Bill of Material (BOM) Software Market Share Analysis, Leading Players, Growth, Trends, And Forecast To 2033

The bill of material (BOM) software market size has grown strongly in recent years. It will grow from $8.56 billion in 2023 to $9.10 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to manufacturing complexity, product complexity, efficiency and cost reduction, customer demands and competitive pressures.

The bill of material (BOM) software market size is expected to see strong growth in the next few years. It will grow to $11.71 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to supply chain resilience, sustainability and circular economy, remote work and collaboration, emerging technologies and data-driven decision making. Major trends in the forecast period include integration with IoT and industry 4.0, AI and machine learning, enhanced collaboration features, customization and configurability, and user experience (UX) design.

Market Overview -
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.

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Remote Collaboration Drives Growth Of The BOM Software Market
The increasing demand for remote collaboration is expected to propel the growth of the bill of material (BOM) software market going forward. Remote collaboration refers to the process of working together on projects, tasks, or activities with individuals or teams located in different physical locations. Remote collaboration is on the rise due to various factors, including the shift towards remote work, advancements in technology enabling virtual collaboration, the desire for flexibility in work arrangements. BOM software enables real-time updates to the bill of materials, ensuring that all team members, regardless of their time zones and schedules, have access to the most current information and can track changes as they happen. For instance, in June 2023, according to a report published by Upwork Global Inc., a US-based freelancing platform, an estimated 32.6 million Americans will be working remotely by 2025, which equates to about 22% of the workforce, and an 87% increase from pre-pandemic levels. Therefore, the increasing demand for remote collaboration is driving the growth of the bill of material (BOM) software market.

Competitive Landscape -
Major companies operating in the bill of material (BOM) software market are Siemens AG, Oracle Corporation, SAP SE, Fujitsu Ltd., Dassault Systèmes SE, Autodesk Inc., Cadence Design Systems Inc., Infor Inc., Lectra SA, Altium Limited, Zuken Inc., Silicon Expert, Tacton Systems AB, Fast React Systems Ltd., Arena Solutions Inc., HTS Inc., Aras Corporation, SofTech Group Inc., Xavor Corporation, Timesys Corporation, FlexSim Software Products Inc., Omnify Software Inc., Onshape Inc.

Innovative Solutions In The Bill Of Materials (BOM) Software Market To Enhance Visibility And Combat Supply-Chain Threats
Major companies operating in the Bill of Materials (BOM) software market are developing innovative solutions, such as Software Bill of Materials (SBOM), to enhance visibility and combat supply-chain threats. SBOM are software tools or systems that provide real-time visibility into complex software environments, enabling organizations to make better-informed decisions about their software supply chain risks. For instance, in November 2022, Tanium, a US-based system software company, launched the Tanium Software Bill of Materials (SBOM) to streamline the management and tracking of components and materials required for product manufacturing or assembly. This innovative technology enables organizations to proactively address security vulnerabilities and enhance risk management. It is the first and only solution that provides IT and security professionals with granular visibility and real-time remediation of software packages for every application on every endpoint at runtime.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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