Dublin, Dec. 03, 2020 (GLOBE NEWSWIRE) -- The "Product Lifecycle Management (PLM) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market is projected to reach a revised size of US$64.3 billion by the year 2027.
In the post COVID-19 period, as companies correct their digital strategies to ensure better technology and competitive preparedness in the future, PLM will need to be made future-proof, scalable & flexible.
An unusual period in history, the COVID-19 pandemic is creating a budget paradox for technology and IT departments worldwide. On one hand, the pandemic is creating a liquidity crunch for troubled companies reeling under the impact of restrictions and lockdowns.
On the other, the necessity of a comprehensive digital transformation is growing loud and clear as survival increasingly equates to digital preparedness. Virtually every company is feeling the impact of market and business disruptions on their revenues. As cash flows dry up, companies are forced to rationalize their budgets for technologies critical for immediate survival. These include work from home technologies and remote collaboration tools, as brick-and-mortar offices shift online.
Technologies like VPN, virtual desktops, remote desktops which typically take months and years to prioritize for companies that have resisted going digital are today witnessing accelerated adoption spanning mere days and weeks. Broader and bigger CAPEX heavy technologies like Internet of things (IoT), automation/smart factories, block chain, artificial intelligence(AI), 3D printing have hit a paradox. These technologies remain vital now more than ever for resilient, long-term, digital infrastructures capable of driving future-of-work, future-of-connectedness, future-of-operations, future-of-data management and connectedness and digital innovations.
The immediate financial impact on companies however is resulting in a huge reduction in non-essential spending and investments. The definition of non-essential, however, remains fluid and is largely determined by a company's financial reserve and strength. For large companies with the financial muscle to sustain planned spending, investments in these technologies will remain unchanged and will be an essential digital strategy for navigating through the current crisis and its future implications. For companies with financial limitations, delayed investments will be inevitable as survival and damage limitation comes foremost.
For these companies, many Industry 4.0 and automation solutions currently being considered or being deployed fall into the category of non-essential business activities. Against this backdrop, Product Lifecycle Management (PLM)joins the ranks of non-essential IT spending. Demand is expected to decline in 2020 by -2.3% only to reemerge stronger as a new world post pandemic emerges with a renewed focus on digital engineering.
The ability to generate and manage product data in design, engineering and manufacturing stages can never be overemphasized. A resilient approach to disruptive changes in product design will therefore be crucial for manufacturers of tomorrow. Between the period 2000 to 2019, average product lifecycle has shortened by 50%, while product complexity has increased by 3X. In the IoT connected future, product design and functionality will become complex requiring PLM to transcend beyond the conventional role of managing CAD files and coordinating mechanical design processes.
Virtually, every product in the projected world of 60 billion active connected devices by 2022 will feature design complexity involving onboard electronics and communications technologies, which will require new generation AI driven PLM to address product development and innovation challenges. In the midst of new materials, regulatory compliance needs, new manufacturing processes, design optimization needs, simulations, marketing, maintenance to recycling, PLM will play a pivotal role in coordinating information, data, processes and people associated with a product's complex lifecycle.
Competitors identified in this market include, among others:
Arena Solutions Inc.
Centric Software Inc.
Dassault Systemes SA
DXC Technology Co.,
Omnify Software Inc.
Siemens PLM Software Inc.
Tata Technologies Ltd.
T-Systems International GmbH
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of Covid-19 and a Looming Global Recession
World GDP Growth Rates in % for the Years 2019 and 2020 by Country/Region
Global Purchasing Managers' Index (PMI) Points for the Years 2018 through 2020
Digital Engineering Push in the Post COVID-19 Period Will Revive Opportunities for PLM
Global Digital Transformation Spending (In US$ Trillion)
Product Lifecycle Management: Technology Overview
Organizations Invest in PLM Software to Expedite Time-to-Market and Improve ROI
Rising Value and Role of PLM in Shaping Product and Business Landscape
Analysis by Segment
Developed Regions: Prime Revenue Contributors
Developing Countries: Hot Spots for Future Growth
Product Lifecycle Management (PLM) Software Competitor Market Share Scenario Worldwide (in %): 2019
Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Digital Twins Present Compelling Use Cases for PLM to Support Smart Manufacturing
PLM Software Adapts to Product Data Analytics and Artificial Intelligence
Big Data PLM and PDaaS Provide Real-Time Data for Faster Decision Making
Microservices Architecture Infuses Agility into PLM-based Operations
Organizations Eye on Blockchain to Manage Product Data for PLM
PLM to Play Instrumental Role in Enabling Digital Factories of the Future
Global Industrial Automation Market (in US$ Billion) for the Years 2019, 2022, 2024 and 2026
Closed Loop PLM Solutions (C-L PLM) to Benefit from the Emerging Era of Digital Manufacturing, Smart Factories & IIoT
Increasing Demand for Integrated PLM Platforms to Augment Growth of Cloud-Based PLM Market
Product Innovation Platforms Emerge as Efficient Options to Support Multiple Users and Disciplines through Product Lifecycle
Focus on Collaborative Product Development to Benefit Adoption of Integrated PLM Solutions
Escalating Regulatory Compliance Requirements & Ensuing Need to Reduce Product Risk Throws the Focus on PLM
Open Source PLM Makes its Disruptive Appearance in the Market
Emerging Role of OEMs as Assemblers Amplifies the Need for PLM
Enterprise Mobility Wave Drives Emergence of Mobile PLM
Key Factors Encouraging BYOD Trend among Enterprises Ranked by Importance Attached by Enterprises
Global Spending on BYOD (in US$ Billion) for the Years 2019, 2021, 2023 and 2025
Cloud Extends PLM Access to Startups and Mid-Sized Businesses
Growing Interest in Autonomous Vehicles to Support Growth
Pharma PLM Set to Make Gains
PLM to Witness Improved Adoption in the Aerospace & Defense Sector
Rise in Demand for PLM in the Consumer Products & Retail Sector
Application of PLM in the Semiconductor Industry
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
Total Companies Profiled: 114
For more information about this report visit https://www.researchandmarkets.com/r/rlm4x
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