Product Lifecycle Management Market Outlook 2031
The Product Lifecycle Management Market was USD 33.84 Billion in 2022 and is likely to reach USD 62.74 Billion, expanding at CAGR of 7.1% during 2023 – 2031. The growth of the market is attributed to the combination of the latest technologies for instance, virtual reality, augmented reality, industrial internet of things, and additive manufacturing with product lifecycle management solutions.
Product lifecycle management (PLM) is the process of handling a product as it progresses through the stages of development including introduction/launch, growth, constancy, and decline of products. PLM helps to arrive effective decision-making ranging from pricing and promotion to expansion or cost-cutting as the service provides a clear picture of products’ conditions and popularity.
This process aids both manufacturing and marketing process of the finished goods. It helps in the quick identification of sales opportunities and revenue contributions by providing accurate forecasting to reduce material costs and minimize operation waste. PLM entails real-time information management throughout the product’s entire lifecycle with the help of enhanced software.
The introduction of Internet of Things (IoT)-enabled PLM solutions has helped to product development and delivery with quality management during the post-manufacturing phase. IoT-compatible software identifies any early signs of failure of a particular part of the product and is expected to be utilized to gain deeper insights into the product development process, which generate large volumes of actionable data.
The COVID-19 pandemic outbreak has encouraged businesses to ensure business continuity and to choose cloud technology to facilitate remote working. Numerous businesses have started implementing cloud-based services and PLM software providers are forestalling their customers to aggressively select for cloud migration.
Product Lifecycle Management Market Trends, Drivers, Restraints, and Opportunities
- Encouraging innovations in business operations help in reducing operational cost of organizations. This presents a key benefit that drive the market.
- Rising demand for PLM solutions that can leverage IoT data along with wide access to IoT data is expected to boost the market growth.
- Growing concern for data security in handing massive companies’ data and wide adoption of the services across several industries are key driving factors of the market.
- High cost for implementation and issues related to data misuse are major restraining factors that can hamper the market growth during the forecast period.
- Advances in cutting-edge technologies such as Augmented Reality and Virtual (VR) as well as their integration with PLM solutions, are expected to boost PLM solution’s capabilities and open up new growth prospects for the market.
Scope of Product Lifecycle Management Market Report
The report on the global product lifecycle management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Product Lifecycle Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Deployments (Cloud-based and On-premise), Software (Quality & Compliance Management; Simulation, Testing, & Change Management; Manufacturing Operations Management; Portfolio Management; Design & Engineering Management; and Others), and End-users (Retail, Semiconductor & Electronics, IT & Telecom, Industrial Equipment & Heavy Machinery, Automotive & Transportation, Healthcare, and Aerospace & Defense)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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AP SE; AUTODESK, INC.; Siemens AG; Aras Corporation; Arena Solutions, Inc.; Oracle Corporation; ANSYS, Inc; PTC Inc.; Dassault Systèmes Co.; and Synopsys Inc.
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Product Lifecycle Management Market Segment Insights
Cloud-based segment is expected to grow at a rapid pace
Based on deployments, the product lifecycle management market is divided into cloud-based and on-premise. The cloud segment is expected to grow at a rapid pace during the forecast period as it accounts for scalability, flexibility, security, and control over data. Rising demand for advanced cloud platform for securing data of companies presents another key factor for the segment. However, the on-premise segment is anticipated to hold a key share of the market in the coming years since it allows businesses to tailor their IT infrastructure more easily.
Design & engineering management segment to expand at a considerable CAGR
On the basis of software, the market is segregated into quality & compliance management; simulation, testing, & change management; manufacturing operations management; portfolio management; design & engineering management; and others. The design & engineering management segment is projected to expand at a considerable CAGR during the forecast period with evolving processes continuously in line with persistent advances in technology. PLM is centered on lean and collaborative product development methodologies that firms are increasingly pursuing. It is widely used by organizations following industrial digitization, adoption of industry, and rollout of connected value chains.
Automotive & transportation segment to account for a large market share
In terms of end-users, the product lifecycle management market is separated into retail, semiconductor & electronics, IT & telecom, industrial equipment & heavy machinery, automotive & transportation, healthcare, and aerospace & defense. The automotive & transportation segment constituted a major market share, representing over 19% of the total share in 2020.
The segment is projected to account for a large market share in the coming years owing to wide use of PLM software in the automotive industry as it is able to track vehicle problems and respond to customer issues, lowering product dispatch time in the field as per the requirement. PLM software is expected to track the functionality of a product throughout its lifecycle, allowing automakers to discover and rectify key issues that enhance consumers’ satisfaction.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to wide adoption of the services and incorporating advanced IT and telecommunication technology in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to rising development of infrastructure and industrial developments in the region.\
Segments
The global product lifecycle management market has been segmented on the basis of
Deployments
Software
- Quality & Compliance Management
- Simulation, Testing, & Change Management
- Manufacturing Operations Management
- Portfolio Management
- Design & Engineering Management
- Others
End-users
- Retail
- Semiconductor & Electronics
- IT & Telecom
- Industrial Equipment & Heavy Machinery
- Automotive & Transportation
- Healthcare
- Aerospace & Defense
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global product lifecycle management market are AP SE; AUTODESK, INC.; Siemens AG; Aras Corporation; Arena Solutions, Inc.; Oracle Corporation; ANSYS, Inc; PTC Inc.; Dassault Systèmes Co.; and Synopsys Inc. Some of these players are constantly engaging in mergers, acquisitions, and partnerships to expand their market share. For instance, in June 2020, SAP SE announced a corporation with Siemens AG, a German multinational conglomerate company with an aim to strengthen its business operations linked to automation, electrification, and digitalization.
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