Global PLM in Discrete Manufacturing Market to Grow at a CAGR of 6.84% by 2030

Introduction

Discrete manufacturing creates distinct, countable, and perceptible end products. Discrete manufacturing includes components and systems such as nuts, bolts, brackets, wires, and individual products. In addition, PLM provides manufacturers with an accurate bill of materials (BOM), allowing them to detect errors faster and reduce delivery times. In addition, most manufacturing involves a multi-step assembly process, and PLM assists businesses in monitoring production processes and aiding operators in making decisions. Furthermore, embracing Industrial IoT amid manufacturing industries and the rise in demand for PLM software by a range of small and medium enterprises is the most critical dynamic that drives the global PLM in the discrete manufacturing market.

Market Dynamics

The Surge in Demand for Establishing Smart Factories and Products Plus Demand in SMEs are Driving the PLM in Discrete Manufacturing Market

Several developing economies in Asia-Pacific and LAMEA region are diverting their concentration toward constructing smart factories to manufacture smart products. Smart factories provide the integrated system that helps organizations refurbish their work from a conventional automation system to a connected and automated system that directly improves the market's growth. In addition, the vast majority of manufacturing companies are investing heavily in transforming their facilities into smart factories to produce smart products, accelerating market expansion. According to a report published by Capgemini in 2019, 70% of manufacturing industries worldwide have taken steps to transform their factories into smart factories.

In addition, SMEs consistently reduce operating costs while enhancing the organization's productivity and market growth. PLM software supports manufacturing to reduce human mistakes that further help manufacture an exceptional product that directly bumps market growth. PLM software similarly facilitates SMEs in gathering information concerning product enhancement and progressing the complete communication modus operandi with the suppliers. These factors are majorly driving the development of the Global PLM in the Discrete Manufacturing Market.

Incorporation of PLM solutions with IoT Platform to Create Global PLM in Discrete Manufacturing Market Opportunities

Since the installation of conventional PLM technology, several decades have passed. Nonetheless, the adoption of advanced technologies such as IoT, AI, and big data analytics has paved the way for the expansion of the industry in Asia-Pacific nations such as India, China, Australia, and Singapore. These nations are anticipated to create numerous opportunities for the PLM software market. By integrating PLM with IoT-based devices, organizations can identify and eliminate problems such as unused assets, human errors, and other crucial product development-related issues. Additionally, the automation of processes by IoT technology keeps plant operations on schedule without requiring human intervention.

In addition, PLM software integrated with IoT technology enables manufacturers to collect and store data on heavy equipment using a variety of smart sensors and smart cameras in a database or central server. In addition, it enables businesses to identify product issues as they arise and resolve them before the problem worsens or the product fails. Thus, creating numerous lucrative market development opportunities.

Regional Insights

North America will likely command the plm in discrete manufacturing market while growing at a CAGR of 5.94% by 2030. The United States and Canada dominate the region's share. The demand for smart factories and products is this region's primary market growth driver. This region's market is expanding due to a shift in industry priorities toward developing smart factories and products in North American nations. In addition, increasing the demand for cloud-based PLM software among SMBs and large corporations for creating cutting-edge platforms drives the market growth.

Due to the low implementation and maintenance costs, businesses in this region are shifting from on-premise to cloud-enabled PLM software, a critical factor in the market's growth. Increased customer demand for product customization and increased adoption of IoT and industrial IoT to transform manufacturing into smart manufacturing are driving the market growth. In addition, increased automation in the manufacturing sector has accelerated production and enhanced product consistency, which is beneficial for market expansion.

The Asia-Pacific will hold the second largest market share of USD 11,828 million, expanding at a CAGR of 8.54%. An increase in the need to rationalize product lifecycle procedures and an increase in the need for industries to adopt simulation techniques drive market expansion. Asia-Pacific is home to many manufacturing companies due to easy access to resources and the availability of low-paid labor. Many regional businesses have implemented on-premise PLM software to increase productivity and performance. In discrete manufacturing in Asia-Pacific, on-premise PLM software solutions dominate the market.

The Asia-Pacific region is thriving with small and medium-sized enterprises and startups. Cloud-enabled PLM software is preferred by these startup businesses due to its lower cost than on-premise PLM software. And so, with the expansion of new manufacturing facilities, it is anticipated that the region will experience an increase in the adoption of cloud-based PLM solutions.

Key Highlights

• The global PLM in the discrete manufacturing market accounted for a market value of USD 21,022 million in 2021. It is expected to reach USD 38,131 million by 2030, growing at a CAGR of 6.84% during the forecast period (2022-2030).
• Based on the component, the software segment is reported to grow at a CAGR of 6.46% by 2030 and hold the largest market share.
• Based on the deployment model, the on-premise deployment model is estimated to hold the largest share and grow at a CAGR of 5.54% by 2030.
• Based on the enterprise size, the large enterprises segment is expected to grow at a CAGR of 5.56% and hold the largest market share.
• Based on the industry vertical, the automotive & transportation section will dominate and grow at a CAGR of 5.94% by 2030.
• Based on regional analysis, North America will likely command the market while growing at a CAGR of 5.94% by 2030.

Competitive Players

Competitive Analysis 

• ANSYS INC.
• Autodesk Inc.
• AVEVA Group PLC
• Dassault Systems
• Infor
• Oracle Corporation
• PTC
• SAP SE
• Siemens AG
• Synopsys Inc. 

Recent Developments

Market News

• In March 2022, a new collaboration facility entitled Bridgewas launched by Autodesk Inc that approves construction teams to give out just applicable data to project stakeholders.
• In May 2022, Ansys Inc proclaimed that artificial intelligence (AI)-driven networks called Juniper Networkseffectively prearranged the company's software to move along with manufacturing its high-speed networking chips.
• In June 2022- Dassault Systèmes, the H. HARTMANN Institute, and the Institute Rafaël instigated the VORTHEx Project, which is World's First 3D Simulator for Radiotherapy.

Segmentation

Global PLM in Discrete Manufacturing Market Segmentation

By Component

• Software
• Services

By Deployment Model

• On-premise
• Cloud

By Enterprise Size

• Large Enterprises
• Small and Medium Enterprises

By Industry Vertical

• Automotive & Transportation
• Industrial Machinery & Heavy Equipment
• High-Tech & Consumer Electronics
• Aerospace & Defense
• Others

By Region

• Asia-Pacific
• North America
• Europe
• LAMEA