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
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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.
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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.
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