Product lifecycle management market growth should continue

The worldwide Product Lifecycle Management (PLM) market showed significant growth in 2006 and should continue to strengthen over the next five years, according to recent statistics compiled by CIMdata Inc., a consulting research firm. CIMdata indicates the PLM market experienced a “stronger than expected year in 2006,” with the overall market growing 10.

05/01/2007


The worldwide Product Lifecycle Management (PLM) market showed significant growth in 2006 and should continue to strengthen over the next five years, according to recent statistics compiled by CIMdata Inc., a consulting research firm. CIMdata indicates the PLM market experienced a “stronger than expected year in 2006,” with the overall market growing 10.4% to reach $20.1 billion in 2006. “This strong growth rate,” says the research firm, “is attributed to continued recognition of the value of PLM in improving companies’ business performance.” PLM investments are forecast to continue their climb over the next five years.

CIMdata describes PLM as not just a set of technologies, but a strategic business approach that applies a consistent set of business solutions in support of collaborative creation, management, dissemination, and use of product definition information across the extended enterprise from concept to end of life—integrating people, processes, business systems, and information. The firm segments the overall PLM market into PLM information authoring and analysis applications (tools), and collaborative Product Definition management (cPDm). Historically, it says, the tools sector has received the largest amount of investment, although growth of that sector has consistently been slower than that for cPDm. However, industry investments in tools were above forecasts in 2006.

According to CIMdata, $13.2 billion was spent in 2006 by companies worldwide on such PLM tools as mechanical computer-aided design (MCAD), computed-aided manufacturing (CAM), electronic design automation (EDA), and engineering simulation and analysis. Growth in this sector was primarily driven by investments in EDA (up 11.9%) and mid-range MCAD (up 11%). The tools portion of the PLM market is forecast to grow at a CAGR of 5.3% over the next five years to reach $17.1 billion by 2011.

The fastest-growing sector of PLM is for expenditures on cPDm, which is focused on collaboration, management, and sharing of product-related information, says CIMdata. The research firm considers this segment to cover technologies and approaches such as PDM, collaboration and visualization, data exchange, portfolio management, compliance management, strategic sourcing, enterprise application integration, workflow, functional applications such as configuration management, and solutions for specific industries or businesses.

“Strong market growth continues to be driven by heavy investments from manufacturers of all sizes implementing PLM in record numbers,” explains Ed Miller, CIMdata president. “Across a broadening range of industries, some of the world’s largest enterprises are improving top-line revenue growth and bottom-line performance as they transform their business processes. Impressive gains are likewise being experienced by smaller and mid-sized firms using PLM to boost productivity and improve competitiveness. PLM is enabling enterprises of all sizes to bring continuous streams of winning products to market more efficiently, accelerate their product development and introduction processes, maintain high quality, and provide greater agility in adapting to rapidly shifting market and competitive trends.”

www.cimdata.com





No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
Each year, a panel of Control Engineering editors and industry expert judges select the System Integrator of the Year Award winners.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Learn how to create value with re-use; gain productivity with lean automation and connectivity, and optimize panel design and construction.
Go deep: Automation tackles offshore oil challenges; Ethernet advice; Wireless robotics; Product exclusives; Digital edition exclusives
Lost in the gray scale? How to get effective HMIs; Best practices: Integrate old and new wireless systems; Smart software, networks; Service provider certifications
Fixing PID: Part 2: Tweaking controller strategy; Machine safety networks; Salary survey and career advice; Smart I/O architecture; Product exclusives
The Ask Control Engineering blog covers all aspects of automation, including motors, drives, sensors, motion control, machine control, and embedded systems.
Look at the basics of industrial wireless technologies, wireless concepts, wireless standards, and wireless best practices with Daniel E. Capano of Diversified Technical Services Inc.
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
This is a blog from the trenches – written by engineers who are implementing and upgrading control systems every day across every industry.
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Case Study Database

Case Study Database

Get more exposure for your case study by uploading it to the Control Engineering case study database, where end-users can identify relevant solutions and explore what the experts are doing to effectively implement a variety of technology and productivity related projects.

These case studies provide examples of how knowledgeable solution providers have used technology, processes and people to create effective and successful implementations in real-world situations. Case studies can be completed by filling out a simple online form where you can outline the project title, abstract, and full story in 1500 words or less; upload photos, videos and a logo.

Click here to visit the Case Study Database and upload your case study.