Discrete Manufacturing and PLM Market Size, Share, Growth, and Industry Analysis, Segmentation By Type (Industrial Manufacturing, High Tech, Automotive, Aerospace and Defense, Equipment and Others), By Application (Product Data Management, Life Cycle Analysis, Process and Project Management, Enterprise Content Management and Others), Regional Insights and Forecast to 2031

Updated On: 29 April 2024

DISCRETE MANUFACTURING AND PLM MARKET REPORT OVERVIEW

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The global discrete manufacturing and PLM market size was USD 40210 million in 2019 and the market is projected to touch USD 52000 million by 2026, exhibiting a CAGR of 3.7% during the forecast period.

The phrase "discrete manufacturing" refers to the process of producing final goods that are discrete objects that are simple to count, touch, or see. Furthermore, a variety of businesses utilize PLM software to oversee a product's whole lifespan, from conception to engineering, design, production, and disposal services. Furthermore, PLM software and discrete manufacturing enable businesses to boost productivity and efficiency while also improving the quality of their output. Additionally, this software is being used by several manufacturing facilities in emerging countries in Asia-Pacific and Latin America to lower prototype costs while creating or inventing new goods, which boosts market development.

COVID-19 Impact: Pandemic Effectuated Work From Home Culture to Adapt Cloud-Based Technology and Sum Up the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

LATEST TRENDS

"Incorporation of PLM Solutions with IoT Platforms  is a Proven Trend Shaping the Market Structure"

The installation of traditional PLM technology occurred more than a couple decades ago. However, there has been a surge in the use of advanced technologies like as IoT, AI, and big data analytics, which has paved the way for the industry's expansion, particularly into Asia-Pacific nations like China, Singapore, Australia, and India. By combining PLM with IoT-based devices, organizations may recognize and get rid of issues like wasted resources, human mistake, and other critical challenges associated to product development.

Without human involvement, the automation of processes enabled by IoT technology also maintains factory operations on schedule. Furthermore, producers may collect data on heavy machinery using a range of smart sensors and smart cameras and store it in a database or central server thanks to PLM software that has been linked with IoT technology. It also helps companies to find and fix problems with their products before they get worse or stop working properly.

DISCRETE MANUFACTURING AND PLM MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into industrial manufacturing, high tech, automotive, aerospace and defense, equipment and others.

Discrete Manufacturing: In this process, discrete components are tallied and produced independently. This kind of manufacturing entails creating unique, recognizable products like equipment, appliances, cars, and electronics.

PLM in discrete manufacturing is concerned with overseeing a product's whole lifespan, from engineering and design to manufacture and maintenance.

High Tech: The manufacturing industry that specializes in high-tech items produces electronics, computers, semiconductors, telecommunications equipment, and other state-of-the-art products. PLM is essential for managing the intricate design and development processes in high-tech manufacturing, facilitating cross-disciplinary team cooperation and effective iterations of the product.

Automotive: The manufacturing of automobiles, including cars, trucks, motorbikes, and their parts, is the focus of the automotive manufacturing industry. PLM is used in the automotive sector to manage supply chains, expedite the development of new products, and guarantee adherence to environmental and safety standards.

Aerospace and Defense: This industry is responsible for the development, design, and manufacture of defense systems, airplanes, and spacecraft. PLM is essential for coordinating teams, guaranteeing regulatory compliance, controlling product configurations tightly, and managing the complexity of aerospace and defense projects.

Equipment Manufacturing: Production of diverse industrial gear, tools, and equipment for use in a variety of industries is referred to as "equipment manufacturing." PLM ensures effectiveness, quality, and compliance by streamlining the industrial equipment design, manufacturing, and maintenance processes.

• By Application

Based on application the global market can be categorized into product data management, life cycle analysis, process and project management, enterprise content management and others.

Product Data Management (PDM): PDM is essential to discrete manufacturing since it helps manage product-related data, such as engineering modifications, bills of materials (BOMs), specifications, and design data. PDM solutions provide the lifecycle organization, tracking, and management of product data. By integrating with additional facets of the product lifecycle, such regulatory compliance, collaboration, and simulation, PLM expands on PDM. It gives cross-functional teams a single platform to view and work together on product data.

