Product Lifecycle Management Market ? Emergence of the Defense Sector Strikes?Gr

Posted by RASHMI on March 28th, 2019

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 done based on the changes in above mentioned variables to meet the market the demand.

Delivering right product at 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 growth of CAx segment is driven by the demand for lowering time-to-market products among enterprises. During the coming years, the market for both on-premise and cloud-based CAx solutions is expected to be majorly driven by the demand from SMEs as these enterprises have started investing in the standalone software to have better visualization of the product as well as reduction in operational costs. 

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Aerospace and defense was the largest end-use segment of the PLM market in 2014. This segment has a significantly long product development cycle and in order to manage this, the companies in this sector started adopting PLM solutions in wide manner. The increasing global competition, reduction in budgets related to defense and aerospace, and a rising commercial aircraft backlog would significantly drive the demand for PLM in the companies in aerospace and defense sector.