New York, United States , July 29, 2024 (GLOBE NEWSWIRE) -- The Global Bill of Materials (BOM) Software Market Size is Expected to Grow from USD 8.20 Billion in 2023 to USD 25.69 Billion by 2033, at a CAGR of 12.10% during the forecast period 2023-2033.
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Bill of materials (BOM) software refers to specialized computer programs or applications designed to manage and organize bills of materials in various industries, particularly manufacturing and product development. A bill of materials is a detailed description of the components, parts, subassemblies, and raw materials needed to make a product. The market is expanding due to increased demand for BOM management software from manufacturers in a range of industries, including automotive, aerospace, and electronics. BOM management software generates and manages bills of material. Several key factors are propelling the bill of materials (BOM) software market, including increased automation and digitalization in manufacturing processes, which drive the need for efficient BOM management tools that streamline BOM creation, management, and sharing, reducing errors and improving efficiency. The complexity of modern product designs mandates the use of powerful BOM software capable of managing enormous data volumes while maintaining accuracy throughout the product's lifetime. However, the growth of the bill of materials (BOM) software market is hampered by several restraining factors, including resistance to change in traditional manufacturing sectors, concerns about the high costs of implementation and integration, and complexities associated with data security and industry-specific requirements that pose significant challenges.
Browse key industry insights spread across 194 pages with 120 Market data tables and figures & charts from the report on the "Global Bill of Materials (BOM) Software Market Size, Share, and COVID-19 Impact Analysis, By Type (Engineering BOM, Manufacturing BOM, Others), By Application (Food Industry, Chemical Industry, Electronics Industry, Aerospace and Defense, Business Logistics, Other), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The engineering BOM segment is predicted to hold the largest market share through the forecast period.
Based on the type, the bill of materials (BOM) software market is classified into engineering BOM, manufacturing BOM, and others. Among these, the engineering BOM segment is predicted to hold the largest market share through the forecast period. EBOM software is essential in the early stages of product development because it captures detailed design specifications and allows design teams to collaborate more effectively. Its functionality enables design validation, iteration, and integration with CAD and PLM systems, ensuring product needs are met from conception to implementation.
The electronics industry segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the bill of materials (BOM) software market is divided into the food industry, chemical industry, electronics industry, aerospace and defense, business logistics, and others. Among these, the electronics industry segment is anticipated to hold the highest market share during the projected timeframe. This leadership is driven by the sector's extensive and diverse component needs, severe regulatory standards, and convoluted worldwide supply chains. BOM software is crucial in addressing these difficulties because it enables efficient component tracking, ensures regulatory compliance, optimizes supply chain operations, and supports agile product lifecycle management.
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North America is estimated to hold the largest share of the bill of materials (BOM) software market over the forecast period.
North America is estimated to hold the largest share of the bill of materials (BOM) software market over the forecast period. This leadership is motivated by the sector's extensive and diverse component needs, severe regulatory standards, and convoluted worldwide supply chains. BOM software is critical in addressing these difficulties because it enables efficient component tracking, ensures regulatory compliance, optimizes supply chain operations, and supports agile product lifecycle management.
Asia Pacific is predicted to have the highest CAGR growth in the bill of materials (BOM) software market over the forecast period. Rapid industrialization, increased acceptance of modern technology, and the expansion of the automotive and electronics sectors are driving the region's prosperity. Emerging economies like China, India, and Southeast Asian nations are becoming important manufacturing hubs, resulting in increasing demand for BOM software to optimize operations and manage complicated supply chains.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the bill of materials (BOM) software market include TGI, MasterControl, SMe Software, Autodesk, PDXpert, SiliconExpert Technologies, IQMS Manufacturing Software, SAP, Oracle, Arena Solutions, Upchain, Epicor, Spartan Software, Emadata, and Others.
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Recent Developments
- In April 2024, Sonatype introduces the industry's first comprehensive system of record for managing software bills of materials.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the bill of materials (BOM) software market based on the below-mentioned segments:
Global Bill of Materials (BOM) Software Market, By Type
- Engineering BOM
- Manufacturing BOM
- Others
Global Bill of Materials (BOM) Software Market, By Application
- Food Industry
- Chemical Industry
- Electronics Industry
- Aerospace and Defense
- Business Logistics
- Other
Global Bill of Materials (BOM) Software Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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