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Product Lifecycle Management Consumer Packaged Goods and Retail Market - Industry Insights by Growth, Emerging Trends and Forecast By 2026
The global Product Lifecycle Management Consumer Packaged Goods & Retail (PLM CP&R) market is projected to be driven by expansion in the consumer electronics industry. According to TMR analysis, the global consumer electronics industry has witnessed significant Y-o-Y growth at the rate of around 7% in 2017, in terms of revenue. The consumer electronics industry in Asia is expanding at a rapid pace. Rise in disposable income and increase in population are driving demand for consumer electronics. India had a population of 1,314 million in 2015, and it is anticipated to reach 1,530 million by 2030.A rise in the population is expected to create opportunities for the personal and portable consumer electronics market. The expanding consumer electronics industry would need process automation, thus creating attractive opportunities for PLM solution providers.
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Additionally, the use of PLM as a strategic enabler is revolutionary for companies. Most retail, footwear, and apparel companies have 'revenue growth' as their corporate strategic goal. It is achieved through continuous product innovations, for which, robust product development integrated with PLM is a must. Companies need to deploy strategies such as high stock keeping unit (SKU) counts and global collaboration to keep a pace with rapidly changing customer demands. However, these strategies can make innovative processes and systems appear like a barrier. PLM is used as a strategic enabler as it helps transform processes and people. It enables technology for driving digitalization in order to support businesses in achieving innovation-driven revenue growth through an innovative, cost-effective, and time saving product management process.
Expansion in the Product Lifecycle Management Consumer Packaged Goods & Retail (PLM CP&R) market is coupled with a rise in demand for product lifecycle management (PLM). The consumer packaged goods (CPG) and retail industries are increasingly seeking sophisticated technological innovations in key areas of their operations such as design, fabrication/manufacture, and merchandise pricing, with an aim to retain competitive advantage. This, in turn, is augmenting demand for PLM solutions.
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Significant investment in the Asian food & beverage industry is creating lucrative market opportunities for PLM solution providers. Sales growth in the Asian food & beverage industry is expected to be rapid in the near future, aggregating to 8% to 9% by 2018. Retail sales in Asia are anticipated to rise to over US$ 10 Trn by 2018. The retail market in China is expected to contribute significantly to revenue share by 2018. This significant growth across Asia is likely to increase the need for digitization. Demand for digital processes such as product lifecycle management, process automation, and data analytics is estimated to increase. This, in turn, is projected to drive the PLM market from 2018 to 2026.
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The global Product Lifecycle Management Consumer Packaged Goods & Retail (PLM CP&R) market has been segmented based on technology, deployment, industry, and region. In terms of technology, the global Product Lifecycle Management Consumer Packaged Goods & Retail (PLM CP&R) market has been classified into formula design and management, laboratory information management, artwork & labeling, CAD/CAM/CAE, simulation & test, PDM/cPDM/PLM, eCAD/EDA, application lifecycle management, digital manufacturing/plant simulation, MOM: MES, quality, advanced planning & scheduling, iOT (Consumer and Industrial), and RAD. Based on deployment, the global PLM CP&R market has been categorized into enterprise, cloud, and SaaS. In terms of industry, the global PLM CP&R market has been divided into consumer packaged goods, consumer goods, apparel, footwear & accessories, and retail.
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