulatory Information Management System (RIMS) Market  Growth . Companies operating in industries with stringent regulations are more likely to invest in RIMS solutions.
- Social: Increasing awareness about the importance of regulatory compliance and the potential risks associated with non-compliance is driving the adoption of RIMS solutions across various industries.
- Technological: Technological advancements, such as the integration of artificial intelligence and machine learning capabilities into RIMS solutions, are enhancing the efficiency and effectiveness of regulatory processes.

D) Key Takeaways:
- The global Regulatory Information Management System (RIMS) market is expected to witness high growth, exhibiting a CAGR of 13.7% over the forecast period. Increasing need for efficient management of regulatory information and compliance processes is driving the market growth.
- North America is expected to be the fastest-growing and dominating region in the global RIMS market. Stringent regulatory requirements in industries such as healthcare, life sciences, and food and beverages are fueling the demand for RIMS solutions in this region.
- Key players operating in the global Regulatory Information Management System (RIMS) market include Acuta, LLC, AMPLEXOR, ArisGlobal LLC, arivis AG, DDi, Inc., Ennov SA, Extedo Gmbh, GLEMSER TECHNOLOGIES CORPORATION, Samarind Ltd., Sparta Systems Inc., Veeva Systems, and Virtify, Inc.

In conclusion, the global Regulatory Information Management System (RIMS) market is witnessing high growth due to the increasing need for efficient management of regulatory information and compliance processes. The adoption of cloud-based solutions and technological advancements are key trends driving market growth. North America is expected to be the fastest-growing region in the market. Key players in the industry are continuously innovating and providing advanced RIMS solutions to cater to the evolving needs of organizations across various sectors.