Despite the current economic slowdown, the PLM (product lifecycle management) market continues to grow steadily in several market sectors (automotive, aerospace & defense, industrial equipment, etc.) and regions (North America, China, etc.). This is due in part to solution enhancements by leading PLM suppliers that fit well with the current digital enterprise initiatives at many end user organizations.
One of the major emerging trends in the PLM solution space is the expansion of the overall product and manufacturing lifecycle. Increasingly, this is referred to as the digital enterprise. In the digital enterprise, all aspects of product design, test, manufacturing, and supply chain are interconnected across a digital thread of virtual design, simulation, production processes, analytics, and systems engineering. The focus today is on the next generation of smart connected products that will support smart connected factories and Internet of Things (IoT) ecosystems. These so-called edge devices will function as the source of data and information that will also power the Industrial Internet of Things (IIoT).
A significant component of the digital thread is the concept of the digital twin, where the physical product, equipment, or system is connected to the virtual design model allowing a constant stream of performance in-formation on the product in the field. PLM suppliers provide the design technology that enable smart connected product design that will enable the implementation of the digital twin. PLM product design virtual models represent the virtual component of the digital twin, with product design criteria now focusing on designing smart, connected products.
Another continuing trend for PLM is an overall systems engineering or model-based design approach to product design. This involves considering product design within the context of multiple engineering disciplines (mechanical, electrical, software). Product development across all industry sectors is moving to meet the requirements for smart and connected products to support the IoT. This applies whether the product is a car, appliance, consumer product, or mobile device.
Table of Contents
- Executive Overview
- Beyond PLM to the Digital Enterprise
- PLM Suppliers Offer IoT/IIoT Solutions for Product, Process, and Production
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Keywords: PLM (Product Lifecycle Management), Manufacturing Lifecycle, Digital Enterprise, Industrial Internet of Things (IIoT), ARC Advisory Group.