According to The Insight Partners' new research report titled "Product Lifecycle Management in Apparel Market - Global Analysis and Forecast to 2027," the global product lifecycle management in apparel market is expected to reach US$ 1.82 Bn by 2027, growing at a CAGR of 12.5% between 2019 and 2027.
The apparel industry is currently facing a challenge in global retail markets. Apparel companies are becoming aware of the threat posed by various competitors. Product lifecycle management (PLM) benefits the company by providing solutions that enable retailers and manufacturers to easily capture new ideas at the forefront of innovation in order to stay on trend. Product Lifecycle Management (PLM) technology is a business strategy that integrates processes, people, technology, and data to manage a product's entire life cycle, from conception to disposal. Product lifecycle management (PLM) is a leading enabler of new product development. Product lifecycle management in apparel allows for easy tracking of suppliers as well as monitoring of compliance, key quality, and cost metrics. All specifications, including product history, are available in a few clicks thanks to PLM technology. Product lifecycle management in the apparel industry improves the ease of merchandise planning and assists apparel companies in deciding what types of products to manufacture. Designers also have a better understanding of how to manage their time on the product when they use PLM software.
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Product lifecycle management is being implemented in the apparel industry as a business strategy to improve collaboration and inter-functional coordination, thereby reducing product development time and time-to-market. The benefit of product lifecycle management in the apparel industry is becoming more widely recognised, as all businesses want to save time and money when providing products or services to customers. Adoption of product lifecycle management has proven to be extremely beneficial to many players in the apparel industry. Some of the largest apparel companies are utilising it to improve business agility. Furthermore, PLM improves product quality and reduces errors during the development process.
Furthermore, companies are pioneering the use of product lifecycle management software as a strategic enabler. The majority of apparel companies' corporate strategic goal is revenue growth. It is achieved through continuous product innovation, which requires strong product development integrated with product lifecycle management. PLM enables businesses to achieve innovation-driven revenue growth through a cost-effective, innovative, and time-saving product management procedure by leveraging technology.
The market for product lifecycle management in apparel is divided into two categories: type and end-user. Product lifecycle management in the apparel market is classified into two types: CAD and CAM. The market is divided into retailers, manufacturers, and others based on end-user. The market is divided into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
In the apparel market, there are some well-established market players engaged in product lifecycle management. Dassault Systèmes, Gerber Technology LLC, PTC Inc., Visual Next, and Lectra S.A. are the top five market players.
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