Worldwide Product Lifecycle Management Services Market to Reach $5.5 Billion by 2006, IDC Reveals
FRAMINGHAM, MA – JUNE 3, 2002 – The product life cycle management (PLM) services market will grow at a compound annual growth rate of 23.4% to reach $5.5 billion in 2006, a new study from IDC reveals. IDC defines PLM IT services as consulting, implementation, operations management, training and support services required to design, build and operate PLM applications and related systems.
"PLM solutions are among the fastest growing, most promising services opportunities for the next 12-24 months, due in large part to the ability of PLM applications and processes to dramatically lower product design and development costs, while accelerating time-to-market for new product offerings," said Romala Ravi, program manager of IDC's Supply Chain and Logistics Management Services research.
While not without challenges, the PLM services market is driven by the need for companies to achieve greater economies, efficiencies and competitive differentiation in their product design, engineering and development functions.
Factors that favor PLM service adoption include the high level of technology embedded in the composition and manufacture of products, the complexity of products' manufacturing process, and the complexity and dispersion of the teams involved in developing, manufacturing, distributing, selling and servicing products.
IDC's new study, Worldwide Product Lifecycle Management Services Forecast and Analysis, 2002-2006, (IDC #27179) defines this market and provides a market forecast segmented by region, a U.S. market forecast segmented by service categories, overall demand-side and supply-side market trend analysis and essential guidance for PLM service providers. This research will assist market players to evaluate their PLM strategies and identify potential revenue growth opportunities.
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