LONDON--(BUSINESS WIRE)--The product lifecycle management (PLM) in consumer goods market is expected to grow by USD 2.02 billion during 2020-2024, according to the latest market research report by Technavio.
The increasing demand for product data records (PDRs) to store information about products is encouraging several enterprises around the globe to implement PLM software. PDRs include various information about the product such as its engineering processes, product claims, quality standards, marketing information, and formulas. The integration of PLM software in PDRs shortens the product time-to-market and time-to-profit by 30%. In addition, it minimizes the product development cost and improves the innovation resource productivity. Thus, the increasing demand for PDRs will boost the growth of the product lifecycle management (PLM) in consumer goods market during the forecast period.
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As per Technavio, the increasing adoption of cloud-based PLM software will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Product Lifecycle Management (PLM) in Consumer Goods Market: Increasing Adoption of Cloud-based PLM Software
Cloud-based PLM software solutions are gaining prominence among end-users as they provide various benefits including security, ease of access, and flexibility. SMEs are adopting these solutions as hosting PLM software on the cloud because it can significantly minimize the operating costs such as storage, maintenance, and server costs. This helps in improving the efficiency of PLM as it lowers the total cost of ownership. This is encouraging vendors to expand their product portfolio to capitalize on the growing adoption of cloud-based PLM solutions, which in turn, is expected to showcase a positive outlook during the forecast period.
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Product Lifecycle Management (PLM) in Consumer Goods Market: Segmentation Analysis
This market research report segments the global product lifecycle management (PLM) in consumer goods market by Deployment (Professional services, On-premise and Cloud), and Geographic segmentation (APAC, Europe, MEA, North America and South America).
The North America region led the product lifecycle management (PLM) in consumer goods in 2019, followed by Europe, APAC, MEA and South America. During the forecast period, the North America region is expected to register the highest incremental growth due to factors such as the presence of major consumer goods manufacturers, integration of PLM software in manufacturing and production facilities, and increasing investments in opening new manufacturing facilities.
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Some of the key topics covered in the report include:
- Professional services
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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