Product Data Management Market – Introduction
- Product data management is a business function responsible for the publication and management of product data. Product data management software helps to manage the process-related on data centralized system. This process data includes information related to the models, computer-aided design (CAD) data, parts information, requirements, manufacturing instructions, documents, and process notes.
- Product data management allows multiple access to the product data centralized system through different applications or devices and also supports business-specific needs across enterprises.
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Key Drivers of the Product Data Management Market
- Increasing demand for centralized product data management solutions and the need to facilitate collaboration between global production teams is expected to drive the growth of the market. The managed product and process related data helps in the decision-making process and reduces the development cost on the production line, which is expected to boost the growth of the market.
- The rising adoption of product data management in different industries is expected to generate revenue opportunities for software providers during the forecast period.
Growing concern regarding product data security and awareness about new technologies expected to hinder growth of the product data management market
- Increasing adoption of digital platforms in industries creates a security threat for digital information by allowing unauthorized access to the internal database, which may restrain the growth of the market.
- Lack of awareness about new technological trends in business operation solutions is also expected to hamper the growth of the market.
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Impact of COVID-19 on the Global Product Data Management Market
- Most businesses have shifted to the work from home business model due to the increasing impact of COVID-19 on business growth. Growth of the product data management market is limited to essential goods manufacturing companies because other technology-based companies have kept on hold the manufacturing process due to insufficient workforce during COVID-19 lockdown conditions.
- Demand for product data management solutions is decreasing during the COVID-19 situation. However, demand for product data management is expected to rise due to the increasing investment of enterprises during the forecast period.
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North America to Hold Major Share of the Global Product Data Management Market
- North America holds a prominent share of the product data management market due to the increasing adoption of product data management by the manufacturing and automobile sector and also due to the presence of major solution providers in the region.
- The product data management market in Asia Pacific is expected to expand the fastest during the forecast period due to the increasing adoption of technologically advanced software platforms in production lines and processes to reduce enterprise expenses.
Key Players Operating in the Global Product Data Management Market
- Siemens AG
Siemens AG is one of the leading global manufacturers of resource-saving and energy-efficient technologies. The company primarily operates through seven business segments that include digital industries, smart infrastructure, gas and power, mobility, Siemens Healthineers, Siemens Gamesa Renewable Energy, and Siemens Financial Services (SFS). Siemens AG focusses on areas of automation, electrification, and digitalization. Additionally, the company provides engineering solutions in automation and control, power, transportation, and medical diagnosis.
- IBM Corporation
IBM Corporation was previously known as Computing-Tabulating-Recording Company. IBM Corporation operates as an integrated services and technology company worldwide. Furthermore, it also offers different computing platforms, solutions, and services that includes Watson, big data operations, data management platforms, enterprise social software, cloud data services, talent management, industry solutions, and transaction processing software for public safety.