Global BOM Software Market to Exhibit 8.14% CAGR 2016-2020 Driven by Increasing Pool of Potential Customers

Arena Solutions, a California-based PLM solution provider, recently publicized the results of a survey conducted to review the use of a bill of material (BOM) software. The survey covering 405 product-based companies found out that almost half of the companies use either spreadsheets or nothing to manage their BOM. The survey also showed that most of the respondents have become aware of the many benefits of using a software to manage their bill of material. This shows that the pool of potential customers for BOM software will increase in the near future. The availability of advanced BOM software will also boost companies to implement a new software to manage their BOM activities, predict the report’s authors in a newly added report by MarketResearchReports.biz.

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The report, titled ‘Global BOM Software Market 2016-2020,’ offers a detailed overview of the market by taking into consideration its current trends and forthcoming developments. As per the findings of the research, the global BOM software market is expected to exhibit an 8.14% CAGR during the period between 2016 and 2020. Factors such as enhanced efficiency of supply chain, the rise in mass customization, and increased cross-platform manufacturing activities are expected to propel the global market.

The report defines BOM and then diverts its study to analyze the types of BOM software. BOM software is globally used to identify the many changes made to a specific product during various stages of product development life cycle. BOM can be of three types namely, engineering BOM, manufacturing BOM, and service BOM. Manufacturing bill of material comprises a list of various parts necessary to manufacture a product. Service bill of material lists the parts required to maintain and service the product. Engineering BOM comprises alternative parts required for designing the product. A BOM software shares real-time relevant data across units of a company.
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Although the global BOM software market is experiencing a swift growth, it is expected to face certain challenges. Data security is still a global issue for many companies operating across varies industry verticals. Lack of standardization of maintaining BOM can impact companies in near future. In the era of technology, piracy has affected many companies. Pirated BOM software can majorly impact the business. These are some of the factors, which could hamper the global BOM software market. The high cost of installation of BOM software and the extra expenditure of product training can also restrict the market.

However, changing trends such as the incorporation of PLM software and MES software into enterprises and the increasing use of BOM solutions to improve smart connected devices will propel the global market. The global BOM software market is spread across North America, Asia Pacific, Europe, and Rest of the World. Leading organizations are introducing new BOM software to match the changing needs of customers. Autodesk, Arena Solutions, Aras, Dassault Systmes, PTC, and Siemens PLM are some of the key companies operating in the global BOM software market.

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