According to a new market research report published by Credence Research “Product Lifecycle Management Consumer Packaged Goods and Retail (PLM CP&R) Market (Technology- Formula Design and Management, Laboratory Information Management, Artwork & Labeling, CAD/CAM/CAE, Simulation & Test, PDM/cPDM/PLM, eCAD/EDA, Application Lifecycle Management, Digital Manufacturing/Plant Simulation, MOM:(MES, Quality, Advanced Planning & Scheduling), iOT (Consumer and Industrial), RAD), (Deployment Type (Enterprise, SaaS, and Cloud), End-use- (Consumer Goods, Retail, Consumer Packaged Goods and Apparel, Footwear & Accessories) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall product lifecycle management consumer packaged goods and retail (PLM CP&R) market worldwide was valued at US$ 2.07 Bn in 2018 and is set to grow with a CAGR of 10.9% during the forecast period.
The penetration of product lifecycle management software and automation in the consumer goods industry worldwide are the main factors driving the growth of the PLM CP&R market. The growth of consumer electronics is one of the promising factors for the growth of the market. The consumer electronics industry was projected to be around US$ 335.0 billion in 2018 and will continue to grow at CAGR by almost 5% in the coming years.
Growing demand for consumer packaged goods & retail (CP&R) is also a key driver of market growth. Broad application of the PLM to apparel, clothing, consumer goods and others is also a key driver of growth. As a result, we expect that the PLM CP&R market will show huge growth throughout the projected period.
Based on end-use, we have segmented the PLM CP&R market into Consumer Goods, Retail, Consumer Packaged Goods and Apparel, Footwear & Accessories. The retail sector is dominant in 2018 and contributes almost 35% of the market share of revenue in the same year. Growing retail industry worldwide is the main reason for the growth of the market.
Retail companies are now focusing on improving brand equity and developing retail stores, which will help the segment grow. In the coming years, we expect the global retail sector to grow at a CAGR of almost 5.4%, which will help the segment to grow. As a result of the factors mentioned above, we expect the retail segment to lead the market throughout the estimation period.
Based on geography, North America has the largest share of the PLM CP&R market in 2018. In the same year, North America contributed around 1/3 of the world’s revenue share. Early adoption of technology, change to Factory 4.0 and the existing retail and consumer goods industry are the main drivers of growth for the sector. On the other hand, we expect Asia Pacific to be the fastest growing region in the forecast period. Growth of the retail and consumer goods industry and growing disposable income are key factors for the growth of the Asian Pacific economy. As a result, we predict that Asia Pacific will be the fastest growing region in the forecast period.
Some of the major companies profiled in the report include Accenture plc, IBM Corporation, Oracle Corporation, SAP SE, Dassault Systèmes SE, Autodesk, Inc., Hewlett-Packard Company, Cisco Systems, Inc., 10ZiG Technology, Acer Inc., Gerber Scientific, Inc. and Advantech Co., Ltd. among others.