Innovative Centralized Data Management Enhances Asset Lifecycle Management Efficiency: A Defining Factor in the Product Lifecycle Management Market’s Growth Trajectory

 What is the current size and annual growth rate of the product lifecycle management market?  The product lifecycle management market size has grown strongly in recent years. It will grow from $38.92 billion in 2024 to $41.28 billion in 2025 at a compound annual growth rate (CAGR) of 6.0%. 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 $59.31 billion in 2029 at a compound annual growth rate (CAGR) of 9.5%. 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.  Get Your Free Sample of The Global Product Lifecycle Management Market Report: https://www.thebusinessresearchcompany.com/sample.aspx?id=5308&type=smp  Which major factors have contributed to the expansion of the product lifecycle management market?  Increased adoption of digitalization is expected to propel the growth of the product lifecycle management market. The adoption of digitalization is attributed to the need for improved efficiency, streamlined workflows, and enhanced collaboration across product development cycles, enabling companies to innovate faster and stay competitive in dynamic markets. Product lifecycle management (PLM) facilitates digitalization by providing a centralized platform for managing product data, processes, and collaboration, enabling organizations to integrate digital technologies, streamline workflows, and enhance decision-making throughout the entire product lifecycle. For instance, in November 2023, according to the European Central Bank, a Germany-based Central bank, in the second half of 2022, the total number of non-cash payments in the European area increased by 8.8% to 65.9 billion compared to the previous six months. The total value of these payments increased by 2.8%, reaching €118.8 ($128.55) trillion. Therefore, increased adoption of digitalization is driving the growth of the product lifecycle management market.  How is the product lifecycle management market segmented? 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  Subsegments: 1) By Software: Collaborative Product Development Software, Product Data Management (PDM) Software, Quality Management Software, Configuration Management Software 2) By Services: Consulting Services, Implementation Services, Training Services, Support And Maintenance Services, Integration Services  Order your report now for swift delivery https://www.thebusinessresearchcompany.com/report/product-lifecycle-management-global-market-report  Who are the top competitors in the product lifecycle management market?  Major companies operating in the product lifecycle management market include Oracle Corporation, Siemens AG, PTC Inc., Dassault Systèmes SE, Autodesk, Inc, SAP SE, Arena Solutions, Infor, Aras Corporation, Odoo, Jama Connect, Anvyl, PDXper, OpenBOM, Diota, Masters of Pie, Sopheon PLC, Capgemini, Accenturs, Lectra SA, IBM Corporation, Epicor Software Corporation, Deloitte Consulting and TCS, IFS, 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  Which key trends are expected to influence the product lifecycle management market in the coming years?  Major companies operating in the product lifecycle management market are focusing on developing innovation, such as centralized data management, which provides a unified platform that enhances data visibility and control over asset management processes. Centralized data management refers to the approach of storing, organizing, and managing data in a single, central repository or system. For instance, in July 2024, Trimble Inc., a US-based software company, launched Trimble Unity, designed for comprehensive asset lifecycle management. An end-to-end asset lifecycle management software suite aims to enhance asset performance, stakeholder collaboration, and budget optimization. The solution integrates cloud-based construction management, GIS-centric enterprise asset management, and efficient permitting capabilities. It centralizes data management to improve visibility and reduce asset ownership costs by up to 40%. This cohesive platform unifies various existing tools, streamlining accessibility and collaboration across asset data.  Which regional trends are influencing the product lifecycle management market, and which area dominates the industry?  The countries covered in the product lifecycle management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.  What Does The Product Lifecycle Management Market Report 2025 Offer?  The product lifecycle management market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.  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.  Purchase the exclusive report now to unlock valuable market insights: https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=5308  About The Business Research Company With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. 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