The traditional Bill of Material/excel based Bill of Material issues such as incomplete data, data inconsistency and incorrect data entry create major problems in manufacturing process across diversified industry vertical. Therefore, manufacturing companies are moving towards Bill of Material Management Software to streamline interrelated product information management and multiple linked Bill of Material management. The software also helps to share the Bill of Material information across the different department.
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The Increasing demand for low cost Bill of Material management software across multiple industry vertical such as consumer goods and retail, healthcare and life science and transportation fuel Bill of Material Management Software Market. Small and Medium Size businesses are implementing Bill of Material Management Software to lessen their dependency on Traditional Bill of Material methods.
The major factor driving Bill of material software market is the modernization of business processes. Internet is growing extensively due to which companies are adopting modern technologies such as cloud, mobility and other within their existing infrastructure. Implementation of modern technologies is helping company to adopt Bill of Material software that provides companies to access information related to partners, suppliers, product, cost and compliance status at single sign-in. Small and medium players are also adopting this software in order to identify risk components, centralize their work, monitor parts availability and to eradicate redundancy.
The restraint for Bill of Material software market is the lack of customization and security threat. Most of Organizations are looking for flexible solutions as organizations sometimes need separate Bill of material for specific customer order where Bill of Material management software does not provide customized solution. Moreover, rising cyber-crimes has led organizations demand software that can also provide security to the information related to the pricing, customer, and products and other.
Bill of Material Management Software Market: Segmentation
Segmentation on the basis of solution:
- Compliance management
- Product data management
- Product lifecycle management
- Material requirement planning
- Sales Management
Segmentation on the basis of Application areas:
- Construction and Engineering
- Healthcare and Life Science
- Consumer Goods
In October 2016, Arena Solutions partnered with Perception software a subsidiary of Altium, to integrate Arena Bill of Material software into Altium solutions
In March 2015, Siemens entered into partnership of Thinkstep and launched new Bill of Material Management software. This integrated solution is helping user to manage material lifecycle and to streamline product design.
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Some of the other major players in Bill of Material Management Software market are AutoDesk, Aras, Dassault Systems, PTC, HIS and others
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