Global Mainstream Product Lifecycle Management (PLM) Market 2017-2021

Overview of the mainstream product lifecycle management (PLM) market

Extensive research carried out by the analysts at Technavio has shown that the global mainstream PLM market will witness impressive growth and will post a staggering CAGR of close to 10% during the forecast period. The increasing need for safety features in automobiles is one of the primary factors driving this market’s growth. The cPDM market in the automotive industry is driven by the increasing need for passenger safety. The increasing number of fatalities from road accidents has forced the governments of many countries to adopt better safety features in vehicles, for example, mandatory crash tests for all vehicles was started in India in 2014. The increasing need for safety features has driven the growth of collaborative product definition management in the automotive industry as cPDM is extensively used for carrying out R&D activities related to crash tests and other safety feature measurements. This, in turn, is anticipated to bolster the growth of the PLM market over the coming years.

The augmented demand for cloud-based MCAD software is one of the latest mainstream PLM market trends gaining a significant traction. MCAD software solutions offer several advantages such as vast space for data storage, ease of access, flexibility, and security. Also, most SMEs prefer cloud-based MCAD software due to its cost-effective nature. Moreover, the end users are not required to pay the license cost as the software can be accessed through the cloud. Additionally, by hosting MCAD software on the cloud, the end-users can significantly reduce their operating costs and improve the efficiency of the product development cycle.