Product Life-Cycle Management IT Services Market to Grow 26% to Reach $9.7 Billion in 2007, IDC Reveals
FRAMINGHAM, MA – June 2, 2003 – The product life-cycle management (PLM) IT services market will expand from $3 billion in 2002 to $9.7 billion in 2007, representing a five-year compound annual growth rate (CAGR) of 26.1%, a new research study from IDC reveals.
"Relative to other solutions services markets, PLM had a good year in 2002," said Romala Ravi, manager for Product Life-Cycle Management services research at IDC. "More and more companies have been evaluating the benefits of PLM for their companies. For PLM IT service providers, this has translated mostly into requests for consulting engagements to help companies first identify how a PLM strategy would work for them and then break down a complex PLM project into small, manageable chunks."
However, as long as economic uncertainties continue to prevail, companies will take an incremental approach toward PLM, taking more time to scrutinize vendors and decide on projects and emphasizing up-front ROI and self-funding projects. IDC believes that success in this market will be maximized if service providers focus on educating prospects on the benefits of PLM and helping them simplify the concept in implementation. In addition, demonstrating the ROI and business case for each engagement, maintaining competitiveness, and delivering on what's promised on time, within budget, and with the resources allocated to the project will be imperative. Finally, responsiveness to clients' questions and concerns and building long-term relationships with clients by taking a long-term view on their engagements will also be key elements to a successful PLM services strategy.
The IDC study, Worldwide Product Life-Cycle Management (PLM) IT Services Forecast and Analysis, 2003-2007 (IDC #29406), presents the annual update to the five-year forecast for the worldwide market for product life-cycle management (PLM) IT services. The purpose of this document is to identify and quantify the impact of recent trends and events influencing the PLM IT services opportunity through the fourth quarter of 2002 and their impact on the five-year
Additional information on two related IDC studies, Worldwide Product Management Applications Forecast, 2003-2007 (IDC #29295) and Worldwide Product Development Applications Forecast, 2003-2007 (IDC #29298) can be found at www.idc.com by searching on the document title or number.
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