Product life-cycle management (PLM) is an information system which integrate data, processes, business systems, and eventually people in an extended enterprise. PLM software enables an enterprise to manage information efficiently and cost-effectively throughout entire lifecycle of a product. . It includes processes from ideation, design and manufacture and disposal of the product. PLM includes both an information strategy and an enterprise strategy. In information strategy, it includes coherent data structure by consolidating systems. In enterprise strategy, it enables global organizations to work as a single team in order to design, produce, support, and retire products. PLM software empowers business to make unified, information driven decision at every stage in a life cycle of a product.
Features of PLM Software
- Optimize relationships across organizations and along the lifecycle of a product
- To Set up a single systems of records in order to sustain miscellaneous data needs enhances lifetime value of product portfolio of a business
- Propel topline revenue through repeatable process
Product Life-Cycle Management (PLM) IT Market: Drivers and Restraints
In the current Information Technology (IT) age, enterprises are increasing their scale of operations and are offering wide product portfolio. Managing entire ecosystem from ideation to implementation of a product has become critical and has led to the innovation of a new software named as a product life-cycle management (PLM). Moreover, increasing functionality of products is further increasing the complexity with respect to its development and support.
However, cost and complexity issues attached with PLM software have been long standing hurdles to its widespread adoption. In the various enterprises applications, PLM incurs huge cost and complexity in IT infrastructure. As a software application demands cross functional operation, it requires a sizable investment to manage both the technical and organizational aspects of implementation.
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Product Life-Cycle Management (PLM) IT Market: Segmentation
Segmentation of product life-cycle management (PLM) IT market on the basis of functions:
- System Engineering (SE):
System engineering is a field of engineering that focuses on designing and managing complex engineering systems over their life cycles. It includes issues such as requirement engineering, reliability, and logistics, coordination of different teams, and testing and evaluation.
- Product Portfolio Management (PPM):
Product portfolio management is a business lifecycle function within a company dealing with the planning, forecasting, and production of a product or products at all stages of product lifecycle. It integrates people, data, process, and business systems.
- Product Design:
Product design is a function of business organization that includes designing new products as a part of their offerings.
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- Manufacturing Process Management (MPM):
Manufacturing process management is a collection of technologies and methods used to define manufacturing process. It includes concept, planning, factory layout planning and analysis, and mixed model line balancing.
North America region is one of the fastest growing markets in the adoption of PLM software. The demand for mechanical computer aided design (MCAD) and electronic computer aided design (ECAD), and other PLM software in the countries such as the U.S. and Canada is driving the growth of the market.
PLM market holds excellent growth potential in aerospace and defense sector in the Asia-Pacific region. , China, India, South Korea, and Japan are expected to be key markets for Cloud based PLM software, which is expected to drive the market during the forecast period.
In Europe, regulatory compliance, increased safety, enhanced design innovation, and product processes are keystones for the growth of advanced PLM software in Europe. In addition this, intensifying concerns about safety and decreasing maintenance expenditure will catalyze the PLM software market in Europe. In Latin America, and Middle East and Africa regions, PLM business and deployment models are undergoing changes due to the innovation of cloud based PLM software.
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Product Life-Cycle Management (PLM) IT Market: Key market players
Autodesk Inc., Dassault Systems, PTC Inc., Siemens Product Life Cycle Management Inc., Oracle Corporation, and SAP SE, are some the leading players of global product life-cycle management (PLM) IT market.