A new report providing overall forecasts about emerging opportunities and expected challenges related to Product Lifecycle Management (PLM) has recently been issued.
As described in one of our latest articles, PLM enhances cross-functional practices in order to deliver the best possible product. Through an all-encompassing technology, the cradle-to-grave journey of a product can be monitored from the concept to the final disposal.
The report focuses on the mainstream PLM market status and provides an outlook on worldwide trends, players, countries, and industries. Moreover, the research has identified the top players in the global market and has classified PLM-related issues by product type, applications/end industries, and advancement status.
The growing complexity of products has increased the demand for cross-cutting systems which can enhance communication between the members and leaders of the economic landscape. On the other hand, the costs related to PLM software implementation are supposed to throw cold water on the process. However, some industries are still expected to embrace PLM at a significant rate.
The automotive sector, for instance, has to find an answer to the growing demand for safety features. All around the world, the increasing, frightening rate of deaths by road accidents is pushing governments to adopt tighter rules and higher safety standards. Between 2014 and 2018, for example, India made crash tests mandatory for all kinds of vehicles.
For this very reason, a growing number of automotive companies are currently implementing PLM in order to improve the synergy between product design/engineering and digital manufacturing. The rising popularity of the Internet of Things and the aim of creating “intelligent” vehicles are actually two of the key trends that are expected to broaden PLM‘s horizon in the automotive sector. Here is an example: Tesla has recently integrated ENOVIA (a collaborative product development and management software) and CATIA (a computer-aided design software) with DELMIA (a digital manufacturing software) in order to simulate the whole creative process behind its Model S.
In 2016, the United States automotive production reached almost 12 million passenger vehicles, and sales reached up to 17.5 million units. As a consequence, the implementation of Product Lifecycle Management tools is expected to grow rapidly in the whole region. Since North America uses its strong financial position to invest in advanced solutions and technologies, the companies in this region are expected to develop a competitive edge in the market.
The global Mainstream Product Lifecycle Management market is expected to keep growing on the tail of its own expansion, which began in 2017. The Asia-Pacific region (especially China) and South-East Asia will play an important role, such as the most innovative European countries.
When market conditions are challenging, research is the most valuable ally.
If you want to know more about market size forecasts, key data, company and product benchmarking, and industry trends, you can read the full report here.