LONDON--(BUSINESS WIRE)--The product lifecycle management (PLM) in apparel market is expected to post a CAGR of almost 7% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
From a conception stage to disposal, PLM software manages the entire cycle of a fashion product by allowing vendors to carry out operations in an effective manner. The implementation of PLM in the apparel industry reduces lead times and increases the production value time, thereby improving sales. It also makes the entire process faster and easier for vendors and reduces the need for administrative staff, which significantly brings down the overall operational expenses of an organization. Many such benefits are encouraging players in the apparel industry to adopt PLM solutions, which is driving the growth of the market.
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As per Technavio, the growing focus on digitalization in apparel industry 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 Apparel Market: Growing Focus on Digitalization in Apparel Industry
Players in the apparel industry are increasingly adopting digital technologies and various tools to meet evolving consumer demands. PLM tools are a major facilitator of the digital transformation happening in the industry. PLM software includes all steps of product development and encloses all information in a single platform. With growing consumer demand for high level of personalization, apparel manufacturers are increasingly opting for PLM tools. Therefore, the trend of digitalization in the apparel industry will have a positive impact on the growth of the market during the forecast period.
“Increasing demand for cloud-based PLM solutions and the rising integration of PLM and 3D tools will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Product Lifecycle Management (PLM) In Apparel Market: Segmentation Analysis
This market research report segments the product lifecycle management (PLM) in apparel market by product (cPDM and CAD), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the product lifecycle management (PLM) in apparel market in 2019, followed by APAC, Europe, South America and MEA. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as rising demand for cloud-based PLM solutions among apparel manufacturers in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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