According to a report by Transparency Market Research, the shift from traditional and non-traditional end-use sectors such as retail, consumer goods and packaged goods will grow the PLM (product lifecycle market) to reach $6.27 billion by 2020.
The research firm states that the global PLM market for consumer products and retail end-use by components category was dominated by the software segment with a market share of 46.2% in 2014. Globally, the demand for PLM software is driven by a reduction in time-to-market new products and reduction in operational cost. Rising demand for process automation, product data management, and integration with emerging tools such as analytics software would continue to fuel the growth of PLM software during the coming years. The share of on-premise PLM software market is forecast to expand at a moderate rate during the forecast period from 2015 to 2022. The cloud-based PLM software market segment is expected to have fastest growth during the forecast period.
North America led the global overall PLM market for consumer products and retail end-use market in 2014 with the share of about 35.7% in 2014. North America is the most significant market for PLM and its growth is majorly driven by the expansion of the PLM footprint in large enterprises, increasing adoption by SMEs, and penetration of PLM in new industries, such as consumer goods, retail, and telecom
For more information, visit Transparency Market Research.