SAN FRANCISCO, August 11, 2021 / PRNewswire / – Global Product Lifecycle Management Market Size Expected to reach $ 43.64 billion by 2028, registering a CAGR of 7.2% from 2021 to 2028, according to a new study from Grand View Research, Inc. The growing need to support complex functionality, the relentless build-up of smart factories and deployment of smart value chains, and the continuous integration of Internet of Things (IoT) with PLM solutions are just a few. – one of the major drivers expected to drive the market growth during the forecast period. Advances in the latest technologies, such as cloud computing and IoT, and the continued deployment of high-speed data networks are expected to contribute to the growth of the market. Aggressive investments by market players in product innovation to provide the next generation of interoperability and integration capabilities also bode well for market growth.
Main lessons and findings:
- The design and engineering management segment accounted for a significant market share of over 30% in 2020. PLM software is widely used by manufacturing units to manage the design, development and engineering processes. engineering in the wake of continuous industrial digitization, the deployment of connected value. and the adoption of Industry 4.0
- The cloud segment is expected to register the highest growth rate during the forecast period. Cloud deployment offers several benefits, such as improved scalability, flexibility and security, which should encourage incumbents in various end-use industries to opt for long-term cloud-based deployment.
- The automotive and transportation segment is expected to record promising growth rate from 2021 to 2028. The deployment of PLM solutions is no longer limited to discrete industries, as PLM vendors enhance the capabilities of their respective PLM software targeting various industries. and end-use industries. vertical
- North America accounted for a significant revenue share of over 35% in 2020. The regional market is expected to continue to dominate the market during the forecast period, in line with the aggressive adoption of next generation technologies, such as IoT, additive manufacturing and augmented reality, and telecommunications technologies, such as LTE and 5G
Read the 170-page market research report, “Product Lifecycle Management Market Size, Share and Trend Analysis Report by Software, Deployment, End Use, Region and Segment Forecast, 2021-2028“, by Grand View Research
The PLM market has seen several new developments in recent years, particularly in the form of improved software capabilities. One of the major developments includes the introduction of IoT compatible PLM solutions. The integration of IoT into product lifecycle management solutions has helped improve the capabilities of PLM solutions, enabling data related to the product development and delivery process to be obtained in real time and to be focus on quality management during the post-manufacturing phase. IoT-enabled PLM software can help generate large volumes of actionable data, which can be used to better understand the product development process and identify the first signs of failure of a particular part of the product. Incumbents across multiple industries and verticals are increasingly realizing the benefits of leveraging IoT data to improve the lifecycle management of products and services and therefore are eager to adopt PLM systems with enhanced capabilities. As such, the growing demand for PLM solutions capable of leveraging IoT data is expected to drive the market growth during the forecast period.
Continued advancements in the latest IT technologies, such as cloud computing, artificial intelligence (AI), and big data and communications technologies, such as 5G, are expected to open up new opportunities for the adoption of PLM solutions. in various end-use industries. Several large companies are already pursuing a cloud-centric strategy to deploy their business software and other systems. At this point, market players are also aggressively investing in enhancing the capabilities of their respective PLM software for private, hybrid and multi-tenant deployments. PLM cloud deployments are primarily focused on unconventional industries and SMBs. However, the outbreak of the COVID-19 pandemic is expected to dampen market growth in the near term.
Grand View Research has segmented the global Product Lifecycle Management market on the basis of software, deployment, end use, and region:
- PLM Software Outlook (Revenue, USD Million, 2018 – 2028)
- Portfolio Management
- Engineering design and management
- Quality and compliance management
- Simulation, testing and change management
- Manufacturing operations management
- PLM Deployment Outlook (Revenue, USD Million, 2018 – 2028)
- PLM End Use Outlook (Revenue, USD Million, 2018 – 2028)
- Aerospace and Defense
- Automotive and Transportation
- Health care
- IT & Telecom
- Industrial equipment and heavy machinery
- Semiconductor and electronics
- Regional PLM Outlook (Revenue, USD Million, 2018 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (AEM)
List of Key Players in Product Lifecycle Management (PLM) Market
- ANSYS, Inc.
- Aras Company
- Arena Solutions, Inc.
- Oracle Corporation
- SAP SE
- AUTODESK, INC.
- Siemens AG
- PTC Inc.
- Synopsys Inc.
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Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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