Global Bill of Materials (BOM) Management Software Market Size By Deployment Mode, By End-User Industry, By Size of Enterprise, By Geographic Scope And Forecast
Global Bill of Materials (BOM) Management Software Market Size By Deployment Mode, By End-User Industry, By Size of Enterprise, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Bill of Materials (BOM) Management Software Market Size And Forecast
Bill of Materials (BOM) Management Software Market size was valued at USD 5.3 Billion in 2023 and is projected to reach USD 7.03 Billion by 2030, growing at a CAGR of 5%during the forecast period 2024-2030.
Global Bill of Materials (BOM) Management Software Market Drivers
The market drivers for the Bill of Materials (BOM) Management Software Market can be influenced by various factors. These may include
Increasing Product Complexity Keeping track of a product’s dependencies, versions, and components is essential as it gets more complicated and advanced. BOM management software facilitates the effective organization of this complexity.
Demand from a Range of Industries To improve their product development processes, businesses in the manufacturing, aerospace, automotive, electronics, and healthcare sectors are increasingly in need of BOM management software.
Product Lifecycle Management (PLM) is emphasized, and BOM software is frequently a component of larger PLM systems. Demand for BOM management technologies is driven by the emphasis on cutting time-to-market and improving product development cycles.
Regulatory Compliance Sturdy BOM management systems are necessary to guarantee compliance with stringent requirements across a range of industries, particularly those pertaining to traceability and documentation.
Globalization and Supply Chain Complexity As supply chains grow increasingly complex and worldwide, it is crucial to keep up-to-date BOMs to facilitate efficient communication between scattered teams and suppliers.
Technological Advancements Enhanced functions within BOM management software, including as AI, cloud computing, and IoT integration, make them more effective and aesthetically pleasing.
Put an emphasis on cost optimization Businesses are always looking for methods and instruments to cut expenses. BOM management software facilitates better resource allocation, waste reduction, and inventory optimization.
Trend toward Digital Transformation To increase productivity and efficiency, digital solutions are being adopted for a variety of operations, including BOM management, as a result of the continuous digital transformation occurring across industries.
Growing Awareness and Adoption Businesses are adopting BOM management software at an increasing pace as they realize how much it can save mistakes, foster better teamwork, and facilitate better decision-making.
Global Bill of Materials (BOM) Management Software Market Restraints
Several factors can act as restraints or challenges for the Bill of Materials (BOM) Management Software Market. These may include
Opposition to Change Some companies may be reluctant to introduce new software or modify current systems because they fear disruptions, learning curves, or the inconvenience of a migration.
Cost Issues Cost is frequently a big concern. Adoption of BOM management software may be hampered by the initial outlay of funds, particularly for smaller businesses with tighter budgets, as license fees, implementation, training, and maintenance charges are included.
Integration Difficulties There may be issues with compatibility and integration with current software systems or procedures. The complexity of integrating or modifying the BOM software with existing processes may cause resistance if it doesn’t work seamlessly with other tools or ERPs.
Security and Data Privacy Adoption may be hampered by worries about data security and privacy. Businesses may be wary of sharing or storing sensitive BOM data on a cloud-based system or with outside software.
Lack of Awareness or Understanding Some companies may not be fully aware of the advantages of BOM management software, or they may not be aware of how much of an impact it can have on increasing productivity and streamlining processes.
Complexity and Customization In order to meet certain industry requirements or business procedures, BOM software frequently needs to be customized. Adoption may be discouraged if the program is too complicated to configure or is not flexible enough.
Limited Skilled Workforce One potential obstacle could be the absence of knowledgeable employees that can utilize the program within the company and comprehend it. Hiring or training staff members who are adept at using BOM software may be difficult.
Regulatory and Compliance Issues Adopting new software may need extensive validation and compliance tests in some companies with strict regulatory frameworks, which could delay adoption.
Market Saturation and Competition As a result of several vendors providing comparable BOM management solutions, the market may achieve saturation, making it more difficult for new players to break through or for established companies to successfully differentiate themselves.
Global Bill of Materials (BOM) Management Software Market Segmentation Analysis
The Global Bill of Materials (BOM) Management Software Market is Segmented on the basis By Deployment Mode, By End-User Industry , Size of Enterprise,By Geography.
By Deployment Mode
On-Premises Software that is set up and run on the business’s physical space.
Cloud-based Offers scalability and flexibility through hosting and access via the internet.
By End-User Industry
Manufacturing This includes consumer products, electronics, automobiles, and aerospace.Medical supplies, prescription drugs, etc.
Retail Supply chain management and product catalog management.
Others Any sector that needs management and product development.
By Size of Enterprise
Small and Medium-Sized Enterprises (SMEs) Solutions specifically designed for smaller companies.
Big Businesses Extensive systems designed to meet the demands of bigger, more intricate businesses.
By Geography
North America
Europe
Asia-Pacific
Middle East And Africa
Latin America
Key Players
The major players in the Bill of Materials (BOM) Management Software Market are
Arena Solutions
Autodesk
Dassault Systèmes
Oracle
PTC
Siemens PLM Software
Siemens AG (Germany)
SAP SE (Germany)
PTC Inc. (US)
Dassault Systèmes (France)
Oracle Corporation (US)
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Arena Solutions, Autodesk, Dassault Systèmes, Oracle, SAP SE (Germany), PTC Inc. (US) and others
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SEGMENTS COVERED
By Deployment Mode, By End-User Industry, By Size of Enterprise, By Geography.
CUSTOMIZATION SCOPE
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