What is Product Cost Management?
Product cost management is technology which is used to estimate product and services costing. Product cost management software’s are used to determine overall cost of product life cycle. It helps end use industries to capture differences between actual and predicted costings. It increases speed and accuracy hence companies are able to provide their products with unique features.
The market study is broken down by Type (Product Type Segmentation, Cloud-Based and On-Premise) and major geographies with country level break-up.
The market of product cost management is expected to grow with rising demand for product portfolio management. Several companies are operating in the market to provide software with excellent feature. The market is highly fragmented with the presence of multiple market players. They are gaining attention owing to their innovative and novel portfolio. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Oracle (United States), FOG Software Group (United States), Siemens (Germany), Prolim. (United Kingdom), aPriori. (United States), Computer Concepts Corporation. (United States), EasyKost SAS. (France), Competera Limited (United States), Boothroyd Dewhurst, Inc. (United States), Hubstaff (United States) and PRICE Systems (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Product Cost Management market by Type, Application and Region.
On the basis of geography, the market of Product Cost Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Enterprise Size, the sub-segment i.e. SMEs will boost the Product Cost Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Healthcare will boost the Product Cost Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pricing, the sub-segment i.e. Economy will boost the Product Cost Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud will boost the Product Cost Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offerings, the sub-segment i.e. Commodities Cost Management {Material Management, Currency & FX Management} will boost the Product Cost Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In January 2021, FOG Software Group has acquired FACTON. It is global enterprise-wide product costing solutions provider specializing for number of end use industry. With this acquisition, company is able to expand its product portfolio for its unique offering in product management costing.
Market Trend
- Growing Adoption of Organisations and Industry Vertical towards End To End Solutions for Multiple Costings
Market Drivers
- Preference for the Use of Sophisticated Set of Computations Software for Product Life Cycle Management
- Rising Inclination towards Adopting Cost Minimising Solutions
Opportunities
- Technological Advancements with Automation Has Created Ample Opportunities
Restraints
- Technical Issue associated with Software Handling
Challenges
- Interoperability Issues
- Less Compatibility for Small Scale Manufacturing Setup
Key Target Audience
Product Cost Management Providers, Research Organizations, New Entrants/Investors, Strategic Business Planners, Government Regulatory and End Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.