European PLM market to reach €4.3 billion in 2017
Product lifecycle management (PLM) solutions allow companies to improve efficiency, reduce time to market and lower production costs, and recent research shows European enterprises have no plans to slow down PLM adoption.
According to business research and consulting firm Frost & Sullivan, the PLM market in Europe totaled €2.6 billion in 2010, but it will expand to €4.3 billion in 2017. The report also predicted significant growth for the plant asset management (PAM), a platform that ensures safety and process reliability for a business.
"Regulatory compliance, increased safety, enhanced design innovation and production processes are cornerstones for the growth of advanced management solutions in Europe," said Frost & Sullivan senior research analyst Karthik Sundaram. "Intensifying concerns about safety and decreasing maintenance expenditure will catalyze the PAM market, while growing competition and the need for innovation will galvanize the PLM market."
The report said increased desire among European enterprises for product innovation and development will advance demand for PLM solutions. Sundaram added that flexibility, scalability and security will fuel additional PAM and PLM spending by companies.
According some experts, cloud-based PLM is quickly becoming a popular solution to help manufacturers reduce costs, while both the computer aided design (CAD) and PLM software industries are moving towards consumerization with their products.