Product Lifecycle Management (PLM) Market to Attain Value US $75.87 Bn by 2022: Growing Demand for Automobile Industry to Boost the Market
Albany, NY -- (SBWIRE) -- 01/11/2018 -- Product lifecycle management (PLM) represents an overall vision and systematic data management related to the product design, production, support as well as its ultimate disposal in a product development process in organizations. There are certain variables such as time, functions, performance, and price that change frequently with the product lifecycle processes. Therefore, the product innovation process should be done based on the changes in above mentioned variables to meet the market the demand. Delivering right product at right time is the major goal of enterprises in the market. PLM provides many benefits to organizations such as significant reduction in time-to-market the product, production cost minimization, and product quality and reliability enhancement. The various challenges faced by product development teams in enterprises include globalization, and growing demand for mass customization as well as quick innovation. These challenges are leading to the growing need for PLM solutions, which provide the collaborative environment and knowledge management of a product's lifecycle process.