Arc Group study says product lifecycle management market is focused on smart technology and IIoT

July 23, 2020
Manufacturers are focusing on disruptive technologies like additive manufacturing, intelligent automation, advanced robotics and machine learning as enablers

New ARC Advisory Group research on the global product lifecycle management market reveals that manufacturers are focusing on disruptive technologies like additive manufacturing, intelligent automation, advanced robotics and machine learning as enablers of the smart factory and Industrial IoT. Product lifecycle management (PLM) suppliers need to find better ways to monetize innovation and capitalize on technology disruption.

"The PLM market is largely driven by the increasing complexity of products and product portfolios and the demand for continuous improvement of new product development and management processes in the discrete industries,” said Dick Slansky, senior analyst at ARC Advisory Group and key author of ARC’s Product Lifecycle Management Global Market Research report. 

“The digital twin concept has captured mainstream attention. PLM products will be crucial in the creation and utilization of digital twins by providing modeling and simulation capabilities. Continuous advances in additive manufacturing machines are leading to more adoption of the technology across multiple industries,” added Slansky. 

This ARC research explores current and historical market performance and related technology and business trends, identifies leading technology suppliers, and provides five-year global forecasts for the product lifecycle management market. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, plus five-year market forecasts by industry, revenue category, application, sales channels and customers.

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