Product lifecycle management in apparel market in global is expected to grow from US$ 644.1 Mn in 2018 to US$ 1,825.3 Mn by the year 2027. This represents a CAGR of 12.5% from the year 2019 to 2027.
Digital transformation has continued to push new margins of innovation that meet new technologies such as machine learning (ML), artificial intelligence (AI), robotics and the internet of things (IoT) to give rise to the fourth industrial revolution (Industry 4.0). In Industry 4.0, electronics and information technology allow complete digital connectivity by bringing together the physical, digital, and organic essentials of modern human life. For the manufacturing industry, particularly in the case of mass-produced goods such as apparel and footwear, the Industry 4.0 movement is a transformation in the making.
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Europe was the leading geographic market, and it is anticipated to be the highest revenue contributor throughout the forecast period. In Europe product lifecycle management in apparel market the adoption of automated technologies such as PLM offers benefits such as faster delivery time, lower cost, higher speed, as a result of lower stocks and reduced shipping times, hence it is expected that Product lifecycle management in apparel in apparel market in the region would gradually increase in the coming years till 2027.
In an extremely competitive world of apparel and footwear, the integrated technologies within the shop floor are rapidly progressing to Industry 4.0 standards. The swift development of new technologies allows advances in manufacturing processes that not only boost existing systems but also lead to the development of new processes. A smart apparel factory makes iconic innovations such as making reasonable mass customization a reality by completely reimagining the production workflow to become more modular, agile, and cost-effective.
Hence, advantages from industry 4.0 are expected to make a crucial requirement for PLM software providers, and this would leads to propel the global product lifecycle management in apparel market during the forecast period of 2019 to 2027.
Strategic Insights
The market players present in product lifecycle management in apparel market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments are listed below;
2019: First Insight, Inc. entered into a strategic partnership with Simbus Technologies to introduce Customer-Centric Merchandising platform into India. According to the partnership retailers across India Would have access to First Insight’s pre-season product testing platform.
2019: Infor Inc. announced a channel partner agreement with Mashfrog, which is an Italy based IT and digital services company. The partnership is expected to focus on Infor CloudSuite Fashion coupled with Mashfrog’s service delivery credentials to drive the performance and expand market share.
2019: Gerber Technology LLC partnered with Stephanie London, with an objective to develop wide range of collection of garments. This partnership is expected to transform the costume design practices from traditional to real time designing concepts.
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