Product Lifecycle Management (PLM) market
Digital transformation is the key to address challenges created by the COVID-19 (coronavirus) outbreak. Users in the manufacturing and retail sectors are participating in webinars to stay ahead in competition amidst the coronavirus era. For instance, Centric Software- a Silicon Valley-based software company conducted a seminar in March 2020 that shed light on how digitalization drives business growth with the help of the product lifecycle management software.
Companies in the Product Lifecycle Management (PLM) market should increase efforts to conduct online events that educate users on how they can deploy better collaborations and communication with the help of the PLM software. As such, decline in costs and streamlining of production processes are catalyzing the adoption of PLM. Remote monitoring of production activities is another advantage for users amidst the COVID-19 pandemic that will, in turn, drive the Product Lifecycle Management (PLM) market.
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Automated Management of Labels in F&B Bolsters Adoption of Product lifecycle Management
Product Lifecycle Management (PLM) is being adopted by F&B (Food & Beverage) manufacturers for product innovation and transparency in production practices. Stringent compliance pressures and the ever-increasing demand for quality products have catalyzed the adoption of PLM in F&B companies. F&B manufacturers are benefitting from PLM, since these software deliver important data about the likelihood of projects being successful. Product lifecycle management helps in regulatory compliance for labels and ingredients, which helps to increase product uptake.
Efficient information management has become instrumental to achieve transparency in internal and external processes. Hence, companies in the Product Lifecycle Management (PLM) market are innovating in software that effectively manage customer inquiries. Automated management of labels is another key driver that is bolstering growth for the Product Lifecycle Management (PLM) market, which is estimated to cross a value of US$ 91.9 Bn by the end of 2030.
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Cloud PLM Deploys Low Cost Implementation as Compared to On-premises Solutions
Cloud product lifecycle management software are being highly publicized in various end markets. This explains why the product lifecycle management (PLM) market is estimated to advance at a favorable CAGR of 5.2% during the assessment period. Easy to implement and real-time collaboration provided by cloud product lifecycle management software is generating value-grab opportunities for companies. As such, PLM helps internal teams and supply chain partners design, develop, and produce high-quality products for its target customers.
Product lifecycle management supports new product development (NPD) and new product introduction (NPI) in a budget-friendly manner. Companies in the Product Lifecycle Management (PLM) market are capitalizing on the trend of real-time collaboration, which requires information sharing between internal and external teams. Cloud PLM is increasingly replacing on-premises solutions, owing to its advantages of low cost implementation and cheaper maintenance.
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