ICT & Electronics Global Product Lifecycle Management Market | Page 3

service & maintenance are likely to drive the growth of this segment during
the forecast period.
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Growing Industrialization
Industries across the globe are continuously seeking for innovative, cost
effective and time saving product management solutions. Further, growing
adoption of product lifecycle management solutions in industries such as
aerospace & defense, energy, pharmaceuticals, consumer goods, food &
beverage and others is likely to contribute in the expansion of global
product lifecycle management (PLC) market during the forecast period.
Evolutionary benefits of product lifecycle management (PLM)
Product lifecycle management offers a number of benefits such as faster
time to market, improved cycle times, fewer errors, less scrap & rework,
greater productivity, better resource utilization and much more. Further,
these transformational advantages of product lifecycle management
software & services are likely to escalate the growth of global market during
the forecast period. Although, lack of interoperability among dissimilar
product versions coupled with low acceptance of PLM services by small and
medium-sized enterprises is likely to dampen the growth of Global Product
Life Cycle Management (PLM) Market in near future.
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