PLM in Discrete Manufacturing Market
A rise in digital transformation in various industries across different developing nations positively impacts the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATE, May 10, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, the global PLM in discrete manufacturing market size was valued at $19.94 billion in 2020 and is projected to reach $33.24 billion by 2028, growing at a CAGR of 6.8% from 2021 to 2028.
Discrete manufacturing and PLM software are primarily designed for managing all information and processes at every step of a product or service lifecycle across globalized supply chains. This includes data from items, parts, products, documents, requirements, engineering change orders, and quality workflows. Discrete manufacturing involves the production of parts and systems such as nuts and bolts, brackets, wires, assemblies, and individual products.
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Furthermore, the key factor that drives the market includes an increase in demand for discrete manufacturing and PLM software by various SMEs and the adoption of Industrial IoT among manufacturing industries. In addition, the rise in digital transformation in various industries across different developing nations positively impacts the growth of the market. However, high investment and integration costs hamper the market growth.
On the contrary, the surge in demand for cloud-based PLM software and the emergence of smart factories and smart manufacturing across the globe is expected to offer remunerative opportunities for the expansion of the PLM in the discrete manufacturing market during the forecast period.
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Region-wise, the PLM in the discrete manufacturing market was dominated by North America in 2020 and is expected to retain its position during the forecast period. This is attributed to an increase in the adoption of advanced technologies such as IoT, connected industries, telecommunication technologies (5G, LTE), additive manufacturing, and augmented reality among various industries to improve their supply chain process.
However, Asia-Pacific is expected to witness a significant growth rate during the forecast period, owing to an increase in industrial and infrastructure expansion activities in India and China.
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The outbreak of COVID-19 is anticipated to have a negative impact on the growth of PLM in the discrete manufacturing market. This is attributed to closing of the supply chain process of various manufacturing industries and the reduction in logistics activities across the globe. However, various industries have started adopting PLM to entire business processes efficiently operating and under control, which can be achieved through various features of PLM software such as remote access, digital data exchange, automated reporting, and real-time work floor control. In addition, the pandemic has led to a surge in demand for cloud-based PLM software among enterprises.
The key players profiled in the PLM in discrete manufacturing market analysis are ANSYS, Inc., Arena Solutions, Inc., Autodesk, Inc., Dassault Systèmes, Infor, Oracle Corporation, PTC Inc., SAP SE, Siemens AG, and Synopsys Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the PLM in the discrete manufacturing industry.
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Key Findings Of The Study:
• By component, the software segment accounted for the largest PLM in the discrete manufacturing market share in 2020.
• Region-wise, North America generated the highest revenue in 2020.
• Depending on deployment, the on-premise segment generated the highest revenue in 2020.
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