According to a new market report published by Transparency Market Research “Consumer Products and Retail Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022,” the global PLM market for consumer products and retail end-use market, in terms of revenue, was valued at US$ 2.79 Bn in 2014 and is forecast to expand at a CAGR of 10.4% during the period 2015 to 2022.
The shift from traditional end-use sectors to non-traditional end-use sectors such as retail and consumer products and packaged goods and the growth of modern grocery retail stores in emerging economies are the key factors driving the growth of PLM market for consumer products and retail end-use, globally. In addition, small and mid-sized companies are leveraging on cloud-based PLM solutions for high ROI and need for increases in productivity and product management among consumer and retail product manufacturers is further expected to drive the growth of this market over the forecast period.
The global PLM market for consumer products and retail end-use by components category was dominated by the software segment with a market share of 46.2% in 2014. Globally, the demand for PLM software is driven by a reduction in time-to-market new products and reduction in operational cost. Rising demand for process automation, product data management, and integration with emerging tools such as analytics software would continue to fuel the growth of PLM software during the coming years.
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The share of on-premise PLM software market is forecast to expand at a moderate rate during the forecast period from 2015 to 2022. The cloud-based PLM software market segment is expected to have fastest growth during the forecast period from 2015 to 2022.
By end-use application sector, the consumer packaged goods sector, with over 46.4% share in 2014, was the largest segment in the overall PLM market for consumer products and retail end-use in terms of revenue. The adoption of PLM in the consumer products and retail industry is anticipated to rise significantly over the coming years. The increasing focus of retail companies on improving profitability and enhancing brand equity is aiding the growth of the PLM market in retail. During the recent years there has been significant rise in demand for PLM from the apparel industry, which is leading to the growth of overall PLM market. The footwear sector is expected to be the fastest=growing market for PLM solutions in consumer products and retail end-use.