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Product lifecycle management (PLM) software helps companies in digitally developing, distributing and supporting products by streamlining several key processes. It enables collaboration across various groups like engineering, manufacturing, marketing and service to bring products to market faster, reduce product costs and improve customer experience. PLM software helps manage the multitude of documents, business processes and stakeholders involved at each stage of a product’s lifecycle.
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 rising adoption of cloud-based PLM solutions is one of the major trends fueling the market growth. Cloud-based PLM provides various advantages like reduced upfront costs, easy accessibility, flexibility and scalability. It allows real-time collaboration and integration of product data through internet from anywhere. With cloud, companies can avoid expensive on-premise infrastructure and focus more on their core business. The pay-per-use model of cloud also helps minimize costs. These benefits are driving several small and medium enterprises to switch from on-premise to cloud-based PLM to better manage their product development processes. Growing infrastructure and deployment of cloud technologies is augmenting the demand for cloud-PLM solutions significantly.
Segment Analysis
The global product lifecycle management market is dominated by the software segment. This is due to increasing adoption of product lifecycle management software by enterprises to streamline their product development process from initial concept to ultimate product design. The software helps in integrating product data from design, engineering, manufacturing stages into a common platform, enabling cross-functional collaboration and management of entire product development lifecycle.
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. Among these, Dassault Systems and PTC Inc. capture major market share globally. Dassault Systems leads market share in 3D design software and PLM suite
Key Takeaways
The global product lifecycle management market is expected to witness high growth.
North America dominates presently due to presence of major players and early adoption of PLM software by various industries. However, Asia Pacific region is likely to grow at fastest pace during forecast period owing to growing manufacturing industries and initiatives by governments for promoting manufacturing sector through development of smart cities and industrial parks.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
