According to a new market report pertaining to the Product Lifecycle Management Consumer Packaged Goods and Retail (PLM CP&R) Market published by Transparency Market Research, the PLM CP&R market (the Americas, Europe, Middle East & Africa and Asia) is projected to reach US$ 5,204.18 Mn by 2026, driven by an expansion in the consumer electronics industry worldwide. The market is projected to expand at a CAGR of 11.45% during the forecast period from 2018 to 2026. Growth of the market is attributed to the high adoption automation in the Consumer Packaged Goods & Retail (CP& R) industries and high adoption of product lifecycle management (PLM) software. The Americas region is anticipated to lead the PLM CP&R market, followed by Asia and Europe, Middle East & Africa, during the forecast period. The PLM CP&R market is at an emerging stage and is anticipated to expand rapidly in the next few years.
Growth of the Consumer Electronics Industry
According to TMR analysis, the global consumer electronics industry has witnessed significant Y-o-Y growth at the rate of around 7% in 2017 in terms of revenue. The consumer electronics industry in Asia is expanding rapidly. Rise in disposable income and increase in population are boosting demand for consumer electronics. India had a population of 1,314 million in 2015, and it is anticipated to reach 1,530 million by 2030.
A rise in population is anticipated to present attractive expansion opportunities for the personal and portable consumer electronics industry. The expanding consumer electronics industry would need process automation, thus creating lucrative opportunities for PLM solution providers.