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Product lifecycle management (PLM) solutions enable integration of people, processes, business systems and product related data across extended enterprise. Companies leverage PLM solutions to efficiently manage product related information from product conceptualization to end of life in an organized manner. With increase in focus on cost reduction, flexibility and innovation, companies are increasingly adopting cloud and mobile based PLM solutions. 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 key trends:
The increasing adoption of cloud and mobility solutions is one of the key trends driving the growth of product lifecycle management market. With cloud, companies can access PLM solutions from anywhere using internet connected smart devices. This improves flexibility, collaboration and decision making. Cloud based PLM solutions eliminate upfront capital expenditure on hardware and reduce operational expenses by switching from perpetual licenses to subscription based pricing. Companies are also focusing on developing mobile accessible PLM solutions to facilitate remote product data access and collaboration. The increasing consumption of PLM solutions through mobile web and apps indicate strong potential for future market growth.
Segment Analysis
The global product lifecycle management market is dominated by the software segment. Software as a product lifecycle management solution is essential for automating design, engineering, and manufacturing processes. It helps organizations streamline operations, improve product quality, and compress product development cycles. The software segment accounted for over 70% of the total market share in 2024 due to high demand for specialized PLM applications and tools across industries.
Key players: 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. Dassault Systems leads the market, supported by its integrated ‘3DEXPERIENCE’ platform enabling digital continuity across product ideation, design, simulation, manufacturing, and service.
Regional analysis: North America held the largest share of the product lifecycle management market in 2024 attributed to extensive adoption across automotive, aerospace and defense, industrial machinery, and high-tech electronics industries in the US and Canada. Significant investments by PLM vendors in the region have further aided market growth.
Key Takeaways
The global Product Lifecycle Management market is expected to witness high growth over the forecast period.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
