Product Lifecycle Management (PLM) software enables organizations to effectively manage product data, documents, and related processes throughout a product's lifecycle starting from ideation to disposal. PLM finds applications across industries for new product development, project management, procurement, manufacturing, quality control, and after-sales support. The global PLM market provides solutions for computer-aided design, engineering, manufacturing, artcile management, and compliance.
The global Product Lifecycle Management Market is estimated to be valued at US$ 27,321 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising need for streamlined process management to reduce product development cycle times and costs as highlighted in the heading is one of the major drivers of the Product Lifecycle Management market. PLM software integrates people, data, processes and business systems allowing organizations to manage product information with greater visibility and control across various stages. This enables improved collaboration between cross-functional teams and early identification of design issues. Furthermore, PLM also helps achieve regulatory compliance, reduce compliance costs and ensure products meet all required standards before launch.
SWOT Analysis
Strength: Product Lifecycle Management (PLM) software helps organizations optimize their product development process. It streamlines collaboration and enables companies to better manage changes and share critical design information across teams. PLM also allows organizations to reuse past designs and automatically generate documentation, reducing costs and improving efficiency.
Weakness: Implementing an integrated PLM solution requires a significant investment of both time and resources. The system needs to be customized to the specific needs of each business. There is also a learning curve for users to get comfortable with the new software interface and processes.
Opportunity: As product lifecycles shorten and complexity increases, the need for effective PLM is growing. Implementing a comprehensive PLM strategy can provide visibility across the entire value chain from concept to obsolescence. Emerging technologies such as IoT, digital twins, and artificial intelligence can also enhance PLM capabilities.
Threats: Open-source PLM alternatives offer some basic functions free of charge, posing a potential disruption. Economic slowdowns may cause companies to delay or reduce their PLM investments. Security vulnerabilities could damage brand reputation in the event of a data breach involving intellectual property.
Key players operating in the Product Lifecycle Management market are Dassault Systems, Hewlett-Packard Company, PTC, Inc., Atos SE, Siemens AG, Accenture plc, Autodesk, Inc., IBM Corporation, SAP SE, and Aras Corporation. The market remains fairly consolidated with these top players accounting for over 70% of global revenue. Acquisitions have been an important growth strategy as companies look to offer more integrated end-to-end PLM capabilities.
Regional analysis: North America currently dominates the Product Lifecycle Management market share due to the strong presence of key technology players and early adoption among automotive, aerospace & defense, and industrial machinery sectors. Europe and Asia Pacific are also major regional markets supported by government initiatives promoting industry 4.0 technologies. China in particular is emerging as a fast growing market for PLM solutions.
Key Takeaways
The global Product Lifecycle Management Market is expected to witness high growth over the forecast period of 2023 to 2030 supported by a CAGR of 8.9%. Rapid advances in CAD/CAM/CAE technologies, the emergence of 3D printing, and rising demand for managing the increasing complexity of products are fueling market expansion. Product lifecycles are shortening significantly across many industries which necessitates more efficient collaboration and visibility across the development process from concept to end-of-life.
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MarketsandMarkets projects the product lifecycle management market to grow from USD 50.7 billion in 2019 to USD 73.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period.
Major factors expected to drive the growth of the product lifecycle management market include growing focus on developing groundbreaking smart products and factories, increasing need to build product innovation platform would support product lifecycle management-enabled applications, and growing demand for cloud-based product lifecycle management solutions for scalability and secure IT infrastructure.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=152565174Based on component, services segment to record a higher growth rate than the software segment during the forecast periodBy component, the services segment is expected to grow at a higher rate than the software segment during the forecast period.
The services segment has been further segmented into professional services and managed services.
The professional services segment has also been classified into deployment and integration, consulting, and support and maintenance.Among services, support and maintenance segment to grow at a higher rate than the deployment and integration, and consulting and advisory services segment during the forecast periodSupport and maintenance services are crucial, as they directly deal with customer satisfaction and issues.
Support, software maintenance, customer portal, post-deployment assistance, and client testimonials are some of the services provided under the support and maintenance segment.
These services also provide a single point of contact who would help solve customer issues quickly.
