PLM in Discrete Manufacturing Market Size, Share, Trends, Growth, Opportunities, and Strategies 2024

The plm in discrete manufacturing market size has grown strongly in recent years. It will grow from $22.06 billion in 2023 to $23.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to globalization and distributed manufacturing, increasing product complexity, regulatory compliance and quality assurance, acceleration of innovation cycles, cost reduction and efficiency improvement.

The plm in discrete manufacturing market size is expected to see strong growth in the next few years. It will grow to $32.22 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to digital transformation and industry 4.0, focus on sustainability and environmental impact, advanced simulation and virtual prototyping, collaboration across the extended ecosystem. Major trends in the forecast period include integrated product development, iot integration, advanced analytics and simulation, additive manufacturing (3d printing).

Market Overview -
The PLM in discrete manufacturing refer to solutions used by a variety of industries to manage a product's entire lifecycle, beginning with the engineering, design, manufacture, and disposal of manufactured goods. Discrete manufacturing is a type of manufacturing technique that produces products differentiated by individual units and places parts together according to a predetermined process to create a unique item, such as smartphones. Product lifecycle management (PLM) enhances the quality and dependability of products. Additionally, PLM gives manufacturers an accurate bill of materials (BOM), which enables them to find errors more quickly and shorten delivery times. Further, the majority of manufacturing involves a multi-step assembly process, and PLM helps businesses monitor production processes and give operators decision support, which accelerates the market's growth.

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Plm In Discrete Manufacturing Market On The Rise With Growing Adoption Of Smart Factories And Manufacturing
The surge in the adoption of smart factories and smart manufacturing is expected to propel the growth of PLM in the discrete manufacturing market going forward. A smart factory refers to a digitized manufacturing facility, whereas smart manufacturing is a technology-driven approach that utilizes internet-connected machinery to monitor the production process. PLM Discrete helps smart factories and smart manufacturing by taking decisions that are made using this information to enhance procedures and deal with any potential problems. For instance, in March 2022, according to Plex Systems, a US-based software company operating in the PLM in the discrete manufacturing market, in its 7th annual state of smart manufacturing report, smart manufacturing adoption rates increased 50% over twelve months, and 2 out of every 3 manufacturers are using some form of smart manufacturing component. Therefore, the surge in the adoption of smart factories and smart manufacturing is driving the PLM in the discrete manufacturing market growth.

Competitive Landscape -
Major companies operating in the plm in discrete manufacturing market report are ANSYS Inc, Plex Systems Inc, Autodesk Inc, Dassault Systèmes SE, Infor, Oracle Corporation, Parametric Technology Corporation Inc, SAP SE, Siemens AG, Synopsys Inc, Lascom, Engusa, GRAMONT Group, KloudPLM, OpenBOM, Aras Corporation, Arena Solutions Inc., Cadence Design Systems Inc., Centric Software Inc., Computer Integrated Manufacturing data Inc., Spacewell Energy, ESI Group, Granta Design Limited, Hindustan Computers Limited, International Business Machines Corporation, Infosys Limited, Mentor Graphics Corporation, Parametric Technology Corporation, Tata Technologies Limited, Wipro Limited

Strategic Collaborations Drive Growth And Innovation In The Plm In Discrete Manufacturing Market
Strategic collaboration is a key trend that is gaining traction in the discrete manufacturing PLM market. Major companies operating in the PLM discrete manufacturing market are looking for partnerships to strengthen their position in the PLM discrete manufacturing market. For instance in April 2021, Siemens AG, a Germany-based automation company operating in the PLM in discrete manufacturing market, partnered with SAP SE, a Germany-based software company. The expansion of their partnership enables both companies to deliver new solutions for the service and asset lifecycle. With an initial focus on discrete manufacturing, Siemens is expected to begin to offer the SAP asset intelligence network, the SAP asset strategy and performance management application, and the SAP enterprise portfolio and project management package.

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Key Segments -

The plm in discrete manufacturing market covered in this report is segmented -
1) By Component: Software, Services
2) By Enterprise Size: Large Enterprises, Small and Medium Enterprises
3) By Deployment Model: On-Premise, Cloud
4) By Industry Vertical: Automotive and Transportation, Industrial Machinery and Heavy Equipment, High-Tech And Consumer Electronics, Aerospace and Defense, Other Industry Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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