The global product lifecycle management market is estimated to experience considerable growth over the forecast period owing to increasing demand from end-use industries such as banking and finance. Product lifecycle management (PLM) signifies systematic information management related to production and product design, along with final disposal in a product development process. The product lifecycle processes continuously evolves with changes in variables such as functions, time, price and performance. On the basis of changes in variables, product innovation process should be adopted to meet new market requirements. The major objective of enterprises in the product lifecycle management market is delivery of right product at the right time.
The key driving forces for the product lifecycle management market are increasing demand in small and medium-sized business across consumer goods, demand for low manufacturing cost, life science, healthcare and transportation. Some products such as change management, bills of material, cost management, compliance, data management and governance management are estimated to gain investment and transaction over the forecast period. Other factors such as development management and new product introduction are anticipated to fuel the product lifecycle management market growth.
Various factors such as commercialization, R&D, internal and external process complexity, inaccurate product information etc. are expected to influence the profitability and growth of the product lifecycle management market. The fundamental issues existing within the product lifecycle management market include no single data source for products and related information, cross functional information flow and lack of collaboration across the organization.
PLM solution benefits such as reduction in operational cost and time to market product along with facilitating innovation is expected to further positively impact market demand over the forecast period. Continued growth in industrial activities across the globe coupled with increasing demand from non-traditional end-use sectors such as retail, pharmaceutical and Consumer Packaged Goods (CPG) is projected to contribute significantly to market growth over the forecast period. Emergence of smart factories as well as targeting SMEs with customized and low-cost solutions may offer new avenues for market growth. Interoperability issues coupled with low adoption by SMEs may pose challenge to market growth.
The escalating demand for product lifecycle management across areas such as defence, aerospace as well as non-traditional end-use sectors of medical devices, pharmaceuticals and consumer products retail is anticipated to propel market demand over the next few years. The requirement for PLM solutions in the defence and aerospace sector is determined by reduction in budgets, rising global competition and mounting backlog in commercial aircraft delivery and production. This rising demand is accountable for the enlarged market presence of product lifecycle management software.
Major growth drivers in the product lifecycle management market are fulfilling increasing compliance requests, nurturing product innovation and reducing time-to-market complexities, adapting to growing product variety, aligning dissimilar product development practises across partitions after numerous mergers and acquisitions and handling rising costs as well as shorter product life spans.
The Product Lifecycle Management (PLM) market can be segmented on the basis of component type, services and end-use. Component type include Electronic Design and Automation (EDA), Numerical Control (NC), Simulation and Analysis (S&A), Architecture and Engineering and Construction (AEC). PLM services include integration, consulting, maintenance and operation. The market can be segmented on the basis of end-use into Aerospace and Defense (A&D), Automotive and Transportation (A&T), Industrial Machinery & Heavy Equipment (IM&HE), Energy & Utilities (E&U), Consumer Products & Retail (CP&R), Medical Devices and Pharmaceutical (MD&P) and Electronics and Semiconductors (E&S).The market stakeholders comprise semiconductor product designers and fabricators, platform providers, research organizations as well as connectivity providers. Other stakeholders include technology standard organizations along with application providers, professional services/solutions providers and business providers.
North America is estimated to dominate the product lifecycle management market through the forecast period owing to reliability enhancement and product quality. Europe and Asia Pacific are forecasted to have a significant market growth rate through the next six years. Key vendors in the product lifecycle management market include Autodesk, Oracle, Aras PTC, SAP and Arena PLM. Other global players include Hewlett-Packard Company, Accenture PLC, Siemens AG, Dassault Systems and IBM Corporation.
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