PLM Software Market in the Automotive Sector by Product and Geography - Forecast and Analysis 2020-2024
- Published: Sep 2020
- Pages: 120
- SKU: IRTNTR43612
Purchase this report now and if we publish a new version within 90 days, we will send you a free copy.
The PLM software market share in the automotive sector is expected to increase by USD 937.74 million from 2019 to 2024, and the market’s growth momentum will accelerate at a CAGR of 3%.
This PLM software market in the automotive sector research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers PLM software market segmentation in the automotive sector by product (collaborative product data management, computer-aided design, simulation and analysis, and digital manufacturing) and geography (North America, Europe, APAC, South America, and MEA). The PLM software market in the automotive sector report also offers information on several market vendors, including Accenture Plc, Altair Engineering Inc., ANSYS Inc., Autodesk Inc., Dassault Systemes SE, Infor Inc., Oracle Corp., PTC Inc., SAP SE, and and Siemens AG. among others.
What will the PLM Software Market Size in the Automotive Sector be During the Forecast Period?
Download the Free Report Sample to Unlock the PLM Software Market Size in the Automotive Sector for the Forecast Period and Other Important Statistics
PLM Software Market in the Automotive Sector: Key Drivers, Trends, and Challenges
Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The rise in iot integration is notably driving the PLM software market growth in the automotive sector, although factors such as may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the PLM software industry in the automotive sector. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key PLM Software Market Driver in the Automotive Sector
One of the key factors driving growth in the PLM software market in the automotive sector is the rise in IoT integration. IoT integration is increasing in the market to match up with rapidly changing consumer behavior. The communications sector is expected to witness change due to the growth of connected devices globally. IoT data integration significantly improves the overall customer insights and monitors product performance in real life. Also, the demand for sensors is growing in the automotive industry due to the increase in IoT integrated vehicles. This will provide new opportunities to track and research consumer experience and behavior. The introduction of the cloud has a significant impact on the PLM market. PLM in the cloud is a helpful tool for product data management because it allows manufacturers to consolidate the information about product development, streamline or change orders and requests, and improve communication with the suppliers. SaaS solutions for the companies are looking to increase collaborations, manage product data, and improve workflows without substantial IT overhead or hardware commitments. IoT application in the automotive sector will improve the present product lifecycle applications and technologies to meet the growing future technological demands.
Key PLM Software Market Trend in the Automotive Sector
The automatic real-time tracking of product is a PLM software market trend in the automotive sector that is expected to have a positive impact in the coming years. The demand for real-time tracking and collaboration is increasing, and multiple users are working on the content in real time. This surge in real-time tracking led Apple and Microsoft to integrate real-time collaboration features in the existing desktop applications such as iWorks and Office. To increase the overall productivity, intelligent PLM scheduling tools are integrated into the system. These tools prompt the project managers, engineers, and analysts to do their essential tasks on time as per the pre-plan. Also, a predefined process library can provide the best possible output for a function using PLM software. The tool will send a message to create the missing process if there is no preset process output. in the case of the necessary skill required for a task, the machine will refer to the process library, and a system check will be performed for the availability of the resources needed to complete the work. After the compilation of these processes, the PLM software will prompt a conversation with the selected project team members by notifying them of their assignments and other resources available. These features are expected to be adopted by several PLM software vendors during the forecast period.
Key PLM Software Market Challenge in the Automotive Sector
The threat of cybersecurity and software privacy will be a major challenge for the PLM software market in the automotive sector during the forecast period. With the growing concern about data security in the market, many automakers are focusing on data security policies, which govern the OpenStack cloud models. Also, the standard attacks such as man-in-the-middle (MiTM) can adversely affect the object storage component. One of the primary concerns of the PLM software vendors is that the clients do not check the certification authority (CA) credential of the server when executing a secure socket layer (c) connection. As a result, most of the businesses have held back from integrating the PLM software in their systems and have been fearing leakage of any confidential data. Most of the enterprises are storing their data on cloud storage platforms, which can be easily hacked or infected by malware. Even though the cloud solutions are becoming more secure, these solutions are still vulnerable to distributed denial-of-service (DDoS) attacks, data breaches, unsecured application programming interfaces (APIs), data loss, and account hijacking. Concerns over data security and privacy have been increasing in the global market. To save costs, enterprises have been adopting cloud-based models, which have limited security control on the data. Thus, cybersecurity and software privacy-related issues might pose a critical threat to the market.
