New York, United States, July 29, 2024 (GLOBE NEWSWIRE) — The global Bill of Materials (BOM) software market size is expected to expand from USD 8.2 billion in 2023 to USD 25.69 billion by 2033, growing at a CAGR of 12.10% during the forecast period (2023-2033).
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Bill of materials (BOM) software refers to a specialized computer program or application designed to manage and organize bills of materials in various industries, especially manufacturing and product development. A bill of materials is a detailed description of the components, parts, subassemblies, and raw materials required to manufacture a product. The market is expanding due to the increasing demand for BOM management software from manufacturers across various industries, including automotive, aerospace, and electronics. BOM management software generates and manages bills of materials. Key factors driving the bill of materials (BOM) software market include increasing automation and digitization of manufacturing processes, which has increased the need for efficient BOM management tools that streamline the creation, management, and sharing of BOMs, reducing errors and improving efficiency. The complexity of modern product designs mandates the use of powerful BOM software that can manage vast amounts of data while maintaining accuracy throughout the product’s lifespan. However, the growth of the bill of materials (BOM) software market is hindered by several restraining factors, including resistance to change in traditional manufacturing industries, concerns over high implementation and integration costs, and complexities associated with data security and industry-specific requirements.
Read key industry insights with 120 market data tables and charts across 194 pages from the report “Global Bill of Materials (BOM) Software Market Size, Share, COVID-19 Impact Analysis, Analysis and Forecast by Type (Engineering BOM, Manufacturing BOM, Others), by Application (Food Industry, Chemical Industry, Electronics Industry, Aerospace & Defense, Business Logistics, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), 2023-2033.”
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The engineering BOM segment is projected to hold the largest market share throughout the forecast period.
Based on type, the Bill of Materials (BOM) software market is categorized into Engineering BOM, Manufacturing BOM, and Others. Of these, the Engineering BOM segment is projected to hold the largest market share throughout the forecast period. EBOM software is essential in the early stages of product development as it captures detailed design specifications and enables design teams to collaborate more effectively. Its capabilities enable design validation, iterations, and integration with CAD and PLM systems to meet product needs from conception to implementation.
The electronics industry segment is expected to hold the highest market share during the forecast period.
Based on application, the Bill of Materials (BOM) software market is segmented into food industry, chemical industry, electronics industry, aerospace and defense, business logistics, and others. Among these, the electronics industry segment is expected to hold the highest market share during the forecast period. This leadership is driven by the sector’s extensive and diverse component needs, stringent regulatory standards, and complex global supply chain. BOM software is essential in addressing these challenges as 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 expected to hold the largest share of the Bill of Materials (BOM) software market during the forecast period.
North America is projected to hold the largest share of the Bill of Materials (BOM) software market during the forecast period. This leadership is driven by the sector’s extensive and diverse component needs, stringent regulatory standards, and complex global supply chain. BOM software is crucial in addressing these challenges as it enables efficient component tracking, ensures regulatory compliance, optimizes supply chain operations, and supports agile product lifecycle management.
Asia Pacific is projected to exhibit the highest CAGR growth in the Bill of Materials (BOM) software market during the forecast period. Rapid industrialization, adoption of latest technologies, and expansion in the automotive and electronics sectors are driving the prosperity of this region. Emerging economies such as China, India, and Southeast Asian countries are becoming key manufacturing hubs, resulting in an increased demand for BOM software to optimize operations and manage complex supply chains.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market along with a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. It also provides a detailed analysis focusing on the current news and developments of the companies such as product developments, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances. This allows one to evaluate the overall competition within the market. The 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 will introduce the industry’s first comprehensive system of record for managing software bills of materials.
Market Segments
The study forecasts revenue at global, regional and country levels from 2023 to 2033. Spherical Insights segments the Bill of Materials (BOM) Software market based on the following segments:
Global Bill of Materials (BOM) Software Market, by Type
Engineering BOM Manufacturing BOM Other
Worldwide Bill of Materials (BOM) Software Market, by Application
Food Industry Chemical Industry Electronics Industry Aerospace and Defense Business Logistics Others
Global Bill of Materials (BOM) Software Market by Region
North America 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 and Africa United Arab Emirates Saudi Arabia Qatar South Africa Rest of Middle East and Africa
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