target audience: TECH SUPPLIER Publication date: Aug 2023 - Document type: Market Analysis Perspective - Doc Document number: # US51164023
Market Analysis Perspective: Worldwide Product Life-cycle Management, 2023
This IDC Market Analysis Perspective (MAP) provides the current trends, opportunities, and future outlook for the worldwide product life-cycle management (PLM) software market for 2023 and the foreseeable future. This includes analysis of the cPDM (collaborative product data management), CAD, CAM, CAE, and "other" engineering markets, as well as key recommendations for success, whether you are a software or services vendor or an end user of PLM, engineering, and R&D software and related technologies.
"Over the past two years, product innovation and development processes have gone (almost) completely digital, while supply chains, customer preferences, and social expectations have become more volatile and less predictable. While growth remained positive, 2022 saw the rate of growth slow down about 4% overall (compared with 2021) as manufacturers are evaluating the impact of a slowing economy and trying to implement/integrate the large volume of software acquired in 2021. Manufacturers continue to invest in digital transformation of the product development process, especially collaboration and decision making, but they are also focused on understanding the ROI of past investments. Cloud infrastructure and SaaS applications are having a democratizing effect on product development, allowing smaller firms to effectively collaborate (and sometimes compete) with larger manufacturers. GenAI is also introducing new opportunities, as well as risks. The ability to quickly address future disruptions and market requirements is a key focus for manufacturers moving forward in support of design, engineering, and R&D," said John Snow, research director of Product Innovation Strategies at IDC Manufacturing Insights.