PLM is software that plays an integral role in different functional levels of organizations, such as product design, engineering, and manufacturing. The need to manage a product from concept to realization has led to the emergence of PLM software and services. Greater product complexity and an increase in product portfolios across organizations have led to a need for a system that can provide solutions to the production process across industries. PLM software is essential for an organization to reduce costs, achieve higher capital efficiency, and ultimately, increase their bottom line.
Some of the markets under Technavio’s coverage area include digital manufacturing software and computer-aided manufacturing software.