Press release
Soaring Need for Safety Features in Automobiles Creates Upswing in Demand for Mainstream Product Lifecycle Management (PLM)
MarketResearchReports.biz has announced the addition of a report, titled “Global Mainstream Product Lifecycle Management Market 2017-2021,” to its database. The report is an outcome of extensive research on the dynamics and competitive scenario of the market. As per the findings of the report, the global mainstream product lifecycle management (PLM) market is estimated to post a CAGR close to 10% from 2017 to 2021.
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The growing need for safety features in automobiles is stoking the growth of the global mainstream PLM market. The rising concerns regarding passenger safety as a result of increasing number of road accidents are compelling manufacturers to introduce better safety features in vehicles. The increasing emphasis on effective collaboration among buses is also providing a fillip to the market. Moreover, the increasing complexity in data management is paving way for the greater adoption of mainstream PLM.
On the flip side, issues pertaining to data security in mainstream PLM are making end users skeptical regarding their adoption, thereby inhibiting the growth of the global market. However, the growing popularity of cloud-based MCAD software is opening new avenues for players in the global mainstream PLM market. The demand for cloud-based MCAD software is high among SMEs, owing to its numerous advantages such as massive data storage space, high flexibility, ease of access, cost-effective nature, and security.
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On the basis of product, the global mainstream PLM market is divided into collaborative product definition management (CPDM), mechanical computer-aided design (MCAD), simulation and analysis, and digital manufacturing (DM). The CPDM segment will continue to account for the lion’s share in the global market until 2021. The growing investments by large players such as IBM, TCS, Capgemini, Accenture, and Hewlett-Packard Enterprise in the CPDM services in order to improve the implementation of mainstream PLM software.
Geographically, the market is classified into Americas, Europe, Middle East, and Africa (EMEA), and Asia Pacific. EMEA will continue to be the leading revenue contributor until 2021. The escalating demand for MCAD software in the industrial machinery and automotive sectors in developed countries such as the U.K., France, Germany, and Italy is contributing to the growth of the region. Moreover, the flourishing growth of end-use industries such as textile, automotive, and chemical is boosting the uptake of mainstream PLM software.
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The increasing efforts by new and existing players to establish their presence in the global mainstream PLM market are resulting in a high degree of competition in the arena. The intense competition and reducing profit margins are creating unfavorable conditions for new players willing to venture into the market. In addition, the protean technological environment is translating into a key challenge for the global participants. The leading players in the market are Siemens PLM Software, PTC, and Dassault Systèmes. Other prominent participants operating in the global mainstream PLM software market are Altair Engineering, FreeCAD, 3D Systems, Autodesk, IronCAD, Nemetschek, Cadonix, and Kubotek.
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