The Global Product Lifecycle Management Software Market size was estimated at USD 28.02 Billion in 2022 and is expected to hit around USD 54.36 Bn projected to grow at a CAGR of 8.8% by 2030.
Product lifecycle management (PLM) is a data system that will combine data, processes, business systems, and eventually people in an extended enterprise. With the use of PLM software, a business may successfully and efficiently manage information across a product's whole lifecycle. It covers the steps involved in concept generation, product design, manufacturing, and disposal. Information and business strategies are both included in PLM.
The coherent organization through system consolidation is part of the information strategy. To create, produce, support, and retire goods, enterprise strategy enables international enterprises to collaborate as a single team.
PLM software, also known as product lifecycle management software, plays a pivotal role in effective life cycle management. PLM systems offer a comprehensive suite of tools that streamline and optimize the entire product lifecycle, from conception to disposal. These PLM software tools provide functionalities such as product data management, collaboration, workflow automation, and version control, enabling businesses to efficiently manage and track their products throughout their life cycles. With the aid of PLM software, companies can enhance productivity, reduce time-to-market, ensure regulatory compliance, and foster seamless collaboration across different teams and departments.
Market Dynamics
Drivers:
At every point of the product life cycle, PLM software enables the company to make a unified, data-driven decision. The product lifecycle processes are continuously improved, with consistent adjustments to variables like time, functions, performance, and price. Due to these constantly shifting factors, product innovation that is adaptable to meet the needs of the new market has become crucial. Therefore, PLM systems can promote business operations innovation in these situations while reducing operating costs and maximizing time efficiency.
Over the forecast period, these factors are projected to stimulate the uptake of PLM software. The increasing popularity of smart manufacturing, particularly among small businesses, and smart factories’ growth are likely to provide new opportunities for market players. But during the anticipated term, the product lifecycle management software market's expansion will be constrained by worries about data security and other aspects, including integration and implementation costs.
Restraints:
Inaccurate product information, internal and external process complexity, commercialization, R&D, and other variables are anticipated to impact the market's profitability and expansion. EDA, which is used to design electronic systems like computer circuit boards and integrated circuits, is likely to increase the use of PLM software in the electronics and automotive industries. Furthermore, it is anticipated that technological developments like computer games (VR), Augmented Reality (AR), and additive manufacturing and engineering will dominate the market during the projection period. The demand is anticipated to increase due to these technologies encouraging businesses to consider enhancing existing PLM solutions with new features.
Opportunity:
A significant aspect projected to contribute to market growth is the increased adoption of IoT data-based PLM systems. Technological advancements like Virtual Reality (VR) and Augmented Reality (AR) are projected to increase PLM solutions' capabilities further and present new market expansion prospects. Since they quickly respond to these changing trends, Siemens and PTC Inc., two significant industry participants, have concentrated on integrating IoT with their respective PLM software.
Key players:
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PTC, Inc.
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Siemens AG
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Dassault Systemes
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Autodesk, Inc.
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Further
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IBM Corporation
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Accenture PLC
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Hewlett-Packard
Product Lifecycle Management Software Market, By Software
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On Premise
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Cloud-based
Product Lifecycle Management Software Market, By End Use
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Automotive & Transportation
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Aerospace & Defense
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Industrial Machinery & Heavy Equipment
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Electronics & Semiconductor
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Energy & Utilities
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Consumer Products & Retail
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Medical Devices & Pharmaceutical
Product Lifecycle Management Software Market, By Region
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa (MEA)
Regional Analysis:
The global product lifecycle management software market is segmented into North America, Asia Pacific, Europe, and the Rest of the World based on geography. Due to the rising use of next-generation emerging technologies, North America accounted for the largest revenue share of over XX%. In addition, North America is a leader in embracing other emerging technologies like augmented reality, related industries, 5G and LTE telecommunications, IoT, and additive manufacturing.
Additionally, large businesses are upgrading their PLM solutions more frequently to integrate future technological trends into their organizations and support the development of customer-centric companies. In addition, major industry players like PTC Inc., Autodesk, Oracle, SAP SE, and Arena PLM are propelling product lifecycle management software market expansion.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.8% |
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YoY growth (%) |
XX% |
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Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
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Current Market size |
USD 28.02 Billion |
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Forecast market growth |
USD 54.36 Billion |
User
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Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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