The global PLM market in consumer goods industry is forecast to grow at a CAGR of 12.98% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: High adoption of synchronous technology will gain traction in this market. The adoption of synchronous technology is increasing, especially in apparel industry for product designing, creating and editing 3D prototypes and models. Modeling is a set of rules that help manufacturers during computer modeling of 3D solids.
According to the report, need for faster time-to-market and product development will drive the market. Product development faces several challenges like poor product design, analysis, and issues with digital manufacturing capabilities. These factors not only increase the time-to-market of the product, but also complicates the functional and manufacturing processes. This, in turn, results in in-house reworks, quality issues among customers, increase in maintenance, repair, product return, and overhaul expenses of the product, adversely affecting the reliability of the vendor.
Further, the report states that the PLM software vendors face slow revenue growth because of PLM's piracy issues. The sharing of a purchased license of a single end-user with other end-users is also considered as software piracy. Most of the pirated software contains hostile software, which exposes the system to problems like data loss, security breaches, increase in expense and time required to disinfect during installation.
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?