DUBLIN — (BUSINESS WIRE) — April 18, 2012 — Research and Markets ( http://www.researchandmarkets.com/research/b8bf7ad1/global_product_lif) has announced the addition of the "Global Product Lifecycle Management Market 2011-2015" report to their offering.
TechNavio's analysts forecast the Global Product Lifecycle Management market to grow at a CAGR of 8.18 percent over the period 2011-2015. One of the key factors contributing to this market growth is increased demand in manufacturing sector. The Global Product Lifecycle Management market has also been witnessing increased development of customized solutions. However, the high cost of implementing and replacement of existing PLM solutions could pose a challenge to the growth of this market.
Key vendors dominating this market space include Dassault Systèmes SA, Autodesk Inc., Siemens PLM, and Parametric Technology Corp.
Commenting on the report, an analyst from TechNavio's Engineering Services team said, Rapidly increasing levels of industrialization, economic growth, rising GDP of countries worldwide and a subsequent rise in manufacturing powers of countries such as India, China, and Japan are expected to drive the prospects for the Global PLM market. Demand for PLM solutions in the manufacturing industries increased rapidly in the post-recession period, which required high-speed production, quick planning and designing of products, active communication, collaboration among various departments, and the availability of updated information on the product. This increased demand is driving the Global PLM market.
According to the report, PLM vendors are facing increased competition from other local PLM vendors due to lack of product differentiation. Also, local PLM vendors are providing much higher levels of customization for PLM solutions, available at much lower costs. For instance, local PLM software vendors would also provide open source computer-aided engineering (CAE) solutions, customized to the company, at a much lower cost than that of commercial ones.
Further, the report also discusses that the high cost required to implement PLM software is one of the main challenges faced by vendors.
For more information visit http://www.researchandmarkets.com/research/b8bf7ad1/global_product_lif