LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global mainstream product lifecycle management (PLM) market is projected to grow to USD 42,870.49 million by 2021, at a CAGR of close to 10% over the forecast period.
“Collaborative product definition management is the largest segment of the mainstream product lifecycle management market, generating over 60% of the overall revenue. Service providers in this segment become an integral part of the customer organization through real-time monitoring during the product development phases”
This research report titled ‘Global Mainstream Product Lifecycle Management Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Many businesses are expanding to globally diverse locations, making effective communication, coordination, and collaboration between internal and external stakeholders a key priority. This is creating a high demand for mainstream product lifecycle management, thereby driving the growth of the market.|
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Based on product type, the report categorizes the global mainstream product lifecycle management market into the following segments:
- Collaborative product definition management (cPDM)
- Mechanical computer-aided design (MCAD)
- Simulation and analysis (S&A)
- Digital manufacturing (DM)
The top three revenue-generating product segments in the global mainstream product lifecycle management market are discussed below:
Collaborative product definition management (cPDM)
“Collaborative product definition management is the largest segment of the mainstream product lifecycle management market, generating over 60% of the overall revenue. Service providers in this segment become an integral part of the customer organization through real-time monitoring during the product development phases,” says Ishmeet Kaur, a lead analyst at Technavio for product lifecycle management research.
The key vendors in the cPDM service industries are Hewlett-Packard Enterprise (HPE), Tata Consultancy Services (TCS), IBM, Accenture, and Capgemini. They play a major role in implementing the mainstream PLM software, customization services, and migration solutions. Additionally, the demand for forecasting techniques has increased due to the use of cPDM in data management and big data.
Mechanical computer-aided design (MCAD)
The mechanical computer-aided design segment is in high demand from the industrial machinery sector, where a lot of machines and machine components are involved during the manufacturing process. The other key end-user segment of MCAD is the automotive sector, followed by the electrical and electronics industry and aerospace and defense industry. The development of cloud-based MCAD solutions has made the process more efficient. Vendors are also investing towards the integration of ECAD and MCAD, driven by the inevitable necessity for it in the modern manufacturing industry.
Simulation and analysis (S&A)
“Discrete manufacturing industries are highly dependent on the simulation and analysis software to improve their operational efficiency and reduce marketing time. Developing economies are the largest contributors of the market segment,” says Ishmeet.
The S&A software also helps manufacturers in reducing their overall operating expenses and product development costs by eliminating the need for multiple physical prototypes. To gain a competitive edge in the market, companies are adopting advanced software to reduce the development lifecycle and the product development cost.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Dassault Systèmes
- Siemens PLM Software
Browse Related Reports:
- Global PLM Market in Consumer Goods Industry 2016-2020
- Global PLM in the Automotive Sector 2016-2020
- Global PLM Market in the Aerospace and Defense Sector 2016-2020
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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