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Automotive manufacturers are facing product recalls across wide-ranging categories. Effective usage of PLM software such as CAD, cPDM, CAE and CAM helps in reducing defects, and it is thus fostering the rapid adoption of PLM software. The global cPDM market in the automotive sector is expected to witness significant growth over the next four years and post a CAGR of nearly 11%, as per Technavio’s market research analysts.
Increased investments in R&D by automotive manufacturers and the growing demand for improved safety features in automobiles essentially drives this market. It is also likely to witness a major push towards the application of cPDMs for increasing fuel efficiency in vehicles during the forecast period.
New PLM installations are occurring in the APAC region, thus driving the adoption of cPDM software in the automotive sector. As per the forecast, the leading vendors of this market are increasingly focusing on reducing the cost of PLM through the adoption of cloud-based services. Many new PLM service providers are expected to provide cost-effective cloud solutions for automotive end-users during the forecast period.
The other prominent vendors in the services segment include companies such as Synopsys, Deloitte, HP, TCS, IBM, Accenture, and Capgemini. These companies are playing a major role in solving the problems associated with the implementation of PLM software. The companies have expanded themselves from the traditional services such as the installation of software to being an integral part of the company through real-time monitoring in product development phases.
EMEA generates the majority of the revenue in the global cPDM market in the Automotive industry followed by the Americas. Most of the major Automobile companies that have huge R&D facilities are situated in Europe. Volkswagen is one of the largest spenders in R&D in the automotive industry. It is a key reason for the EMEA to hold the major share of the market in 2014.
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