Incorporation of Digitization to Improve the Production Augments the Global Product Lifecycle Management Software Market Growth

According to a new market research report published by Inkwood Research, the Global Product Lifecycle Management Software Market is estimated to evolve at a CAGR of 6.53% during the forecasting years of 2020-2028.

"Browse 31 market Data Tables and 39 Figures spread over 151 Pages, along with an in-depth TOC on Global Product Lifecycle Management Software Market Forecast 2020-2028."

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Product lifecycle management (PLM) is the process, which helps organizations manage the complete lifecycle of a product, starting from its design and development to its ultimate disposal. However, the increased adoption of Industrial IoT technology in the production process is aiding the manufacturers to integrate the electronic and mechanical components with software solutions. PLM software helps organizations manage their product's lifecycles, by providing an exhaustive data warehouse for all the information that affects the product. Digitization has become the key to unravel newer opportunities in almost every industry, and is gaining a strategic advantage in a swiftly changing business environment.

Application of Digitization to Improve the Production Drives the Market Growth

With the arrival of industry 4.0, the shift from mass production to mass product modification is resulting in on-demand production and maximizing inventory. The industries across the world are increasingly adopting automation, IoT, AI, AR, and analytics, in order to improve efficiency and cost savings. For example, according to GSMA Intelligence, the number of industrial IoT connected devices in 2019 was 4.5 billion, and this number is expected to increase even further. The industries across the world are automating their processes. The sheer amount of data generated by the combination of digitization and automation is helping enterprises to further optimize processes, owing to which manufacturers are showing much more interest in adopting solutions, such as ERP, CRM, PLM, SCM, and TMS.

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Professional Services - Leading Deployment Segment in the market

Leading enterprises are supporting the rising importance of PLM to support successful product development. Initiatives such as standardization of processes, increasing product quality & compliance, securing intellectual property, etc. require well-executed PLM solutions. The proper deployment of PLM further requires domain expertise, and a broad range of experience in providing product solutions, which increases the demand for professional services.

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Asia Pacific is estimated to record the fastest growth rate by 2028

The PLM software market in the Asia Pacific region is evaluated to register the highest growth rate over the projected period, owing to the continuous industrial and infrastructure expansion activities, particularly in China and India. The initiatives are mainly concentrated on the adoption of 4.0 solutions, and pursuing extensive investments for advanced technology adoption.

The market is characterized by moderate/ high product differentiation, high levels of competition, and rising levels of product penetration. In on-premise deployment, vendors compete intensely, and in the cloud, new entrants are further intensifying the rivalry. Some of the well-established players participating in the high competitive rivalry are SAP SE, Siemens AG, Oracle Corporation, and others.

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This release was published on openPR.