Why Invest in The PLM in Discrete Manufacturing Market Share Reach USD 33.24 Billion by 2028

Allied Market Research published a new report, titled, " Why Invest in The PLM in Discrete Manufacturing Market Share Reach USD 33.24 Billion by 2028." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Increase in demand for discrete manufacturing and PLM software by various SMEs and rise in adoption of Industrial IoT among manufacturing industries boost growth of the global market. In addition, rise in digital transformation in various industries across different developing nations positively impacts growth of the market. Surge in demand for cloud-based PLM software and emergence of smart factories and smart manufacturing across the globe is expected to offer remunerative opportunities for expansion of the market during the forecast period.

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The global PLM in discrete manufacturing market size was valued at USD 19.94 billion in 2020, and is projected to reach USD 33.24 billion by 2028, growing at a CAGR of 6.8% from 2021 to 2028.

The global PLM in discrete manufacturing market is segmented on the basis of component, deployment model, enterprise size, industry vertical, and region. By component, the market is bifurcated into software and services. By deployment mode, it is categorized on-premise and cloud. On the basis of enterprise size, it is classified into large enterprises and small & medium enterprises. Depending on industry vertical, it is fragmented into automotive & transportation, industrial machinery & heavy equipment's, high-tech & consumer electronics, aerospace & defense and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Key Findings Of The Study:

● By component, the software segment accounted for the largest PLM in discrete manufacturing market share in 2020.

● Depending on deployment, the on-premise segment generated the highest revenue in 2020.

● Region wise, North America generated highest revenue in 2020.

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By deployment model, the on-premise segment garnered the largest PLM in discrete manufacturing market share in 2019, and is expected to maintain its dominance in the upcoming years as on-premise deployment mode is considered widely useful in large enterprises as software can be implemented on IT infrastructure of a company itself and it provides more security as compared to cloud.

The cloud segment is expected to witness highest growth, owing to a paradigm shift in deployment methods from on-premise to cloud-based models. This is the major factor that propels adoption of cloud-based discrete manufacturing and PLM among SMEs and some large-scale organizations. In addition, leading market vendors of the PLM in discrete manufacturing market have introduced strategies to help enterprises move their on-premise discrete manufacturing and PLM model to cloud-based models, which further fuels growth of the segment.

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Region wise, the PLM in discrete manufacturing market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to number of factors such as penetration of new industries and improvement in economy. In addition, presence of large number of cloud PLM solution vendors across the U.S. and Canada is expected to provide lucrative opportunities for the market. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to wide presence of small- and medium-scale enterprises, which are turning toward hosted PLM solutions to efficiently manage their business processes, particularly in developing countries such as China, India, and Singapore.

The key players profiled in the PLM in discrete manufacturing market analysis are ANSYS, Inc., Arena Solutions, Inc., Autodesk, Inc., Dassault Systèmes, Infor, Oracle Corporation, PTC Inc., SAP SE, Siemens AG, and Synopsys Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the PLM in discrete manufacturing industry.

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