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PLM: Growth Exceeds Forecasts
Global Product Lifecycle Management (PLM) market grew 13.5 percent in 2007, higher than analyst predictions to reach a size of $24.3 billion. That’s the conclusion of consulting and research company CIMData.
The better than expected growth came from a strong acceptance by companies of PLM in the enterprise. The report predicts continued growth of the market over the coming years with an average compound growth rate of 9.8 percent in the coming years, ultimately reaching a market size of $40 billion by 2012.
PLM has grown beyond the realm of engineering applications like product engineering and manufacturing. PLM is now being applied to disciplines like early-stage product strategy development and product maintenance and support. Usages of PLM are being fully fleshed out across all phases of the complate product lifecycle.
CIMdata president Ed Miller said “Considering the far-reaching business impact of PLM, the approach has become a critical enterprise investment. PLM is now widely regarded as a ‘do-or-die’ competitive necessity in a turbulent global economy where companies leveraging these solutions will likely be among the top performers in the coming years.”
