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.
- Product data management software provides services such as process enablement, secure management, and configuration management. It helps to improve productivity and value chain orchestration and reduces cycle time, development errors, and cost of production. Companies are using product data management software to optimize operation resources on the production line and the manufacturing process.
- Demand for product data management is expected to increase among different industries to maintain the product data and enhance the productivity of business operations.
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.
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.
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.
Other key players operating in the global product data management market include SyncForce, PROLIM Corporation, Talend group, Teradata Corporation, SAP SE, and Informatica LLC.
Global Product Data Management Market: Research Scope
Global Product Data Management Market, by Component
- Implementation & Integration
- Support & Maintenance
Global Product Data Management Market, by Deployment
Global Product Data Management Market, by Industry
- IT & Telecom
Global Product Data Management Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Product Lifecycle Management
- Product Information Management
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.