The collaborative product definition management portion of the product life cycle management market is on the upswing, with worldwide 2001 revenues growing 25 percent to $3.6 billion, reports CIMdata Inc., an Ann Arbor, Michigan-based research and consulting firm. Investments in software and software maintenance totaled more than $1.6 billion, while service revenue exceeded $1.9 billion.
Product definition management revenues are projected to reach $4.8 billion in 2002 and to increase at a compound annual growth rate of 25 percent through 2006, when market size will exceed $11 billion, CIMdata says. The core product definition management market is undergoing strong expansion as PLM programs become more mainstream and are targeted at enterprise-wide initiatives, CIMdata says. Product definition management focuses on collaboration, management and sharing of product-related information. It encompasses all of product lifecycle management except for information authoring tools, computer-aided software engineering and technical publishing.
"There is executive-level recognition that PLM is critical to business success," says Ed Miller, CIMdata president. "Because it enables businesses to bring innovative and profitable products to market effectively, PLM and the collaborative capabilities it provides are rapidly transitioning from a competitive advantage to a competitive necessity."
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