This PLM software market in the automotive sector analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Parent Market Analysis
Technavio categorizes the global PLM software market in the automotive sector as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the PLM software market in the automotive sector during the forecast period.
Who are the Major PLM Software Market Vendors in the Automotive Sector?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Accenture Plc
- Altair Engineering Inc.
- ANSYS Inc.
- Autodesk Inc.
- Dassault Systemes SE
- Infor Inc.
- Oracle Corp.
- PTC Inc.
- SAP SE
- and Siemens AG.
This statistical study of the PLM software market in the automotive sector encompasses successful business strategies deployed by the key vendors. The PLM software market in the automotive sector is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
Altair Engineering Inc. is a public company, headquartered in US. It is a global company with revenues of $458.92 million and having around 2,500 employees. Its revenue from the global PLM software market in the automotive sector contributes to its overall revenues along with its other offerings but is not a key revenue stream for the company.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The PLM software market in the automotive sector forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
PLM Software Market in the Automotive Sector Value Chain Analysis
Our report provides extensive information on the value chain analysis for the PLM software market in the automotive sector, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the application software market includes the following core components:
- Software development process
- Marketing and distribution
- Post-selling services
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
Which are the Key Regions for PLM Software Market in the Automotive Sector?
For more insights on the market share of various regions Request for a FREE sample now!
44% of the market’s growth will originate from North America during the forecast period. The US is the key market for PLM software in the automotive sector in North America. Market growth in this region will be faster than the growth of the market in the European and MEA regions.
The industrial sector in North America is technologically mature, owing to the rapid adoption of technologies. The strong existence and penetration of the top vendors increase the overall market growth in the region. The US and Canada are the prime consumers of vehicles in the world. This will facilitate the PLM software market growth in the automotive sector in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
What are the Revenue-generating Product Segments in the PLM Software Market in the Automotive Sector?
To gain further insights on the market contribution of various segments Request for a FREE sample
The PLM software market share growth in the automotive sector by the collaborative product data management segment will be significant during the forecast period. Increasing demand for productivity and resource management across the manufacturing value chain in various industries is the major factor driving the demand for cPDM. It is mainly implemented to manage and integrate product data into a centralized product ecosystem for better overall tracking and enhanced collaboration among business units. It allows enterprises to streamline their manufacturing and production processes by applying a consistent set of business solutions such as Poka-Yoke, which collaboratively provides efficient methods to manage the functions of PLM.
This report provides an accurate prediction of the contribution of all the segments to the growth of the PLM software market size in the automotive sector and actionable market insights on post COVID-19 impact on each segment.
PLM Software Market Scope in the Automotive Sector
Growth momentum & CAGR
Accelerate at a CAGR of 3%
Market growth 2020-2024
$ 937.74 million
YoY growth (%)
North America, Europe, APAC, South America, and MEA
Performing market contribution
North America at 44%
Key consumer countries
US, China, Germany, Japan, and India
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Accenture Plc, Altair Engineering Inc., ANSYS Inc., Autodesk Inc., Dassault Systemes SE, Infor Inc., Oracle Corp., PTC Inc., SAP SE, and and Siemens AG.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this PLM Software Market in the Automotive Sector Report?
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive PLM software market growth in the automotive sector during the next five years
- Precise estimation of the PLM software market size in the automotive sector and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the PLM software industry in the automotive sector across North America, Europe, APAC, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of PLM software market vendors in the automotive sector
We can help! Our analysts can customize this report to meet your requirements. Get in touch
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Collaborative product data management - Market size and forecast 2019-2024
- Computer-aided design - Market size and forecast 2019-2024
- Simulation and analysis - Market size and forecast 2019-2024
- Digital manufacturing - Market size and forecast 2019-2024
- Market opportunity by Product
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume driver - Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Accenture Plc
- Altair Engineering Inc.
- ANSYS Inc.
- Autodesk Inc.
- Dassault Systemes SE
- Infor Inc.
- Oracle Corp.
- PTC Inc.
- SAP SE
- Siemens AG
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
Get your FREE sample now!
Frequently Asked Questions?
- Rise in IoT integration
- Automatic real-time tracking of product
Get the report (PDF) sent to your email within minutes.
Subscribe & Save
Get lifetime access to our
Did you know?
Did you know?
Did you know?
Want to customize this report?
This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.