CIMdata Reports Continuing Strong PLM Market GrowthAccording to figures released from consulting and research firm CIMdata, Inc., the worldwide Product Lifecycle Management (PLM) market continued to grow during 2002 despite depressed global economies. CIMdata defines the PLM market into two segments - authoring and analysis tools (such as CAD/CAM, EDA, etc.) and collaborative Product Definition Management (cPDm).
According to CIMdata, PLM growth was concentrated in the cPDm segment, which reached $4.2 billion in 2002 for an apparent increase of 16% over 2001. When 2001 service revenues previously under- reported by vendors are taken into account, the 2002 cPDm growth rate is pegged at a more modest 8% -- still a respectable increase considering the world's sluggish economy. In fact, cPDm growth currently is being driven by PLM-related services, which increased 16% during 2002 while software revenues declined approximately 7%.
CIMdata forecasts overall PLM investments will continue growing at a solid pace over the next five years to exceed $20 billion by 2007 (as shown in Figure 1). The firm predicts the cPDm portion of the PLM market will exceed $4.7 billion in 2003 and $9.3 billion by 2007 for a compound annual growth rate (CAGR) of 17% (as shown in Figure 2). The tools portion of the PLM market is estimated to grow at a CAGR of 3% over the next 5 years to reach $11.8 billion by 2007.
"Senior-level executives now recognize that PLM is critical to business success," explains Miller. "By managing and leveraging product information across the extended enterprise, PLM enhances business performance by supporting innovation-oriented initiatives such as supply chain management, integrated product development, design collaboration, intellectual supply chain management, product requirements/ portfolio management, and global resource utilization: initiatives that can make or break a company. Because it enables businesses to bring innovative and profitable products to market effectively, PLM and the collaborative capabilities it provides are rapidly transitioning from a competitive advantage to competitive necessity. With so much at stake, companies are implementing PLM solutions in record numbers."
According to Miller, there is a growing awareness that product innovation is a critical element of business success built upon solutions that enable widely distributed teams throughout an extended enterprise to work more collaboratively in developing products, plants, and facilities. "This executive level awareness is fueling investments in collaborative initiatives that are at the heart of cPDm, a primary enabler for PLM."
Miller says that despite tough economic times, these business drivers are fueling a broad expansion of the cPDm core market as PLM programs become mainstream and are implemented across the enterprise.
Additionally, the continually expanding and overlapping scope of related technologies offers companies a broader range of capabilities to address their requirements. Deployment of comprehensive PLM solutions also involves integration with multiple internal and external business systems, further fueling expenditures for PLM products and services over the next several years.
For the full article, see CIMdata Reports Continuing Strong PLM Market Growth.
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