How is your organization leveraging growth opportunities created by product lifecycle management (PLM) in the industrial software landscape?
New technologies are transforming industries like never before, continuously disrupting processes — from design to manufacturing and supply chain management. These changes are in response to recent challenges such as shifting consumer demands, regulatory changes, stricter compliance, and geopolitical tensions affecting supply chains. Amidst this transformation, PLM software is experiencing considerable growth, driven by advancements in artificial intelligence (AI) and cloud computing. Companies are actively integrating PLM to boost efficiency, resilience, and sustainability, preparing themselves for future growth and ensuring they remain competitive in this evolving industrial landscape.
Currently, Asia-Pacific (APAC) sees the lowest PLM adoption; therefore, its growth potential is high. APAC is expected to have the highest compound annual growth rate (CAGR) of 8.1% between 2023 and 2030. This growth is driven by the region's increasing economic importance and the shift of industries from labor-intensive practices to modern setups.
Source: Frost & Sullivan Growth Opportunity Analysis
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Innovative Business Models
Embracing SaaS and Cloud-Based PLM Models
Latest technologies are revolutionizing PLM access through cloud-based deployment, fostering innovative business models. The shift from products to services, particularly the software as a service (SaaS) model, is gaining traction, propelled by customer demand for affordable software and advancements in cloud technology.
Enabling Effective PLM Utilization
Integrating new technologies into PLM is enhancing customer experience (CX) by providing advanced capabilities like AI, cloud, digital twin, additive manufacturing, and data analytics. Configuring these capabilities is enabling diverse industries, regions, and clients to use PLM effectively, driving customization and innovation while ensuring compliance and security.
Shifting to Cloud-Native SaaS Solutions
New companies with cloud-native SaaS offerings are providing cheaper, simpler, and faster solutions, challenging traditional participants, and prompting a shift from on-premises PLM to cloud alternatives. Traditional vendors are being forced to review their strategies and adopt new technologies to maintain their leadership.
How is your organization integrating PLM software into manufacturing processes to drive growth and outperform competitors?
Explore the prime growth avenues in the PLM industry through our comprehensive analysis. Access now to unlock innovative perspectives!
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