ASIA: PLM software vendors eye expansion
Leading suppliers of product life-cycle management software (PLM) are eyeing expansion in Asia amid hopes that China will become their biggest market over the next five years.
The global PLM market is expected to grow 30%-40% by 2013. While the US and European markets are forecast to grow strongly, Asia is expected to outpace them in the next five to ten years.
As the fast-fashion revolution gathers pace, PLM, which enables brands to quickly develop a garment from design to manufacture through a Web-based real-time interface, has become a crucial tool to ensure a greater number of fashion collections hit stores on time and on budget.
"We are seeing a significant increase in the number of Asian companies interested in PLM, specifically in China, which will be one of the largest consumers of PLM in five years," said Kathleen Mitford, vice president of product and market strategy at PLM software vendor PTC.
By Ivan Castano-Freeman.
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