LONDON–(BUSINESS WIRE)–The product lifecycle management (PLM) in consumer goods market is expected to grow by USD 2.02 billion during 2020-2024, according to the latest market research report by Technavio.
The increasing demand for product data records (PDRs) to store information about products is encouraging several enterprises around the globe to implement PLM software. PDRs include various information about the product such as its engineering processes, product claims, quality standards, marketing information, and formulas. The integration of PLM software in PDRs shortens the product time-to-market and time-to-profit by 30%. In addition, it minimizes the product development cost and improves the innovation resource productivity. Thus, the increasing demand for PDRs will boost the growth of the product lifecycle management (PLM) in consumer goods market during the forecast period.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40691
As per Technavio, the increasing adoption of cloud-based PLM software will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Product Lifecycle Management (PLM) in Consumer Goods Market: Increasing Adoption of Cloud-based PLM Software
Cloud-based PLM software solutions are gaining prominence among end-users as they provide various benefits including security, ease of access, and flexibility. SMEs are adopting these solutions as hosting PLM software on the cloud because it can significantly minimize the operating costs such as storage, maintenance, and server costs. This helps in improving the efficiency of PLM as it lowers the total cost of ownership. This is encouraging vendors to expand their product portfolio to capitalize on the growing adoption of cloud-based PLM solutions, which in turn, is expected to showcase a positive outlook during the forecast period.
Register for a free trial today and gain instant access to 17,000+ market research reports
Product Lifecycle Management (PLM) in Consumer Goods Market: Segmentation Analysis
This market research report segments the global product lifecycle management (PLM) in consumer goods market by Deployment (Professional services, On-premise and Cloud), and Geographic segmentation (APAC, Europe, MEA, North America and South America).
The North America region led the product lifecycle management (PLM) in consumer goods in 2019, followed by Europe, APAC, MEA and South America. During the forecast period, the North America region is expected to register the highest incremental growth due to factors such as the presence of major consumer goods manufacturers, integration of PLM software in manufacturing and production facilities, and increasing investments in opening new manufacturing facilities.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
- Professional services
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.