Data management, as related to support, production, and even design, forms the core of product lifecycle management (PLM). Therefore, PLM is a direct causation for the final call on product development processes in all companies. Given that PLM is subject to change according to variables including performance, functionality, and time, these factors are therefore directly responsible for the changes that occur in a product innovation process. This is extremely critical, as most organizations are dedicated to time-based product delivery models.
Why PLM is a Necessity Today
We have a defined set of challenges that apply to the consumer products and retail markets. These include the negative effects of globalization, the restriction of time on innovation, and the increasing demand for large-scale customization. An efficient PLM solution can be perfect to help organizations with these obstacles, making the global PLM market one of the most sought after ones there is. Proving this is the CAGR exhibited by the global PLM market – 10.4% between 2015 and 2022. The market was valued at US$2.8 bn in 2014 and is expected to reach close to US$6.3 bn by 2022.
The key reason for the growth of the global retail and consumer products market is the massive shift in platforms. End-use sectors are becoming increasingly nontraditional, which is creating large pockets left to be filled in by new processes and technologies. These include the massively popular cloud platforms and big data analytics. It is not just the large enterprises that are employing these platforms; even small and mid-sized companies are looking to take advantage of cloud-based PLM solutions, as they help boost the ROI. The modern methods also offer product management and increased productivity within the global market for retail and consumer products for all its manufacturers. This is expected to boost the global PLM market for the time being.
Major Consumer Products and Retail Players Focus on Expanding Product Lines
Samsung, one of the largest names in the global consumer goods industry, has recently announced a new range of products in consumer electronics as well as new models of other products. The electronics giant has not only unveiled two new smartphones, but also a host of new products, including a new line of air conditioners, 5-in-1 smart refrigerators, washing machines, as well as a printer that uses Android OS. The company is planning to create a wave of smart products that can integrate themselves seamlessly in a consumer’s life and function in ways that make life easier. This approach to ‘smart living’ is not Samsung’s alone. Multiple companies are planning to incorporate their products in modern concepts such as the Internet of Things and network integration and remote connectivity.
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A lot of companies, including IBM Corporation, Accenture PLC, Oracle Corporation, SAP SE, and Hewlett-Packard Company, are moving towards the use of PLM solutions or being the providers of PLM solutions in the market for end-use enterprises in the retail and consumer products market. This shows how the scenario in multiple consumer-oriented industries is changing and how all players need to adapt in order to survive the shift in phases.