The report forecasts the global BOM software market to grow at a CAGR of 8.14% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: One trend propelling growth in this market is the incorporation of PLM software into enterprise and MES software. The integration of PLM software with enterprise and manufacturing execution systems (MES) software is an effective method that will boost the growth in the market. The integration enables better transparency across business units and helps to save time.
According to the report, the recent increase in mass customization will be one of the major drivers for this market. The rise in demand for product customization has led to an increased use of BOM solutions across various industries. Initially, companies were dependent on mass production to reduce cost. However, mass customization is gaining popularity. Customization of the product can lead to the creation of a single BOM, which can be used once or multiple times.
Further, the report states that one challenge hampering this market's growth prospects is the lack of standardization. Providing interoperability is difficult for the vendors because of lack of standardization in terms of protocol, program formats, syntax, and terminology. Each vendor follows a different format, which affects the overall interoperability among the BOM software offered by different vendors.
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?