This report indicates that the global market for PLM software would register a CAGR of 7.10% over the estimated years of 2019-2028.
Factors like the adoption of digitalization to advance production, coupled with the rise in the demand for customized products in the apparel industry, is driving the evolution of the PLM software market. Nowadays, the primary reason for distress for enterprises is data security, backup, and restoration process. Therefore, efforts to implement cloud-based technology to consolidate information are opening up numerous opportunities for market growth.
Although, at an enterprise level, PLM software is entailed to interrelate with several devices over the network. The shortage of interoperability between numerous versions in the industrial space is restraining the market's progress. Furthermore, privacy concerns relating to PLM software are another factor challenging market expansion.
The global PLM software market covers regions such as Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.
In the Asia-Pacific, the continuing extension in the industrial and infrastructure activities is fostering the growth of PLM software market in the region, specifically in China and India. The initiatives, including Make in India' and Made in China 2025', are motivated to promote the implementation of industry 4.0 solutions and obtain large investments for the adoption of advanced technology. The Indian government is primarily intending to increase the shares in the manufacturing industry, thus encouraging manufacturers to integrate advanced digital technologies into their operations. Over the years, numerous enterprises in India have implemented digital technologies to increase their efficiency. Therefore, such steps by the government are promoting the market's evolution in the region.
- Employment of Digitalization to Advance Production
- Increase in Demand for Customized Products in Apparel Industry
- Dearth of Interoperability Amid Different Product Versions
- Empowering Cloud-Based Technology to Consolidate Information
- Piracy of PLM Software
- Siemens AG
- Dassault Systemes Deutschland GmbH
- Autodesk Inc
- PTC Inc
- SAP Se
- Ansys Inc
- Oracle Corporation
- Aras Corporation
- Arena Solutions
- Accenture plc
- Altair Engineering Inc
- Razorleaf Corporation
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