- Growth of consumer electronics industry is one of the promising factors for market growth.
- Wide application of the PLM in retail, footwear, consumer goods and others is also one of the major key growth driving factor.
- North America contributes around 1/3 of the world revenue share each year.
According to a new market research report published by Credence Research, the overall product lifecycle management consumer packaged goods and retail (PLM CP&R) market worldwide was valued at $2.07 Bn in 2018 and is set to grow with a CAGR of 10.9% during the forecast period.
Penetration of product life cycle management software and automation in consumer goods industry worldwide are the major factors driving the growth of the PLM CP&R market. Growth of consumer electronics industry is one of the promising factors for market growth. In 2018, consumer electronics market was estimated at around $335.0 Bn and will continue its growth at a CAGR of nearly 5% in years to come.
Growing demand of consumer packaged goods & retail (CP&R) is also key driver for the market growth. Wide application of the PLM in retail, footwear, consumer goods and others is also one of the major key growth driving factor. Thus, we presume that the PLM CP&R market will show huge growth throughout the estimate period.
Based on end-use, we segmented the PLM CP&R market into Consumer Goods, Retail, Consumer Packaged Goods and Apparel, Footwear & Accessories. The retail segment has its dominance in 2018 and contributes nearly 35% of the market revenue share in the same year. Growing retail industry worldwide is the major reason for the growth of the segment.
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Nowadays, retail companies are focusing on enhancing brand equity and development of retail stores, which will help the segment to grow. We expect the global retail industry will grow at a CAGR of nearly 5.4% in years to come, which will help the segment growth. As a result of aforementioned factors, we expect that the retail segment will lead the market throughout the forecast period.
Based on the geography, in 2018, North America has the largest share in PLM CP&R market. North America contributes around 1/3 of the world revenue share each year. Early adoption of technology, shift towards Factory 4.0 and established retail & consumer goods industries are the major growth driving factors for the market.
On the other hand, we expect that Asia Pacific will be the fastest growing region during the forecast period. Growth of retail & consumer goods industries, and rising disposable income are the major factors for the market growth in Asia Pacific. Therefore, we expect Asia Pacific will be the fastest growing region throughout the forecast period.
Some of the major companies profiled in the report include Accenture plc, IBM Corporation, Oracle Corporation, SAP SE, Dassault Systèmes SE, Autodesk Inc., Hewlett-Packard Company, Cisco Systems Inc., 10ZiG Technology, Acer Inc., Gerber Scientific Inc. and Advantech Co. Ltd. among others.