The Product Lifecycle Management by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Product Lifecycle Management, The product lifecycle management market size has grown strongly in recent years. It will grow from $37.15 billion in 2023 to $39.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to growing demand for cloud-based product lifecycle management solutions, emerging markets growth, increased internet penetration, demographic shift, product innovation platforms and rising penetration of e-commerce.
The product lifecycle management market size is expected to see strong growth in the next few years. It will grow to $53.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growth in the forecast period resulted from the growing adoption of product lifecycle management (plm) by end-use industries, complexities of smart products and intelligent factories, increasing mergers and acquisitions, rising adoption of integrated iot solutions in plm applications. Major trends in the forecast period include adoption of cloud deployment, artificial intelligence (ai) in product lifecycle management, secured business platforms to run their business and collaboration, implementing digital augmented reality and virtual reality, electronic design automation (eda), additive manufacturing, adoption of 5g in product lifecycle management process.
The growing adoption of product lifecycle management (PLM) from end-use industries is expected to propel market growth in the coming years. PLM has the potential to offer improved supply chain accuracy, enhanced regulatory compliance, lower lead times, and an increase in sales growth. Product lifecycle management (PLM) software is being used by end-use sectors to increase transparency in supply chains & manufacturing processes and speed the development of innovative goods. For instance, in June 2021, Accenture, an Ireland-based company that provided professional services agreed with DI Square, a Japan-based IT company specializing in data analytics software acquire the firm’s consulting capabilities for product lifecycle management (PLM) and application lifecycle management (ALM) systems integration. The acquisition of DI Square will increase Accenture’s engineering expertise for automotive and other manufacturing clients in Japan and other markets.
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The product lifecycle management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-Premise, On-Cloud
3) By End-User: Automotive And Transportation, Industrial Machinery, Electronics And Semiconductors, Retail, Energy And Utilities, Aerospace And Defense, Pharmaceuticals, IT And Telecomm, Other End Users
Augmented Reality (AR) and Virtual Reality (VR) are increasing the demand for the product lifecycle management (PLM) market. Major companies operating in the product lifecycle management (PLM) sector are focused on integrating new technology such as augmented reality (AR) and virtual reality (VR) to strengthen their position. For instance, in February 2021, Siemens launched AssistAR 3.0, AssistAR supports assembly, inspection, and maintenance procedures with a new generation of accurate and robust augmented reality (AR) technologies. AssistAR connects to the company’s product lifecycle management (PLM) system and uses regular PCs and displays to guide company operators through complex operations without the use of glasses or a headset.
The product lifecycle management market report table of contents includes:
- Executive Summary
- Product Lifecycle Management Market Characteristics
- Product Lifecycle Management Market Trends And Strategies
- Product Lifecycle Management Market – Macro Economic Scenario
- Global Product Lifecycle Management Market Size and Growth
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- Global Product Lifecycle Management Market Competitive Benchmarking
- Global Product Lifecycle Management Market Competitive Dashboard
- Key Mergers And Acquisitions In Product Lifecycle Management Market
- Product Lifecycle Management Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Oracle Corporation
- Siemens AG, PTC Inc.
- Dassault Systèmes SE
- Autodesk, Inc.
- ANSYS, Inc.
- SAP SE,
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