Life Cycle Analysis (LCA): It is evaluating a product's environmental effect at every stage of its life cycle, from the extraction of raw materials to the disposal of the product at the end of its useful life. PLM systems monitor and analyze data on materials, manufacturing procedures, energy use, and waste production in order to assist Life Cycle Assessment (LCA). Manufacturers may use this information to make well-informed decisions that will increase sustainability and comply with environmental standards.

Process and Project Management: To guarantee timely production, resource optimization, and quality control in discrete manufacturing, effective process and project management are critical. PLM offers a single platform by integrating with project and process management technologies. It facilitates the management of product development activities, milestones, and workflows. This guarantees that teams work well together and that projects are completed on schedule and under budget.

Enterprise material Management (ECM): Discrete manufacturing has difficulties in managing a large volume of material, such as specifications, drawings, and documentation. ECM features are frequently included in PLM systems in order to manage and arrange enterprise content. This covers search capabilities, version control, and access control. It guarantees that the most recent information is accessible to the appropriate parties.

DRIVING FACTORS

"Surge in Demand for Establishing Smart Factories and Products to Build Up the Market Growth"

Building smart factories and producing smart products is in high demand in many emerging nations, particularly in Asia-Pacific and LAMEA. By providing an integrated system that helps businesses upgrade from traditional automation systems to eventually connected and automated systems, smart factories contribute to the growth of the industry. In order to generate smart goods and accelerate market expansion, the great majority of manufacturing companies are also actively investing in converting their facilities into smart factories. For example, a 2019 Capgemini analysis found that 70% of industrial firms globally have made efforts to convert their factories into smart ones. For this reason, businesses are investing a lot of money to turn their factories into smart factories so they can produce smart products quickly.

"Rising Demand in SMEs to Inflate the Market Share"

SMEs consistently have a tendency to increase market growth, boost organizational productivity, and lower operational costs. SMEs are in greater need of PLM software as a result. It has also been feasible to lessen exit and entrance barriers for small and medium-sized enterprises looking for answers thanks to the emergence of SaaS solutions across a number of sectors. This is expected to bring up lucrative commercial prospects for the industry. PLM software also helps a lot of industries, like manufacturing and aerospace & military, to produce high-quality products and reduce human error, which encourages market expansion. Furthermore, PLM software helps manufacturers reduce human error, which helps further in producing a superior product that directly promotes market expansion. In addition to streamlining the overall supplier contact process, PLM software assists SMEs in gathering data about product enhancement.

RESTRAINING FACTOR

"Investment and Maintenance Expenditure Being Exponentially High to Lessen the Market Growth"

PLM software is available from most software suppliers for use in manufacturing, consumer electronics, heavy machinery, aerospace, and defense industries. The purchase and deployment of PLM systems come with hefty upfront expenses. Global software vendors such as SAP SE, Oracle Corporation, and Siemens AG impose hefty fees for solution provision, maintenance, and support. The annual cost of maintaining and updating a PLM system includes maintenance, as well as sustain the charge, paid annually to application merchants. External costs include IT vendors, contractors, and other expenses. Internal costs include user training and project management salaries. Furthermore, businesses are less inclined to invest in new applications due to the increased fees charged by software providers, which limits the adoption of PLM software. Over the course of the projection period, the discrete manufacturing and PLM market growth may be adversely affected by the frequent tendency of ill children at these facilities.

DISCRETE MANUFACTURING AND PLM MARKET REGIONAL INSIGHTS

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"North America with Rising Demand to Develop Smart Factories and Products to Dominate the Market Growth"

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to discrete manufacturing and PLM  to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.

List of Market Players Profiled

• SAP (Germany)
• Siemens (Germany)
• Infor (U.S.)
• EtQ (U.S.)
• C3Global (U.K.)
• IBM (U.S.)
• Autodesk (U.S.)
• PTC (U.S.)
• Dassault Systemes (France).

INDUSTRIAL DEVELOPMENT

• January 2019: In an effort to transition to more contemporary cloud-based technologies like blockchain, quantum computing, machine learning, the Internet of Things, and artificial intelligence, SAP revealed intentions to eliminate over 4,000 jobs inside the organization.
• October 2019: While major elements of the three-year SAP-Microsoft "Embrace" cooperation were shortened to two years, the agreement should still enable SAP's clients to migrate their business processes to the cloud.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.