As product lifecycle management (PLM) products have expanded past traditional applications to include testing applications such as CAD as well as production processes, new product introduction, content management and product support, the PLM market is expected to hit $6.9 billion in 2005.
According to Dedham, Mass.-based ARC Advisory Group's report, "Product Lifecycle Management Solutions: Worldwide Outlook Market Analysis and Forecast through 2010", over the next five years this market will grow at 14.2%. By 2010 it will top $13.3 billion.
Within this sector, digital manufacturing will show an especially strong growth rate of 21%. "PLM solutions continue to expand ... This is especially true in the case of digital manufacturing where the manufacturing processes are integrated with product design through robust simulation tools to generate the factory production process," says study author Dick Slansky.
Geographically, growth will be strong in Asia where it already represents over 20% of the PLM market in 2005. It will grow to 23% by 2010. Japan is still largest market within Asia with China and India expanding.
The discrete industries remain the largest segment for PLM solutions in 2005 representing nearly 90% of the total market. Within the discrete industries, the automotive and aerospace sectors are have invested most in PLM. The balance of the PLM market is represented by the process industries, which while small will see substantial growth over the forecast period.
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