F&B Industry Increasingly Adopt Software from Product Lifecycle Management (PLM) Market to Meet Regulatory Compliance for Labels, Valuation to Touch US$ 91.9 Bn by 2030

ALBANY, N.Y., Oct. 12, 2020 /PRNewswire/ -- End-use industries are harnessing the potential of product lifecycle management (PLM) software to bring transparency in supply chain and production processes and accelerate the development of innovative products.

Remote monitoring of production processes has recently emerged as a new avenue in the backdrop of Covid-19 pandemic restrictions.

Cloud software solutions are expected to gather traction in the PLM market on account of their low cost and easier implementation than other models, attracting even small and medium-scale enterprises in end-use industries.

During the forecast period of 2020 – 2030, the product lifecycle management market is projected to clock CAGR of ~5%, and surpass valuation of US$ 91.9 Bn by 2030-end.

Analysts at TMR concur that given the complexity of production and supply chains in the Industry 4.0, PLM alone is insufficient to meet the requirements of end-use industries. Hence, they opine that vendors should increasingly focus on offering combined solution of PLM and product data management.

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Key Findings of Product Lifecycle Management (PLM) Market Report

• Of the various end-users, aerospace and defense accounted for the leading market share in 2019
• PLM services segment held the major market share in 2019
• Cloud-based PLM software expected to clock CAGR of 10.4% during 2020 – 2030
• Premise digital manufacturing software is a rapidly expanding on premise software segment
• Aerospace and defense held the leading share of ~22.7% in the PLM market in 2019
• North America held the dominant share of ~36.9% in product lifecycle management market in 2019
• North America has become a mature market
• From 2020 to 2030, the product lifecycle management market is anticipated to clock CAGR of 6.7%

Explore pages of top-notch research, incisive insights, and detailed country-level projections on Product Lifecycle Management [PLM] Market (Software: On Premise and Cloud-based; and End Use: Automotive & Transportation, Aerospace & Defense, Industrial Machinery & Heavy Equipment, Electronics & Semiconductor, Energy & Utilities, Consumer Products & Retail, Medical Devices & Pharmaceutical, and IT & Telecom) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 - 2030 at https://www.transparencymarketresearch.com/product-lifecycle-management-market.html

Product Lifecycle Management (PLM) Market: Key Driving Factors and Promising Avenues

• Rise in numbers of online events and seminars by vendors has made businesses in end-use industries realize the benefits of PLM for production and supply chains.
• Growing role of PLM in ensuring faster compliance for product developers is also bolstering the prospects in the product lifecycle management market.
• The increasing trend of flexible and adaptable software solutions is a key aspect in the expansion of revenue potential in the PLM market.
• In the above regard, cloud-based PLM software are gaining vast traction among end-use industries. They are getting increasingly attracted toward the features of easy implementation and real-time benefits of PLM solutions.
• Cloud-based PLM software will gain popularity further due to efforts of the vendors in making them secure.
• The growing role of PLM in understanding customers' demand across a wide range of industries in the Industry 4.0 has fueled the expansion of the market's opportunities.
• Commercial aircraft manufacturing is expected to see large application of PLM, since the sector is struggling with declining space budgets.
• Automotive and transportation sector is also likely to see a deluge of demand for PLM software.
• Apart from the above sectors, consumer packaged goods and retail, among non-traditional sectors are expected to bolster the growth of the PLM market.

Analyze global product lifecycle management market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study

Key Impediments to Product Lifecycle Management (PLM) Market Stakeholders

Oftentimes, low interoperability between different product versions, database models, and formats have led to limitations in the adoption of PLM software. Further, there seems to be a lack of customized PLM solutions. Also mere PLM solutions fall short of meeting the requirements of end users, notably those who are using CAD (Computer-aided Design). The striking complexity of the Industry 4.0 has also called for a collaborative approach that involves adopting PDM in conjunction with PLM.

In the meanwhile, the focus on new analytical and data-driven approaches will pave way to the demand for next-gen PLM solutions, expanding the canvas for stakeholders to play with.

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The Product Lifecycle Management (PLM) Market can be segmented as follows:

Product Lifecycle Management (PLM) Market, by Software

• On Premise
• CAD/CAM/CAE (CAx)
• Numerical Control (NC)
• Simulation and Analysis (S&A)
• Electronic Design and Automation (EDA)
• Architecture, Engineering and Construction (AEC)
• Collaborative Product Definition Management (CPDM)
• Digital Manufacturing
• Others
• Cloud-based
• CAD/CAM/CAE (CAx)
• Numerical Control (NC)
• Simulation and Analysis (S&A)
• Electronic Design and Automation (EDA)
• Architecture, Engineering and Construction (AEC)
• Collaborative Product Definition Management (CPDM)
• Digital Manufacturing
• Others

Product Lifecycle Management (PLM) Market, by End Use

• Automotive & Transportation
• Aerospace & Defense
• Industrial Machinery & Heavy Equipment
• Electronics & Semiconductor
• Energy & Utilities
• Consumer Products & Retail
• Medical Devices & Pharmaceutical
• IT & Telecom
• Others

Product Lifecycle Management (PLM) Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

Explore Transparency Market Research's award-winning coverage of the Global IT & Telecom Industry:

Application Lifecycle Management (ALM) Market – According to a new market report pertaining to the global application lifecycle management (ALM) market published by Transparency Market Research the global application lifecycle management (ALM) market was valued at US$ 2,887.4 Mn in 2019 and is projected to reach US$ 5,701.9 Mn by 2027, at a CAGR of 8.9% during the forecast period from 2019 to 2027. Growing need for agility, scalability, and flexibility among business organizations in order to instantly respond to fluctuating customer requirements or emerging business needs is driving the growth of the global application lifecycle management market.

OSS BSS System and Platform Market – The global OSS BSS system and platform market is poised for strong growth in the coming years, driven mainly by the expansive telecommunication sector. The rising adoption of convergent billing systems and the growing demand for customer care services are also anticipated to significantly contribute to the OSS BSS system and platform market. The opportunity presented by this market was pegged at US$29.11 bn in 2015 and is slated to advance at a CAGR of 10.5% from 2016 to 2024, to attain a market size of US$70.97 bn by the end of the forecast period.  

Product Lifecycle Management Consumer Packaged Goods and Retail (PLM CP&R) Market – The global Product Lifecycle Management Consumer Packaged Goods & Retail (PLM CP&R) market is projected to be driven by expansion in the consumer electronics industry. According to TMR analysis, the global consumer electronics industry has witnessed significant Y-o-Y growth at the rate of around 7% in 2017, in terms of revenue. The consumer electronics industry in Asia is expanding at a rapid pace. Rise in disposable income and increase in population are driving demand for consumer electronics. India had a population of 1,314 million in 2015, and it is anticipated to reach 1,530 million by 2030.

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