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April 08, 2021, New York, USA - PLM in consumer goods market is undergoing a sea of change, as covid-19 pandemic has boosted demand for daily essentials for consumers globally. Furthermore, the growth of e-commerce, and increased focus on quality manufacturing with highest efficiency can no longer be comprised with. The rise of e-commerce is visible in key regions like North America. The US department of commerce noted that e-commerce led growth for essential products as retail sales fell in 2020. Furthermore, the total share of e-commerce sale continues to denote record numbers in the country, following a similar pattern globally. The increased need for social distancing, increased adoption of technology, and access to cheap goods with convenience associated will likely boost sales of e-commerce in the near future.
The rise of e-commerce will provide plenty of opportunities for small players globally to enter into manufacturing, as global arena of consumers opens to skilled, and quality manufacturing in an unprecedented manner. Furthermore, the rise of coupling technologies like 3D printing, automation, machine learning, increased collaboration among transnational players, and growing demand for essential goods amidst the pandemic will remain major drivers of growth for PLM in consumer goods market.
Rising demand for essential consumer products, and increased technological advancements in supply chains logistics will promise robust growth for players in the PLM in consumer goods market. The rising disruption in supply chains in manufacturing due to worldwide covid-19 lockdowns has accelerated drive towards machine learning, and automation in global manufacturing. Furthermore, advancement in technologies like cloud, subsequent reduction in production costs, and growing promise of technologies like 3D printing will also promise tremendous growth for players in the PLM in consumer goods market.
Growing Need of Collaboration Among Business Units to Remain Key Drivers
According to a study by Harvard Business Review of 1200 enterprises globally, since 2008, 55% companies have devoted resources to increase R&D efficiency, through policies such as enhancing collaboration with IT. Moreover, since 2011, half of the companies report innovation as a top priority for product development. Furthermore, companies surveyed in the study also report that consumers and their feedback is becoming essential for product development, and new ideas. Similarly, collaboration between various departments including marketing, finance, sales, and operations is also becoming key in line with efforts from the R&D department. Similarly, companies cited that collaborations with external agencies remain a challenge while aiming to pursue policies for intellectual property protection. The global business landscape continues to be more competitive as trends like e-commerce, and increase liberalization of economies forces manufacturers to be more competitive, and engage in quality innovation. Furthermore, PLM products can not only limit challenges like costs, but also help in improving collaboration, which can be key to new innovation, along with protecting intellectual property rights. The limited availability of complete solutions remains a challenge to growth in the PLM in consumer goods market. However, growing demand, and increased entry of established global players will likely boost product portfolio, and drive growth in the PLM in consumer goods market in the near future.
Growing Scrutiny of Products, and Disruption to Drive Growth in the Cosmetics Industry
Cosmetics industry is undergoing a series of challenges, and also experiencing horizons filed with opportunities. On one hand, the industry is reeling from increased consumer scrutiny, as e-commerce fuels more transparency in the industry. Furthermore, growing digitalization, and awareness among consumers about harmful effects of artificial ingredients has also forced product development to integrate natural ingredients in new products. Furthermore, digitalization has become key to reaching young, and global audience for future growth. This has forced major disruptions in product development, as companies are increasingly looking for natural substitutes to replace conventional raw materials. Furthermore, natural products are witnessing tremendous growth as globally, they can appeal to people from different socio-cultural backgrounds, with a universal message. The growing demand for natural ingredients, the increased challenge on demand side, and promise of robust future growth will drive tremendous demand for players in the PLM in consumer goods market.
North America Will Remain Dominant in Revenue Growth
The global PLM in consumer goods market remains an innovative, and fragmented landscape. Some key players in the market are Aras Corp., ANSYS Inc., Dassault Systèmes SE, Autodesk Inc., International Business Machines Corp., HP Inc., PTC Inc., Oracle Corp, SAP SE. Despite the fragmented globally, North America region remains dominant in innovation, with Europe, and Asia Pacific becoming increasingly competitive. The establishment of large companies in North America, and backbone of research-based input from globally credited universities will likely help it lead efforts during 2021-2028 period. The growing demand for consumer goods, rising e-commerce in the North America region, highest revenues during 2018, will likely keep North America’s share of global total revenues dominant during the forecast period.
Asia Pacific will likely grow at the highest speeds, thanks to increased interest in quality manufacturing in China. The country continues to engage in industry 4.0 with advanced automation, machine learning, and other activities. Moreover, for end-sectors like clothing, the country today accounts for nearly a quarter of the global market, while US remains a close-second. The growing demand for clothing industry in the Asia Pacific, rising disposable income in the region, and increased investment in research, and development will remain key drivers for players in the PLM in consumer goods market.
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