ANN ARBOR, MI, USA, Jul 31, 2024 – CIMdata, Inc., the leading global PLM strategic management consulting and research firm, announces the release of the CIMdata PLM Industry Review and Trends Report, the second of five modules of the CIMdata 2024 Market Analysis Report Series. The MAR Series provides detailed information and in-depth analysis of the worldwide PLM market during 2023. It contains analyses of major trends and issues, revenues of leading PLM providers, and revenue analyses for geographical regions, industry sectors, and historical and projected data on market growth.
This report draws on insights from CIMdata’s consulting practice, which spans over 50 countries across six continents. It presents a unique perspective on industry needs and evaluates the effectiveness of solution providers. Successful PLM solution providers have well-defined evaluation support processes, offer comprehensive training programs, and maintain high levels of professionalism, leading to better performance and client satisfaction. However, challenges such as poor listening skills, incorrect assumptions, and inadequate customization of demonstrations persist. Regional insights reveal varying opportunities, significantly impacting Asia, Europe, the Middle East, Central Asia, and the Americas. Key drivers for PLM initiatives include mergers and acquisitions, product complexity, compliance, and the need for digital transformation.
The 2024 edition of the report contains an update on the adoption of Digital Twins, which has been uncertain due to inconsistent definitions and confusion in the marketplace. Research indicates that almost 50% of surveyed users report their organizations lack a common definition of a digital twin. Although demand for digital twins is high in some parts of the lifecycle, the struggle for an unbroken digital thread remains a barrier. Industrial users anticipate leveraging the technology significantly in the next three years. Still, there is a disconnect between the solution providers’ optimistic projections and the methodology’s current application.
Commentary on the 2023 market trends would not be complete without examining the rapidly evolving conversation around artificial intelligence (AI) and its implications for the engineering software industry. Use cases are vast across the product lifecycle, but caution is urged when developing these technologies and trusting in the results.
The CIMdata PLM Market Analysis Report Series is packaged into five modules:
- The CIMdata 2024 Executive PLM Market Report provides an overview of CIMdata’s complete global analysis. It includes key charts on PLM market investment statistics through 2023, forecasts of investments for 2024 through 2028, and a summary of PLM solution providers’ performance in 2023.
- The CIMdata 2024 PLM Industry Review and Trends Report is mainly qualitative and focuses on key issues facing the global PLM Ecosystem of solution providers and end-user organizations. It highlights the changes that occurred in 2023, what impacts those changes may have in the short and medium terms, and what is on the horizon in the coming years.
- The CIMdata 2024 PLM Market and Solution Provider Analysis Report details measures of and forecasts for the overall PLM market and its key segments in 2023, including Tools, cPDm, and Digital Manufacturing. The Tools section details sub-segments, including MCAD, NC, S&A, EDA, and AEC. It also includes CIMdata’s estimates of PLM solution provider revenues in these segments and sub-segments for 2024 through 2028.
- The CIMdata 2024 PLM Market Geographic Analysis Report provides a view of the 2023 market results by major geography. Estimates and market forecasts for PLM and the major PLM market segments are provided for the Americas, EMEA, and Asia-Pacific. In addition, the report includes estimates and forecasts for the cPDm segment within specific European and Asia-Pacific countries and regions.
- The CIMdata 2024 PLM Market Industry Analysis Report provides an industry segmentation view of the 2023 market results. Estimates and market forecasts for PLM and cPDm are provided for ten industry sectors: aerospace and defense, automotive and other transportation, electronics/telecommunications, fabrication and assembly, process-packaged goods, process—petrochemical, utilities, construction, infrastructure, and shipbuilding.
The CIMdata PLM Market Analysis Report Series is available as a five-module set, or each module can be purchased separately. Some modules are included as part of a CIMdata Community Membership. Further details and pricing information about the report and Community Memberships are available at www.CIMdata.com.
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