Product lifecycle management (PLM) represents an overall vision and systematic data management related to the product design, production, support, as well as its ultimate disposal in a product development process in organizations. There are certain variables such as time, functions, performance, and price that change frequently with the product lifecycle processes. Therefore, the product innovation process should be based on the changes in aforementioned variables to meet the market demand. Delivering the right product at the right time is the major goal of enterprises in the market.
PLM provides many benefits to organizations, such as significant reduction in time-to-market the product, production cost minimization, and product quality and reliability enhancement. The various challenges faced by product development teams in enterprises include globalization, growing demand for mass customization, and quick innovation. These challenges are leading to a growing need for PLM solutions, which provide the collaborative environment and knowledge management of a product’s lifecycle process.
Key factors driving the growth of the PLM market for consumer products and retail end-use include industrialized nations, growing industry, and MNC expansion in emerging regions, a shift from traditional end-use sectors to non-traditional end-use sectors, such as retail and consumer products and packaged goods, high return on investment (ROI), and reduction in time-to-market for products and operational costs. In addition to this the growth of modern grocery retailers in APAC and Latin America are driving the consumer products and retail market.
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In 2014, the PLM software held the largest market share of 46.2%, globally in the overall product lifecycle management (PLM) market for consumer products and retail end-use analysis. The market is experiencing implementation of PLM software in both on-premise as well as cloud-based models. The various software being implemented in both on-premise and cloud-based PLM include CAD/CAM/CAE (CAx), numerical control (NC), simulation and analysis (S&A), architecture, engineering and construction (AEC), collaborative product definition management (CPDM), digital manufacturing, electronic design automation (EDA), and others. PLM services include consulting, integration, and operation and maintenance.