Product Lifecycle Management (PLM) Software Market Insights 2019, Global and Chinese Scenario is a professional and in-depth study on the current state of the global Product Lifecycle Management (PLM) Software industry with a focus on the Chinese market.
The report provides key statistics on the market status of the Product Lifecycle Management (PLM) Software manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.Overall, the report provides an in-depth insight of 2014-2024 global and Chinese Product Lifecycle Management (PLM) Software market covering all important parameters.The key points of the report:The report provides a basic overview of the industry including its definition, applications and manufacturing technology.The report explores the international and Chinese major industry players in detail.
In this part, the report presents the company profile, product specifications, capacity, production value, and 2014-2019 market shares for each company.Through the statistical analysis, the report depicts the global and Chinese total market of Product Lifecycle Management (PLM) Software industry including capacity, production, production value, cost/profit, supply/demand and Chinese import/export.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.The report then estimates 2019-2024 market development trends of Product Lifecycle Management (PLM) Software industry.
Key Questions Addressed by the ReportWhat is the growth perspective of the Product Lifecycle Management (PLM) SoftwareMarket and the key dynamics and trends governing the market?What are key sustainability strategies adopted by the leading players in the Product Lifecycle Management (PLM) SoftwareMarket?What are the new and emerging technologies and use cases disrupting the Product Lifecycle Management (PLM) Softwareindustry?What are the key applications where Product Lifecycle Management (PLM) Softwareplays a significant role?
Product Type I Product Type II Product Type IIIFor end use/application segment, this report focuses on the status and outlook for key applications.
Mechanical Equipment Automotive Industry Shipping& Locomotive Others Reasons to Purchase this Report: Estimates 2019-2024 Product Lifecycle Management (PLM) Software market development trends with the recent trends and SWOT analysis Market dynamics scenario, along with growth opportunities of the market in the years to come Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
Product Lifecycle Management Industry research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period.Get FREE Sample Report Before Buying @ https://www.upmarketresearch.com/home/requested_sample/8167UpMarketResearch offers a latest published report on “Global Product Lifecycle Management Market Analysis and Forecast 2018-2023” delivering key insights and providing a competitive advantage to clients through a detailed report.
The report contains 97 pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability.Product Lifecycle Management Industry research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period.
Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
The numerical data is backed up by statistical tools such as SWOT analysis, BCG matrix, SCOT analysis, PESTLE analysis and so on.
The statistics are represented in graphical format for a clear understanding on facts and figures.The generated report is firmly based on primary research, interviews with top executives, news sources and information insiders.
Secondary research techniques are implemented for better understanding and clarity for data analysis.The report for Product Lifecycle Management market analysis & forecast 2018-2023 is segmented into Product Segment, Application Segment & Major players.Region-wise Analysis Global Product Lifecycle Management Market covers:United StatesEuropeChinaJapanSoutheast AsiaIndiaCentral & South America The Major players reported in the market include: AutodeskDassault Systemes SEPTCSiemens PLMApparel magicArasArenaOmnifyOracle AgileInforFor More Information, Please Visit https://www.upmarketresearch.com/home/enquiry_before_buying/8167Global Product Lifecycle Management Market: Product Segment Analysis: SoftwareHardwareServiceGlobal Product Lifecycle Management Market: Application Segment Analysis:ManufacturingConsumer ElectronicsHealthcareAutomotiveOtherThe Report covers in-depth analysis as follows:Chapter 1 Report OverviewChapter 2 Global Growth TrendsChapter 3 Market Share by Key PlayersChapter 4 Breakdown Data by Type and ApplicationChapter 5 United StatesChapter 6 EuropeChapter 7 ChinaChapter 8 JapanChapter 9 Southeast AsiaChapter 10 IndiaChapter 11 Central & South AmericaChapter 12 International Players ProfilesChapter 13 Market Forecast 2018-2025Chapter 14 Analyst's Viewpoints/ConclusionsChapter 15 AppendixBuy Product Lifecycle Management Market analysis & forecast 2018-2023 Report along with complete TOC @https://www.upmarketresearch.com/buy/product-lifecycle-management-market“Product Lifecycle Management Market Analysis and Forecast 2018-2023” report helps the clients to take business decisions and to understand strategies of major players in the industry.
