Product Life-Cycle Management (PLM) IT Market Prophesied to Grow at a Faster Pace by 2024

Product life-cycle management (PLM) is an information system that can integrate data, processes, business systems, and eventually people in an extended enterprise. PLM software allows a company to manage information throughout entire lifecycle of product efficiently and cost-effectively. It includes processes from ideation, design and manufacture and disposal of the product.

PLM includes both an information strategy and an enterprise strategy. In information strategy, it includes coherent data structure by consolidating systems. In enterprise strategy, it enables global organizations work as a single team to design, produce, support, and retire products. PLM software empowers business to make unified, information driven decision at every stage of product life cycle

Features of PLM Software

Optimize Relationships along the Lifecycle and Across Organizations
Set up a Single Systems of Records to Support Diverse Data Needs, So That Right People See the Right Information at Right Time, and In Right Context
Maximize the Lifetime Value of a Business’s Product Portfolio
Drive Topline Revenue through Repeatable Process
In the today’s information technology world, companies have increased their scale of operations that simultaneously increased their variation in their product portfolio. To manage the entire information about the ideation to implementation of a product has become critical that led to the innovation of a new software named as a product life-cycle management (PLM). Moreover, the functionality of products is increasing, making their development and support more complex. So there is a requirement of product life cycle management (PLM) software to make product development process smoother, across various industries.

However, cost and complexity issues attached with PLM software have been long standing hurdles to widespread PLM software adoption. In the various enterprises application, PLM requires huge cost and complexity in IT infrastructure. It spreads across variety of related applications, demands cross functional corporation, and more often than not, and requires a sizable investment in outside consultants to manage both the technical and organizational aspects of implementation.

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Segmentation of product life-cycle management (PLM) IT market on the basis of functions:

System Engineering (SE):
System engineering is a field of engineering that focuses on how to design and manage complex engineering systems over their life cycles. It includes issues such as requirement engineering, reliability, and logistics, coordination of different teams, and testing and evaluation.

Product Portfolio Management (PPM) :
Product portfolio management is a business lifecycle function within a company dealing with the planning, forecasting, and production of a product or products at all stages of product lifecycle. It integrates people, data, process, and business systems.

Product Design:
Product design a function of business organization that includes creation of new product to be sold by the company to its customers

Manufacturing Process Management (MPM) :
Manufacturing process management is a collection of technologies and methods used to define how products are to be manufactured. It includes manufacturing concept planning, factory layout planning and analysis, mixed model line balancing etc.

North America region is fastest growing market in PLM software adoption. The demand for mechanical computer aided design (MCAD) and electronic computer aided design (ECAD), and other PLM software in countries such as the U.S. and Canada is driving the growth of the market.

In Asia-Pacific region, PLM market in aerospace and defense sector holds excellent growth potential. Cloud based PLM software are also gaining popularity in countries such as China and India that will further drive the market.

In Europe region, regulatory compliance, increased safety, enhanced design innovation, and product processes are cornerstones for the growth of advanced PLM software in Europe. Further, intensifying concern about safety and decreasing, maintenance expenditure will catalyze the PLM software market in Europe. In Latin America and Middle East and Africa regions, PLM business and deployment models are undergoing changes due to the innovation of cloud based PLM software.

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