DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/fvps6f/global_plm_in_the) has announced the addition of the "Global PLM in the Automotive Sector 2016-2020" report to their offering.
The global PLM market to grow at a CAGR of 9.19% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global PLM market in the automotive industry for the period 2016-2020. To calculate the market size and the vendor share, the report considers both the direct revenue and the indirect revenue of the vendors.
Many manufacturing companies need PLM software as it deals with various functional levels of an organization such as product designing, design engineering, and manufacturing. The need for managing a product from the concept to servitization has led to the emergence of PLM software and services. The growing product complexity and increase in product portfolio across organizations has led to demand for a system that can provide solutions to the production process across industries. The implementation of a PLM in an organization provides higher revenue, reduced costs, and capital efficiency.
One of the major trends in the PLM market is the increased focus on mobile applications.
According to the report, product recall is the process of calling back a product that is not in conformity with standards mostly related to safety. The company undergoes various types of loss in this process. Effective usage of PLM software such as CAD and cPDM helps to reduce the defects associated with the products by making them more refined and impeccable. This has increased the adoption of PLM software in the automotive Industry.
Further, the report states that piracy issues of PLM software are a major challenge for vendors, leading to a decrease in their revenue.
The market is divided into the following segments based on products:
- Dassault Systèmes
- Siemens PLM Software
Other prominent vendors
- 3D Systems
- Mentor Graphics
- Numeca International
For more information visit http://www.researchandmarkets.com/research/fvps6f/global_plm_in_the