Global PLM Software Market in the Automotive Sector 2018-2022
About PLM Software in the Automotive Sector
Product lifecycle management (PLM) software is used in several lifecycle stages of product development. PLM software comprises computer-aided design (CAD), simulation and analysis (S&A) software, digital manufacturing (DM), and collaborative product data management (cPDM) software. PLM is used in the manufacture and R&D of motor vehicles like passenger cars, light commercial vehicles, heavy vehicles, and electric cars.
Technavio’s analysts forecast the global PLM software market in the automotive sector will earn a revenue of more than USD 14 billion by 2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global PLM software market in the automotive sector for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global PLM Software Market in the Automotive Sector 2018-2022
Technavio recognizes the following companies as the key players in the global PLM software market in the automotive sector: Autodesk, Dassault Systèmes, Oracle, PTC, and Siemens.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is automatic real-time tracking of products. Consumers are increasingly demanding for real-time tracking and collaborating, with several users working on the content in real time. Due to the growth of real-time tracking, giants such as Apple and Microsoft are integrating real-time tracking features in the existing desktop applications such as iWorks and Office.”
According to the report, one driver in the market is rising integration of IoT. The rapidly changing consumer behavior and growth of connected devices globally, drive the IoT integration. The integration of IoT data improves the overall consumer insights and monitors the product performance. Additionally, the advent of IoT integrated vehicles will drive the demand and adoption of automotive sensors.
Further, the report states that one challenge in the market is threat of cybersecurity and software privacy. With the growing concern about the data security in the market, many automakers are focusing on data security policies, which govern the OpenStack cloud models. Also, the standard attacks such as the man-in-the-middle (MiTM) can adversely affect the object storage component.
Autodesk, Dassault Systèmes, Oracle, PTC, and Siemens.