by Brianna Crandall — November 17, 2014—For facilities managers involved in industrial productivity, TechNavio, a global tech-focused research firm, has announced the publication of its market research report on the Global Digital Manufacturing Software Market 2014-2018.
Digital manufacturing software—a sub-segment of product lifecycle management software—helps improve the efficiency of production by optimizing the manufacturing process, managing data in the product development cycle, and supporting effective collaboration among organizations, explains the firm. The global digital manufacturing software market is expected to grow at a compound annual growth rate (CAGR) of 7.28 percent during the forecast period.
The report focuses on the need to reduce time-to-market. Digital manufacturing is said to reduce the overall production cost by 13 percent and increase cost savings on various manufacturing functionalities.
Additionally, the report highlights several market vendors who have started focusing on providing specific software to cater to the fast-growing small and medium enterprise (SME) segment.
“SMEs require compact digital manufacturing software with less maintenance and easy configuration. These specific digital manufacturing software solutions reduce the total cost of ownership, as they are less expensive than other commercial software. Therefore, many SMEs and cost- driven companies have started adopting this compact software, which is expected to increase the focus of the large digital manufacturing software vendors on SMEs,” says Faisal Ghaus, vice president of TechNavio.
The report covers: market segmentation, size and forecast through 2018; market growth drivers, such as reduced time-to-market; market challenges, such as high customer switching cost; and market trends, such as a focus on compact digital manufacturing software. Key vendors are identified as: Dassault Systèmes SA, Mentor Graphics Corp., Parametric Technology Corp. Inc. (PTC), SAP AG, and Siemens PLM Software Inc. Other prominent vendors include: ASKON, Autodesk, Camstar and Electronic Data Systems.
Global Digital Manufacturing Software Market 2014-2018 is available for purchase on the TechNavio Web site.
