Nowadays, with the increase in technological advancements, many manufacturing companies are adopting product cost management solution to set their product pricing strategy. In the traditional model of cost behaviour depicted in textbooks, costs are characterized as either fixed or variable concerning activity; thus changes in price depend only on the change in business, not on the direction of the change.
With product cost management, every manufacturing companies can set pricing for their products to accomplish profit after the sale. To establish a price of any product, the companies use product cost management, which is a set of tools, processes, methods, and culture.
The product cost management help companies to ensure that their product meets its profit (or cost) target. The manufacturing companies are more likely to adopt product cost management solutions from third-party service providers. Many product cost management service providers are offering tools to estimate the exact cost of the product, which is provided by any organization. The companies offer their essential products worldwide at optimized prices.
Most of the companies use product cost management to maximize the profit of products by making a product the most cost-effective. So, the companies uses different techniques and tools of product cost management. However, product cost management is not only used to predict the exact cost of the product, but it is also used as a tool for leverage in negotiation.
The product cost management tool includes, direct labour, direct materials, consumable production supplies, and factory overhead. Product cost management tool can also be considered the cost of the labour required to deliver a service to a customer. Product cost management can be recorded as an inventory asset if the product has not yet been sold. It is charged to the cost of goods sold as soon as the product is sold, and appears as an expense.
Drivers
New business entrants and well-settled organization in the manufacturing sector are increasing the product cost management market. Because new entrants and well-settled organizations cannot take any risks regarding estimating the pricing of any product. The product cost management provides accuracy, project tracking, and developments of a particular product. These are the few factors which are driving the product cost management market.
Challenges
The manufacturing industry is an essential field for product cost management implications. So, the impact of product cost management tool in an organization is the most common challenge. In some organizations, product cost management may provide fragmented information, labour-intensive processes, isolated decision making, and static information about any product, which is going to be estimated. These are the few factors, which may hinder the growth of product cost management market.
Key Players
Examples of some of the market participants in the global product cost management market identified across the value chain includes: aPriori, COMPETERA LIMITED, Demantec, Harvest, Easy Projects, Avaza, FACTON, MTI Systems, Inc, ORAGO GmbH, MicroEstimating, Tsetinis Beratungs GmbH, and Boothroyd Dewhurst, Inc.
On the basis of geography, North America is expected to capture the largest market share, owing to well-developed product cost management developing companies, and due to the presence of various innovative technologies in the region. Europe is also expected to gain substantial market share due to the introduction of new technologies and applications.
APAC is expected to be the fastest growing product cost management market, owing to the government initiatives being taken towards the improvement of technologies by emerging economies such as India, China, and Japan.
The product cost management markets in Latin America and MEA is also expected to witness high growth rates in the coming period, due to an increase in the demand for security and tracking of product.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Segmentation of the product cost management market on the basis of Enterprises:
Segmentation of the product cost management market on the basis of industry deployment:
Segmentation of the product cost management market on the basis of industry verticals:
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