Major factors expected to drive the market include specialized smart products and factories, product innovation platforms that might support product lifecycle management-enabled applications, and cloud-based product lifecycle management solutions.
JERSEY CITY, N.J., Oct. 13, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Product Lifecycle Management Market" By Deployment (On-Premise and Cloud), By Enterprise (Large Enterprises and Small & Medium Enterprises), By End-User (Aerospace & Defense, Automotive & Transportation, Healthcare), and By Geography. According to Verified Market Research, the Global Product Lifecycle Management Market size was valued at USD 45.08 Billion in 2020 and is projected to reach USD 75.65 Billion by 2028, growing at a CAGR of 6.70% from 2021 to 2028.
Global Product Lifecycle Management Market Overview
The increasing demand for Product Lifecycle Management (PLM) solutions in small and medium enterprises across various industry verticals to optimize the manufacturing cost is fostering market growth. Some products such as change management, bills of fabric, cost management, compliance, data management, and governance management are estimated to realize traction over the forecast period. Moreover, digital transformation in several industries and the growing use of Industrial Internet of Things (IIoT) devices is expected to drive the utility of PLM solutions across various industries.
Various factors such as commercialization, R&D, internal and external process complexity, and inaccurate product information, among others are expected to influence the profitability and growth of the market. Electronic Design Automation (EDA) utilized in designing electronic systems such as computer circuit boards and integrated circuits are probably going to foster the utility of PLM software within the electronics and automotive industries. Moreover, technological trends such as additive manufacturing and engineering Augmented Reality (AR), and computer game (VR) is predicted to drive the market during the forecast period. These technologies are expected to encourage companies to figure toward enabling their PLM solutions with new capabilities, which is projected to extend the demand.
Companies across various industries and industry verticals are gradually comprehending the benefits of IoT data for upscaling the lifecycle management of products and services and hence have focused towards the adoption of PLM systems. Rapidly increasing demand for PLM solutions capable of leveraging IoT data is positively impacting the Product Lifecycle Management (PLM) market over the forecast period.
In June 2019, PTC Inc. announced enhancements to its WINDCHILL PLM platform with integrated systems engineering and software management capabilities. The enhancements would allow customers to leverage a combined, up-to-date digital thread of product information comprising requirements and system design.
In June 2020, SAP SE and Siemens AG, entered into a partnership alliance. The partnership enables both the players to leverage their expertise and bring together complementary solutions for supply chain, product lifecycle, and asset management and delivering a new, innovative, and collaborative business model fostering industrial transformation.
The major players in the market are Accenture, ANSYS, Arena, Autodesk, HCL, Infosys, Oracle, PTC, SAP, and Siemens.
Verified Market Research has segmented the Global Product Lifecycle Management Market On the basis of Deployment, Enterprise, End-User, and Geography.
Product Lifecycle Management Market, By Deployment
Product Lifecycle Management Market, By Enterprise
Small & Medium Enterprises
Product Lifecycle Management Market, By End User
Aerospace & Defense
Automotive & Transportation
Product Lifecycle Management Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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