Product Lifecycle Management (PLM) in Consumer Goods Market by Deployment and Geography - Forecast and Analysis 2020-2024

The product lifecycle management (PLM) in consumer goods market size has the potential to grow by USD 2.02 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by deployment (professional services, on-premise, and cloud) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including ANSYS Inc., Aras Corp., Autodesk Inc., Dassault Systèmes SE, HP Inc., International Business Machines Corp., Oracle Corp., PTC Inc., SAP SE, and Siemens AG.

Market Overview

Market Competitive Analysis

The market is concentrated, and the degree of concentration will increase during the forecast period. The vendors are focusing on forming strategic partnerships with market participants to expand their market presence and gain revenue share. International Business Machines Corp., Oracle Corp., PTC Inc., SAP SE, and Siemens AG are some of the major market participants. Although the increasing demand for PDRs will offer immense growth opportunities, the popularity of open-source PLM will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this product lifecycle management (PLM) in consumer goods market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this product lifecycle management (PLM) in the consumer goods market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• ANSYS Inc.
• Aras Corp.
• Autodesk Inc.
• Dassault Systèmes SE
• HP Inc.
• International Business Machines Corp.
• Oracle Corp.
• PTC Inc.
• SAP SE
• Siemens AG

Product Lifecycle Management in Consumer Goods Market: Segmentation by Region

North America had the largest product lifecycle management (PLM) in consumer goods market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of major consumer goods manufacturers and increasing investments in opening new manufacturing facilities will significantly influence product lifecycle management (PLM) in consumer goods growth in this region.

42% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for product lifecycle management (PLM) in consumer goods in North America. Market growth in this region will be faster than the growth of the market in other regions.

Product Lifecycle Management in Consumer Goods Market: Segmentation by Deployment

Professional services include software support services and hardware support services. Software support services include cloud services, software upgrades, software migration, on-site services, and support for PLM software. Moreover, the continuous advances in the field of IT is leading vendors in the market to offer a range of professional services to help their manufacturing companies shift from legacy IT infrastructure to advanced IT infrastructure.

Market growth in this segment will be slower than the growth of the market in the on-premise and cloud segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the product lifecycle management (PLM) in consumer goods market size.

Product Lifecycle Management in Consumer Goods Market: Key Drivers and Trends

The implementation of PLM software is increasing in several enterprises due to the increasing demand for product data records (PDRs), which stores information about products. They identify all the data elements and relationships that fully define and describe a product, such as formulas, engineering processes, quality standards, product claims, and marketing information. Moreover, the integration of PLM helps in shortening product-time-to-market, reduces product development costs, improves innovation resource productivity, and facilitates the reuse of existing knowledge and expertise. Therefore, the increasing demand for PDRs will significantly influence the growth of the product lifecycle management (PLM) in the consumer goods market during the forecast period.

• SMEs majorly prefer cloud-based PLM software as hosting PLM software on the cloud can significantly reduce their operating costs, such as the server, maintenance, storage costs, and improves the efficiency of product lifecycle management.
• Cloud-based PLM solutions also require a low, upfront cost to implement and reduce maintenance costs.
• There is increasing adoption of cloud-based PLM software, one of the key PLM market trends, as they are easier to use, are simpler to engage customers, partners, and suppliers.
• Vendors are also expanding their product portfolio to capitalize on the growing adoption of cloud-based PLM solutions as these are faster to deploy, and can track product, project, and customer information.
• During 2020-2024, the market will grow at a CAGR of over 10%. 

Product Lifecycle Management in Consumer Goods Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive product lifecycle management (PLM) in consumer goods market growth during the next five years
• Precise estimation of the product lifecycle management (PLM) in consumer goods market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the product lifecycle management (PLM) in consumer goods industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of product lifecycle management (PLM) in consumer goods vendors