| A03778 | Pages: 387 | May 2021 | 6557 Views | ||
| Author(s) : Pramod Borasi, Shadaab Khan , Vineet Kumar | Tables: 140 | Charts: 84 |
| |
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Plm In Discrete Manufacturing Market
Request Now !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 is an industry term used for manufacturing of finished products that are distinct items capable of being easily counted, touched, or seen. In addition, PLM software is used by various industries to manage entire lifecycle of a product from its start through the engineering, design, manufacture, and disposal services of manufactured products. Moreover, discrete manufacturing and PLM software provides companies with the ability to improve their production quality and also increases a company’s efficiency & productivity. Moreover, many manufacturing units across developing nations of Asia-Pacific and LAMEA are using this software to reduce prototyping costs while developing or innovating new products, which enhances growth of the market.
The COVID-19 outbreak has significantly pushed the adoption of cloud-based PLM software among enterprises to achieve scalability, secured IT infrastructure and higher business efficiency during pandemic.
Increase in demand for discrete manufacturing and PLM software by various SMEs and rise in adoption of Industrial IoT among manufacturing industries boost growth of the global market. In addition, rise in digital transformation in various industries across different developing nations positively impacts growth of the market. However, high investments and integration costs hamper the PLM in discrete manufacturing market growth. On the contrary, surge in demand for cloud-based PLM software and emergence of smart factories and smart manufacturing across the globe is expected to offer remunerative opportunities for expansion of the market during the forecast period.
By deployment model, the on-premise segment garnered the largest PLM in discrete manufacturing market share in 2019, and is expected to maintain its dominance in the upcoming years as on-premise deployment mode is considered widely useful in large enterprises as software can be implemented on IT infrastructure of a company itself and it provides more security as compared to cloud. However, the cloud segment is expected to witness highest growth, owing to a paradigm shift in deployment methods from on-premise to cloud-based models. This is the major factor that propels adoption of cloud-based discrete manufacturing and PLM among SMEs and some large-scale organizations. In addition, leading market vendors of the PLM in discrete manufacturing market have introduced strategies to help enterprises move their on-premise discrete manufacturing and PLM model to cloud-based models, which further fuels growth of the segment.
Region wise, the PLM in 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 number of factors such as penetration of new industries and improvement in economy. In addition, presence of large number of cloud PLM solution vendors across the U.S. and Canada is expected to provide lucrative opportunities for the market. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to wide presence of small- and medium-scale enterprises, which are turning toward hosted PLM solutions to efficiently manage their business processes, particularly in developing countries such as China, India, and Singapore.
The report focuses on growth prospects, restraints, and trends of the global PLM in discrete manufacturing market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global PLM in discrete manufacturing market share.
The global PLM in discrete manufacturing market is segmented on the basis of component, deployment model, enterprise size, industry vertical, and region. By component, the market is bifurcated into software and services. By deployment mode, it is categorized on-premise and cloud. On the basis of enterprise size, it is classified into large enterprises and small & medium enterprises. Depending on industry vertical, it is fragmented into automotive & transportation, industrial machinery & heavy equipment’s, high-tech & consumer electronics, aerospace & defense and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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 discrete manufacturing industry.
The COVID-19 pandemic has led to a significant decline in the revenue of PLM in discrete manufacturing market due to shutdown of various manufacturing and automotive industry across the globe. However, various industries are adopting new digital technologies for recovering their loss suffered due to the pandemic situation across the globe. Furthermore, the COVID-19 pandemic have creative significant opportunities for the cloud-based PLM software which is driving the growth of the market in the pandemic situation. In addition, various manufacturing units are shifting their workforces from physical forces to work from culture, which enhances growth of the cloud-based PLM market in the pandemic situation.
Rise in demand for discrete manufacturing and PLM software among several SMEs to reduce operation costs and increase productivity of organizations is an important factor that boosts growth of the market.
Furthermore, introduction of SaaS solutions among various industries has allowed to change exit and entry barriers in providing solutions for small and medium-sized companies, which is expected to provide lucrative opportunities for the market. In addition, PLM software also helps various industries such as manufacturing and aerospace & defense to reduce human error and produce good quality products, which enhances growth of the market. Furthermore, discrete manufacturing and PLM software provide various benefits to SMEs, which includes consolidate information about product development, streamline or change orders and requests, and improve communication with suppliers. In addition, most companies across the globe are adopting PLM solutions, which helps them to enhance their productivity in the COVID-19 pandemic as well as minimize operating costs such as storage, maintenance, and server costs, which drives growth of this market.
Rise in adoption of industrial IoT among manufacturing industries to easily detect and predict failure before it occurs is considered as an important factor that boosts growth of the market. In addition, IIoT helps manufacturing units to reduce breakdown or failure of machines by 70% and minimizes repair costs by 12%, which enhances growth of the market. Furthermore, industrial IoT allows manufacturing industries to monitor their assets in real-time and speeds up manufacturing pace, which drives growth of the market. In addition, various industries across developing nations are adopting sensor base and connected machine technology, which increases efficiency of machines and reduces minimal wastage of resources. Furthermore, automotive industries are rapidly adopting IIoT to analyze data collected from different types of machines to enhance their product design phase and to improve their product quality. Moreover, various industries in developing nations are adopting IIoT to reduce production period of products as well as eases human error, which can lead to machine failures. Furthermore, it helps manufacturer to easily detect user complaints and helps companies to remodel products to enhance customer satisfaction, which further propels growth of this market.
Key Benefits For Stakeholders
Key Market Segments
By Component
By Deployment Model
By Enterprise Size
By Industry Vertical
By Region
Key Market Players
Loading Table Of Content...
Adoption of discrete manufacturing and PLM devices has increased over the years to boost manufacturing processes, to help organizations monitor production processes, and to provide enhanced customer services. In addition, PLM and discrete manufacturing also helps discrete manufacturers to maintain the quality and integrity of manufactured products in each step of product development lifecycle. Furthermore, factors such as increase in need for operational efficiency and transparency in business processes and rise in demand for data-driven decision-making are expected to fuel the market growth. In addition, surge in adoption of cloud as well as mobile applications is expected to drive growth of the market.
Key providers of PLM in discrete manufacturing market such as Dassault Systèmes Siemens AG, SAP SE, Autodesk, Inc., and Oracle Corporation account for a significant share in the market. For instance, September 2019, Siemens AG announced that it had acquired U.K.-based Lightwork Design, a computer software and technology licensing company. With this acquisition, Siemens PLM Software is be able to offer its customers with improved 3D data visualization capabilities, VR capabilities, and high-end rendering via its comprehensive suite of 3D product lifecycle management PLM applications. According to the industry experts, the PLM in discrete manufacturing market is expected to witness increased adoption in the coming years, owing to digital transformation in industries and rapid adoption of IIoT among various sectors. North America is expected to dominate the market during the forecast period while emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities.
Start reading instantly.
This Report and over 13,000+ more Reports, Available with Avenue Library. T&C*.
10%
Discount
10%
Discount
15%
Discount
15%
Discount
Enterprise
License/PDF
20%
Discount
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
