LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global PLM software market in the automotive sector predicts the market to grow to nearly USD 14 billion by 2022.
The report segments the global PLM software market in the automotive sector by product, including cPDM, CAD, S&A, and DM and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global PLM software market in the automotive sector, according to Technavio ICT researchers:
- Rise in IoT integration: a major market driver
- Automatic real-time tracking of product: emerging market trend
- The Americas dominated the global PLM software market in the automotive sector with 43% share in 2017
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
Rise in IoT integration: a major market driver
The integration of IoT is increasing in the market to be at par with the rapidly changing consumer behavior. Globally, the communications sector is expected to witness change due to the growth of connected devices. IoT data integration aids in improving the overall customer insight and in monitoring the product performance in real life. In the automotive industry, the demand for sensors is growing due to the increase in IoT integrated vehicles. This will provide new opportunities to track and research consumer experience and behavior. In the automotive sector, IoT application will improve the present product lifecycle applications and technologies to meet the growing future technological demands.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Automatic real-time tracking of product: emerging market trend
There is an increase in demand for real-time tracking and collaboration, and multiple users are working on the content in real time. The surge in real-time tracking led companies to integrate real-time collaboration features in their existing desktop applications. Intelligent PLM scheduling tools are integrated into the system, to increase the overall productivity. These tools ensure that the project managers, engineers, and analysts are timely working on their respective tasks as per the preplan. With the help of PLM software, a predefined process library can provide the best possible output for a function. The tool will send a message to create the missing process if there is no preset process output.
According to a senior analyst at Technavio for research on product lifecycle management, “If necessary skills are required for a task, the machine will refer the process library, and a system check will be performed for the availability of the resources needed to complete the work. The PLM software will prompt a conversation with the selected project team members by notifying them of their assignments and other resources available, once the process is completed. These features are expected to be adopted by several PLM software players during the forecast period.”
Global market opportunities
In terms of regional dominance, the Americas led the global PLM software market in the automotive sector, followed by EMEA and APAC in 2017. The Americas is expected to continue dominating the market throughout the forecast period. By 2022, EMEA and APAC will register a positive growth due to the rising demand for digitization of operations, user-friendly UI, and increasing product portfolio of organizations. This will increase the share of the PLM software market in the automotive sector and drive market growth.
Technavio’s best deals of the month!
Technavio supports Health for All campaign on this World Health Day with 20% savings on all reports in the Health and Wellness category for the entire month.
Celebrate International Astronomy Day by indulging in a whopping 30% savings on all reports in the Space category. Offer valid from 16th April for a limited period.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.