Overview and Scope
Product Lifecycle Management (PLM) refers to managing every step of the process involved with a product from raw material to finished product. The PLM process is inclusive of the manufacturing and marketing of the goods. From pricing and advertising to expansion or cost-cutting, the concept of product life cycle assists organizations in making smart business decisions.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the product lifecycle management market in 2023. The regions covered in the product lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the product lifecycle management market report are Oracle Corporation, Siemens AG, PTC Inc., Dassault Systèmes SE, Autodesk, Inc., ANSYS, Inc., SAP SE, Arena Solutions, Infor, Aras Corporation, Odoo, Jama Connect, Anvyl, PDXper, OpenBOM, Diota, Masters of Pie, Sopheon PLC, Capgemini, Accenturs, Lectra SA, Zaragoza Logistics Center, IBM Corporation, Amadeus, Epicor Software Corporation, Coupa Software, Blue yonder, Verizon connect, JDA Software Group, BluJay Solutions, Inc., SPS Commerce Inc., E2open LLC, Manhattan Associates, Melcombe Partners, Hewlett-Packard Company, Deloitte Consulting and TCS, IFS, Arena, Propel, FusePLM, Bamboo Rose, Inflectra, DXC Technology Co., Gerber Technology, Centric Software, Inc, Biglever software, Selerant Corporation, Metalfor, ISO Qualitas, Indish Technologies, Mckit Systems, Product one.
The product lifecycle management market report table of contents includes:
1. Executive Summary
2. Product Lifecycle Management Market Characteristics
3. Product Lifecycle Management Market Trends And Strategies
4. Product Lifecycle Management Market – Macro Economic Scenario
5. Global Product Lifecycle Management Market Size and Growth
…
32. Global Product Lifecycle Management Market Competitive Benchmarking
33. Global Product Lifecycle Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Product Lifecycle Management Market
35. Product Lifecycle Management Market Future Outlook and Potential Analysis
36. Appendix
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