Consumer Products and Retail Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022
Albany, NY -- (SBWIRE) -- 01/20/2016 -- Product lifecycle management (PLM) is emerging as an essential consideration for consumer goods manufacturers, as they increasingly seek ways to cater to the dynamic consumer demand. It is a new approach representing a systematic data management process pertaining to product design, support, and finally disposal in a given product development process. It is an organized approach to sustainability as both emergent and established retail consumer goods enterprises consider their overall environmental impact.
Consumers around the world purchase millions of products every year. Demand for older, long-established products eventually dies out, while, in contrast, the demand for the latest products launched in the market increases. Since consumer good companies understand the significance of the product lifecycle, they heavily invest on product research and development. Thus, delivering the right kind of product at the right time becomes the primary objective of every company operating within the consumer sector.
This visible shift from traditional end-use sectors to non-traditional ones such as retail, consumer goods, and packaged products, coupled with the surging number of grocery retail stores across developed and emerging economies, is bolstering the global PLM market for consumer goods and retail end-use sectors. Furthermore, as small and mid-sized companies leverage on cloud-based PLM solutions to increase their productivity and ROI, the demand for PLM will further increase in the consumer products and retail market.
According to a survey conducted by Transparency Market Research, the global PLM market for consumer products and retail, which stood at US$2.8 bn in 2014, will exhibit a positive CAGR of 10.40% between 2015 and 2022.
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Global PLM Market for Consumer Products and Retail Gains Impetus from Online Shopping
In 2014, the market segment of PLM software held 46.2% of the global PLM market for consumer products and retail market. In terms of its key applications, the global PLM market is segmented into footwear, durables, apparel, consumer packaged goods, and others (including jewelry, electronic consumer appliances, and toys). Presently, the market for consumer packaged goods is booming and is gaining much traction as customers increasingly move towards online shopping. The paradigm shift in consumer preference from shopping in brick and mortar stores to e-shopping has correspondingly spurred the demand for e-commerce solutions aimed at enhancing consumers' shopping experience online. Among the key end-use segments, the consumer packaged goods segment led the global market in 2014, accounting for 46.4% of the global PLM market for consumer products and retail.
North America Leads Global Consumer Products and Retail Market
Regionally, North America held the largest share in the global PLM market in 2014 in terms of revenue due to high demand from consumer product and retail-based companies. Moreover, the presence of a large number of prominent players in North America such as Procter & Gamble, Wal-Mart Stores, Inc., Costco Wholesale Corporation, Amway, Kroger Company, and PepsiCo, Inc. in the region also aids the growth of the market in North America. Europe emerged as the second largest market for consumer products and retail in 2014, aided by rapid economic growth in the last decade and strong GDP. The MEA and Latin America PLM markets for consumer products and retail are likely to exhibit growth at the fastest pace between 2015 and 2022.
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