Overview and Scope
Product Lifecycle Management (PLM) IT is the process of integrating information technology tools and solutions to manage a product’s complete lifecycle, from inception to its design, manufacture, distribution, and final retirement or destruction. PLM IT provides a centralized platform for storing and managing product-related data. This ensures that all stakeholders have access to up-to-date and accurate information, reducing the risk of errors and miscommunication.
Sizing and Forecast
The product life-cycle management (PLM) IT market size has grown strongly in recent years. It will grow from $22.73 billion in 2023 to $24.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increased pace in product operations, data generation and management, regulatory compliance and safety, focus on smart products, need for comprehensive platforms.
The product life-cycle management (PLM) IT market size is expected to see strong growth in the next few years. It will grow to $32.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to the increasing demand for autonomous cars, the increased adoption of industrial IoT (IIoT), the increasing demand for cloud-based solutions, the demand for mechanical computer-aided design (MCAD) and electronic computer-aided design (ECAD), rising demand for product-user integration. Major trends in the forecast period include technological advancements, integration of IoT with PLM solutions, growing technologically sophisticated solutions, digital transformation initiatives, the growing incorporation of IoT in the manufacturing of smart autos.
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/product-life-cycle-management-plm-it-global-market-report
Segmentation & Regional Insights
The product life-cycle management (PLM) IT market covered in this report is segmented –
1) By Component: Software, Services
2) By Functions: System Engineering (SE), Product Portfolio Management (PPM), Product Design, Manufacturing Process Management (MPM)
3) By Application: Information Technology (IT), Telecommunication, Other Applications
North America was the largest region in the Product life-cycle management (PLM) IT market in 2023. The regions covered in the product life-cycle management (PLM) IT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample_request?id=14462&type=smp
Major Driver Impacting Market Growth
The rising usage of digital transformation is expected to propel the product lifecycle management (PLM) IT market going forward. Digital transformation refers to the comprehensive integration of digital technologies, processes, and strategies across all aspects of an organization. Digital transformation is experiencing adoption due to several reasons, driven by technological advancements and a growing recognition of its benefits to the various industries. Digital transformation enhances product lifecycle management (PLM) IT by seamlessly integrating design, production, and maintenance processes for efficient and collaborative product development across every stage of product development. For instance, in April 2023, according to the Office of Communications, a UK-based intergovernmental organization, global end-user spending on public cloud services is expected to rise by 20.7% from 2022 to 2023, reaching £477.7 billion ($524.41 billion) from 2022 to £395.7 billion ($434.40billion) in 2023. Furthermore, in December 2021, according to an article published by Eurostat, a Luxembourg-based statistics body for the European Union, 41% of organizations reported using cloud computing services in 2021, a 5-percentage point (pp) increase from 36% in 2020. Therefore, the rising usage of digital manufacturing is driving the growth of the product lifecycle management (PLM) IT market.
Key Industry Players
Major companies operating in the product life-cycle management (PLM) IT market are Hewlett-Packard Company, Accenture plc, Oracle Corporation, SAP SE, Tata Consultancy Services Limited, Atos SE, Dassault Systèmes SE, Synopsys Inc., Autodesk Inc., ANSYS Inc., Siemens Product Lifecycle Management Software Inc., IFS AB, PTC Inc., Arena Solutions Inc., Centric Software Inc., Anaplan Inc., Bamboo Rose LLC, Kalypso LP, Plex Systems Inc., Onshape Inc., PropelPLM Inc., Plex Systems Inc., Onshape Inc., PropelPLM Inc., Aras Corporation, Inflectra Corporation, BigLever Software Inc., Infor LLC
The product life-cycle management (plm) it market report table of contents includes:
- Executive Summary
- Product Life-Cycle Management (PLM) IT Market Characteristics
- Product Life-Cycle Management (PLM) IT Market Trends And Strategies
- Product Life-Cycle Management (PLM) IT Market – Macro Economic Scenario
- Global Product Life-Cycle Management (PLM) IT Market Size and Growth
.
.
.
- Global Product Life-Cycle Management (PLM) IT Market Competitive Benchmarking
- Global Product Life-Cycle Management (PLM) IT Market Competitive Dashboard
- Key Mergers And Acquisitions In The Product Life-Cycle Management (PLM) IT Market
- Product Life-Cycle Management (PLM) IT Market Future Outlook and Potential Analysis
- Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
