Bill of Material (BOM) Software Global Market is Set to Achieve $11.71 Billion at a CAGR of 6.5% by 2028 | Exclusive Report by The Business Research Company

"The Business Research Company recently released a comprehensive report on the Global Bill of Material (BOM) Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The bill of material (BOM) software market size has grown strongly in recent years. It will grow from $8.56 billion in 2023 to $9.10 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to manufacturing complexity, product complexity, efficiency and cost reduction, customer demands and competitive pressures.

The bill of material (BOM) software market size is expected to see strong growth in the next few years. It will grow to $11.71 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to supply chain resilience, sustainability and circular economy, remote work and collaboration, emerging technologies and data-driven decision making. Major trends in the forecast period include integration with IoT and industry 4.0, AI and machine learning, enhanced collaboration features, customization and configurability, and user experience (UX) design.

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Market Drivers and Trends:

The increasing demand for remote collaboration is expected to propel the growth of the bill of material (BOM) software market going forward. Remote collaboration refers to the process of working together on projects, tasks, or activities with individuals or teams located in different physical locations. Remote collaboration is on the rise due to various factors, including the shift towards remote work, advancements in technology enabling virtual collaboration, the desire for flexibility in work arrangements. BOM software enables real-time updates to the bill of materials, ensuring that all team members, regardless of their time zones and schedules, have access to the most current information and can track changes as they happen. For instance, in June 2023, according to a report published by Upwork Global Inc., a US-based freelancing platform, an estimated 32.6 million Americans will be working remotely by 2025, which equates to about 22% of the workforce, and an 87% increase from pre-pandemic levels. Therefore, the increasing demand for remote collaboration is driving the growth of the bill of material (BOM) software market.

Major companies operating in the Bill of Materials (BOM) software market are developing innovative solutions, such as Software Bill of Materials (SBOM), to enhance visibility and combat supply-chain threats. SBOM are software tools or systems that provide real-time visibility into complex software environments, enabling organizations to make better-informed decisions about their software supply chain risks. For instance, in November 2022, Tanium, a US-based system software company, launched the Tanium Software Bill of Materials (SBOM) to streamline the management and tracking of components and materials required for product manufacturing or assembly. This innovative technology enables organizations to proactively address security vulnerabilities and enhance risk management. It is the first and only solution that provides IT and security professionals with granular visibility and real-time remediation of software packages for every application on every endpoint at runtime.

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Major Key Players of the Market:

Siemens AG, Oracle Corporation, SAP SE, Fujitsu Ltd., Dassault Systèmes SE, Autodesk Inc., Cadence Design Systems Inc., Infor Inc., Lectra SA, Altium Limited, Zuken Inc., Silicon Expert, Tacton Systems AB, Fast React Systems Ltd., Arena Solutions Inc., HTS Inc., Aras Corporation, SofTech Group Inc., Xavor Corporation, Timesys Corporation, FlexSim Software Products Inc., Omnify Software Inc., Onshape Inc.

Bill of Material (BOM) Software Market 2024 Key Insights:

• The bill of material (BOM) software market size is expected to see strong growth in the next few years. It will grow to $11.71 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Remote Collaboration Drives Growth Of The BOM Software Market
• Innovative Solutions In The Bill Of Materials (BOM) Software Market To Enhance Visibility And Combat Supply-Chain Threats
• North America was the largest region in the bill of material (BOM) software market in 2023

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