Global Bill of Material (BOM) Software Market Size Forecast 2024 - 2033
23 Dec, 2024
What Is The Scope Of The Global Bill of Material (BOM) Software Market?
Bill of materials (BOM) software refers to a tool that enables the creation, management, and optimization of bill of materials, which is a comprehensive list of all the parts, materials, and processes required to manufacture a product. It is used to streamline the process of building assemblies and sub-assemblies by automatically informing users where to find components and whether they are available.
Bill of Material (BOM) Software Global Market Report 2024 provides data on the global bill of material (bom) software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bill of material (bom) software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Bill of Material (BOM) Software Market?
The bill of material (BOM) software market has shown consistent growth, increasing from $8.56 billion in 2023 to $9.10 billion in 2024 at a CAGR of 6.3%. This historical growth is attributed to rising manufacturing and product complexities, the demand for efficiency and cost reduction, evolving customer expectations, and competitive pressures. The market is projected to reach $11.71 billion by 2028, growing at a CAGR of 6.5%. This anticipated growth is driven by the need for supply chain resilience, sustainability initiatives, remote work collaboration, and emerging technologies. Notable trends include integration with IoT and Industry 4.0, incorporation of AI and machine learning, enhanced collaborative features, customizable and configurable solutions, and improved user experiences.
What Are The Core Factors Supporting Growth In The Bill of Material (BOM) Software Market?
The increasing need for remote collaboration is expected to drive the growth of the bill of material (BOM) software market. Remote collaboration involves working together on projects from different locations, which has become more prevalent due to the shift towards remote work, technological advances, and the desire for flexible work arrangements. BOM software facilitates remote collaboration by enabling real-time updates to the bill of materials, allowing all team members to access the latest information and track changes as they happen. In June 2023, Upwork Global Inc. reported that an estimated 32.6 million Americans would be working remotely by 2025, a 22% portion of the workforce, representing an 87% increase from pre-pandemic levels. This increase in remote collaboration is driving the growth of the bill of material (BOM) software market.
Get Your Free Sample of the Global Bill of Material (BOM) Software Market ReportWhat Are The Major Segments Within The Global Bill of Material (BOM) Software Market?
The bill of material (BOM) software market covered in this report is segmented –
1) By Type: Engineering BOM, Manufacturing BOM, Service BOM
2) By Deployment: On-Premise, Cloud-Based
3) By Organization Size: Small and Medium Enterprises (SMEs), Large Enterprises
4) By Application: Automotive, Aerospace and Defense, Electrical and Electronics, Medical Devices, Industrial Machinery, Consumer Goods
Which Trends Are Expected To Transform The Bill of Material (BOM) Software Market?
In the Bill of Materials (BOM) software market, companies are innovating with solutions like Software Bill of Materials (SBOM) to improve visibility and manage supply-chain risks. SBOM is a tool that provides real-time insight into complex software environments, helping organizations manage risks associated with their software supply chains. For example, in November 2022, Tanium, a US-based system software company, launched its SBOM solution, which enables businesses to track components and materials used in product manufacturing. This technology improves security by helping companies proactively address vulnerabilities and manage risks more effectively, offering real-time visibility and remediation of software packages across all endpoints.
What Is The Fastest Growing Region In The Bill of Material (BOM) Software Market?
North America was the largest region in the bill of material (BOM) software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bill of material (BOM) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.