Market Trends of PLM Software Industry
Increasing Production of Autonomous Vehicles to Drive the Market Growth
- Due to the rapid penetration of autonomous vehicles, the developers primarily working on autonomous vehicles have to face several increasingly complex challenges and, consequently, need to reevaluate their existing processes and toolsets. Hence, the rising need to overcome these challenges is fuelling the market's growth exponentially.
- Moreover, the fully functional autonomous driving systems need some of the most complex and sophisticated software implementations that carmakers have ever faced for combining a variety of data feeds, like information from sensors, traffic data from the cloud, data coming from other infrastructure or vehicles, and tying it all into the automobiles's mechanical and electronic components to create a vast network of onboard systems that all work together reliably without the need for user input or correction.
- The integrated ALM (Application Lifecycle Management) and product development platforms, such as codeBeamer ALM, will be instrumental in modernizing development processes for tackling the challenges introduced by the increasing product complexity and the growing reliance of products on sophisticated software applications in the autonomous vehicle sector.
- The rising usage of digital manufacturing and the increasing demand for autonomous cars is a key trend expected to drive the PLM software market in the automotive sector during the estimated period. For instance, in October 2022, Siemens and Applied EV declared a partnership with the EV company to utilize Siemens' PLM software to enhance autonomous vehicle design, assembly, and quality assurance. Siemens' software was helping the EV firm meet the growing demand for fully autonomous vehicles through better change management and quality.
- In June 2023, Aras, which provides the most powerful low-code platform with applications to design, build, and operate complex products, declared that global car manufacturer Nissan Motor Co. Ltd. is utilizing Aras Innovator to streamline the management of complex in-vehicle software variants. This move comes as Nissan extends its electric car production to fulfill the rising consumer demand.
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North America to Account for a Significant Share
- North America's strong financial position allows it to invest massively, especially in advanced technologies and solutions that have offered a strong competitive edge within the market. Moreover, the region has a robust presence of several significant product lifecycle management software vendors like IBM Corp., PTC Inc., Oracle Corporation, and many others. Hence, there lies intense competition among the market players.
- The entire automotive industry in North America is growing at a rapid pace. PLM software is primarily utilized in the product development stage, which starts long before manufacturing begins in the automotive industry. It ensures the vehicles' advanced safety features, electronics, and embedded software content. Hence, with the rise in the automotive industry within the region, the market is expected to have various lucrative growth opportunities throughout the forecast period.
- Other manufacturing industries and markets explore the benefits of deploying PLM software to augment manufacturing and production processes. For instance, in April 2023, Siemens and Microsoft are harnessing the overall collaborative power of generative artificial intelligence mainly to help industrial companies drive efficiency and innovation across the engineering, design, manufacturing, and operational lifecycle of the products. Also, to enhance cross-functional collaboration, the companies are focused on integrating Siemens' Teamcenter software for product lifecycle management with the collaboration platform of Microsoft, Teams, and its language models in Azure OpenAI Service, as well as various other Azure AI capabilities.
- In September 2022, PTC declared the availability of the Onshape-Arena Connection, a new functionality that mainly connected its cloud-native Onshape product development and Arena product lifecycle management solutions. The Connection allowed the product data to be shared instantly between the Arena and Onshape solutions with the single click of a button, assisting the companies in augmenting the product development process and simplifying collaboration with the supply chain partners.
- Such collaborations enhance the entire market scenario, stimulating other competitors and vendors to enable PLM software and shaping the whole North American market for vast PLM implementation. Hence, the in-depth implementation throughout several aspects of the product supply chain is actively helping North America's businesses with the evolving Industry 4.0 trends.
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