Market Research Future (MRFR) has published on the “Global Product Configurator Market”.
The Product Configurator Market is estimated to register a CAGR of 10.5% during the forecast period of 2024 to 2032.
MRFR recognizes the following companies as the key players in the global Product Configurator market— Configit A/S, THREEKIT INC, Revalize, Inc, Resolto Informatik (Configon), Infosys Limited, GoExpedi, 3D Source, KBMax (Epicor Software Corporation), Conga (Apttus), Sofon B.V, Logik.io, Cadesign form, OmegaCube Technologies, AES Technologies (India) Pvt. Ltd, Mercura, OptiProERP Software, Prescient Technologies, Rover Inc, Clarity Web Solutions, MRPeasy, Caliburn Software Limited among others.
Market Highlights
The Global Product Configurator Market is accounted for to register a CAGR of 10.5% during the forecast period and is estimated to reach USD 5.16 Billion by 2032.
The demand for customised products is increasing, and the needs of every customer are different from any product. Not all buyers will use the goods in the same way. The process of product configuration aids in providing clients with the best possible service. Sales and business are improved by this. Additionally, it has been found that clients are willing to pay more for customised products. Consumers are increasingly being given more power over the design process by many firms, enabling them to customise goods, events, and services. Although there is a certain demand for customization, it is often believed that this want is uniform across all consumers. Product configurators have grabbed the attention of businesses more and more over the past several years as a result of trends toward product proliferation and customization that have characterised many various industries.
Online product configurators enable customers to tailor their purchases in real time. Online configurators let customers choose the size, materials, colour, design, and a variety of other options for anything from t-shirts to electric scooters. An example of a product configurator is a clothing store where you can customise your own t-shirt. Before making a purchase, customers could choose from a range of options on their website, including colour, sleeve length, material, size, style, artwork/prints, etc.
Furthermore, consumers expect a lot they want to be able to swiftly access the information they need, and they certainly don't want to waste time speaking with customer service or a sales representative if they don't have to. By giving clients speed, independence, and the freedom to simply develop new items, product configuration market addresses these problems.
Segment Analysis
The global product configurator market has been segmented based on component, type, product type, platform , vertical and end user.
Based on component, the global product configurator market has been segmented into software and services. software would be the majority shareholder in 2023, contributing 73 % to the market revenue. Product configurator software transforms normal products into unique real-time auto-generated with the product description and even more. The product configurator enables the buyer to have a deeper comprehension of a product, its customizability choices, and associated expenses. It enables the vendor to highlight every attribute of a product. Support service includes fixing or defining corrupted software or bug with reactive development whereas software maintenance is the proactive development of software which usually involves adding new features or addressing low-priority bugs that don't harm the user interface or the software's functionality.
Based on type, the product configurator market has segmented into 2D Product Configurator and 3D Product Configurator. 3D product configurator segmented held the largest market share. They provide users with comprehensive views of the product from all angles, ensuring alignment with their expectations. While setting up and operating 3D visual configurators demands expertise, they also necessitate three-dimensional models for functionality.
Based on the product type, the market has been segmented into Complex product configurator and simple product configurator. Among them, simple product configurator segment is the largest segment of the market. A basic product configurator provides the flexibility to bundle similar component options together and specify the quantity needed. The complex product configuration process through a set of rules handling complex logic that determines product dependencies, conflicts, and more, makes it easy to configure the optimal product.
Regional Analysis
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. North America accounted for ~ 36 % of Product Configurator Market. The North America product configurator market is experiencing significant growth across various sectors, including industrial machinery, furniture & home goods, and fashion. This growth is driven by technological advancements, changing consumer preferences, and the rise of online shopping. Additionally, the region's strong recreational industry further boosts demand for product configurators.
The European product configuration market is driven by the increasing adoption of configuration tools among e-commerce companies, enhancing online shopping experiences. Additionally, product configurators play a vital role in the automotive industry, supporting trends towards lightweighting, safety, and comfort features. Moreover, Europe holds significance in the global furniture sector, leveraging technology like 3D virtual stores to offer immersive shopping experiences and drive consumption.
The Asia Pacific product configurator market is thriving due to increasing demand for customization across various industries like automotive, industrial machinery, fashion, and furniture & home goods. Additionally, the power industry is adopting configurators to create distributed energy solutions, driven by rising energy demand and government initiatives for renewable energy adoption.
Key Findings of the Study
- The Global Product Configurator Market is expected to reach USD 5,164.5 million by 2032, at a CAGR of 10.5% during the forecast period.
- The North American region accounted for the fastest-growing global market.
- Based on Type, the 3D Product Configurator segment was attributed to holding the largest market share, with an approximate market share of 63%.
- Configit A/S, THREEKIT INC, Revalize, Inc, Resolto Informatik (Configon), Infosys Limited, GoExpedi, 3D Source, KBMax (Epicor Software Corporation), Conga (Apttus), Sofon B.V, Logik.io, Cadesign form, OmegaCube Technologies, AES Technologies (India) Pvt. Ltd, Mercura, OptiProERP Software, Prescient Technologies, Rover Inc, Clarity Web Solutions, MRPeasy, Caliburn Software Limited among others are some of the players in the market.
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Companies Covered | 15 |
Pages | 128 |
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