PLM in Discrete Manufacturing Market to Reach USD 33.24 Billion by 2028 | Autodesk, Inc., Infor, Oracle
The rise in digital transformation in various industries across different developing nations positively impacts the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATE, April 20, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, 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.
The key factor that drives the market includes increase in demand of discrete manufacturing and PLM software by various SMEs and adoption of Industrial IoT among manufacturing industries. In addition, rise in digital transformation in various industries across different developing nations positively impacts growth of the market. However, high investment and integration costs hamper the market growth.
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On the contrary, surge in demand for cloud-based PLM software and the emergence of smart factories and smart manufacturing across the globe is expected to offer remunerative opportunities for the expansion of the PLM in the discrete manufacturing market during the forecast period.
Depending on industry vertical, the automotive & transportation segment dominated the market share in 2020, and is expected to continue this trend in the upcoming years. This is attributed to rising in the adoption of cloud-based PLM software by various automotive & transportation industries to improve their business efficiency and enhance the quality of the product.
However, the high-tech & consumer electronics industry is expected to witness highest growth rate during the forecast period, owing to the need to optimize companies overall processes and to enhance performance and functioning of the organization.
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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 increase in adoption of advance technologies such as IoT, connected industries, telecommunication technologies (5G, LTE), additive manufacturing, and augmented reality among various industries to improve their supply chain process. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to increase in industrial and infrastructure expansion activities in India and China.
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 outbreak of COVID-19 is anticipated to have a negative impact on growth of PLM in discrete manufacturing market. This is attributed to closing of supply chain process of various manufacturing industry and reduction in logistics activities across the globe.
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Key Findings Of The Study:
• By component, the software segment accounted for the largest PLM in discrete manufacturing market share in 2020.
• Region wise, North America generated highest revenue in 2020.
• Depending on deployment, the on-premise segment generated the highest revenue in 2020.
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