Product Lifecycle Management (PLM) Market Growth Driven by Growing Need for Product Innovation and Productivity Enhancement

Albany, NY -- (SBWIRE) -- 03/21/2018 -- The growing need for product innovation, productivity enhancement as well as reduction in operational cost are the key factors driving the growth of product lifecycle management (PLM) market. A PLM solution can increase the productivity of a system substantially by providing various tools and methodologies to reduce redundancies. The PLM vendors have also started offering various customized PLM solutions according to the need of the enterprises, further aiding the growth in demand. The PLM market also faces some challenges such as low interoperability between different product versions, competitive products, data formats, data models and databases.