Global Collaborative Product Definition Management Market: Introduction
Collaborative product definition management is a software that enhances collaboration among multiple business units and improves tracking by integrating and managing product data into a centralized system. It improves and streamlines the production and manufacturing processes within an enterprise. It is majorly responsible for providing efficient methods to manage the functions of product lifecycle management (PLM).
Global Collaborative Product Definition Management Market – Dynamics
Increase in Demand for Solution Specific to Product Lifecycle Management
PLM is a mature and well-established technology strategy in managing product lifecycle from its early concept generation through its retirement; however, the emergence of industrial digitalization, industry 4.0, and connected value chain initiatives has driven the need for the collaborative product definition management, which provides efficient methods to enhance product lifecycle management.
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Lack of Awareness about E-business Web-enabled Solution Hampers Collaborative Product Definition Management Market
Lack of awareness among in developing regions about solutions specific to E-business Web-enabled product lifecycle management and its impact on the overall efficiency is restraining the demand for collaborative product definition management. Slow adoption of automation within the production industry is a major cause for the lack of awareness.
North America to Dominate Global Collaborative Product Definition Management Market
In terms of region, the global collaborative product definition management market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the collaborative product definition management market during the forecast period due to strong adoption of automation by small & medium enterprises (product as well as service) within the region.
COVID-19 Impact on Global Collaborative Product Definition Management Market
The COVID-19 pandemic is expected to moderately impact the global collaborative product definition management market. Manufacturing and production industries are highly skeptical about the new investment specific to technological advancement within the industries such as automotive, aerospace etc. A major reason behind such skeptical investment is nationwide lockdowns enforced in several countries.
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Global Collaborative Product Definition Management Market – Competition Landscape
- In July 2020, Siemens and SAP SE announced a new product lifecycle management/ enterprise resource planning. This is expected to improve delivery of integrated end-to-end software solutions across product lifecycle, supply chain, and asset management.
Siemens
Founded in 1847, headquartered in Plano, Texas, U.S. Siemens PLM is a leading global provider of product lifecycle management (PLM) software and services with 6.7 million licensed seats and more than 69,500 customers worldwide. PLM software is a business unit of the Siemens Industry Automation Division.
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