Global Product Life Cycle Management (PLM) Market Size To Grow At A CAGR Of 7.60% In The Forecast Period Of 2023-2028
The ‘Product Life Cycle Management (PLM) Global Market, Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global product life cycle management (PLM) market, assessing the market based on its segments like components, deployments, organisation sizes, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Product Life Cycle Management (PLM) Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): More than USD 28.21 Billion
• Forecast CAGR (2023-2028): 7.60%
Product lifecycle management or PLM refers to the management of a product while it runs through the usual phases of its product life, that is, progress and launch, development, age and constancy, and decline. The key advantages of product lifecycle management (PLM) includes the lower development time of the product, increased awareness regarding the importance of minimising production attempts, and concentrated marketing efforts.
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The rising demand for PLM solutions in small and medium businesses to improve costs of production is driving the growth of the product life cycle management (PLM) market. As organisations are seeking methods to boost the profitability of their business, the demand for product lifecycle management (PLM) solutions is likely to grow in the forecast period.
Technological advancements like the Industrial internet of things (IIoT), chemical production and engineering, and virtual reality (VR) and augmented reality (AR) are expected to push the product life cycle management (PLM) market, as they are likely to enable organisations support their PLM results with innovative and advanced resources.
With various businesses deploying advanced technologies, the demand for product lifecycle management (PLM) solutions is likely to grow in the forecast period.
Product Life Cycle Management (PLM) Industry Definition and Major Segments
Product lifecycle management or PLM can be defined as the methodology of handling a commodity’s entire lifecycle from its initiation through its layout and production, to sales, maintenance, and departure. In an era where modernisation and invention are crucial for the continued existence and accomplishment of businesses, PLM plays a vital role in supporting manufacturers to create the next line of products that are cost-effective and have a faster market turnaround time. Additionally, PLM method supports designers and engineers to easily access crucial data required in actual time.
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Based on components, the global product life cycle management (PLM) market can be segmented into:
• Software
• Services
By deployment, the market is classified into:
• On-Premises
• Cloud
The market, on the basis of organisation sizes, is divided into:
• Small and Medium-Sized Enterprises
• Large Enterprises
Based on end uses, the market is segmented into:
• Aerospace and Defence
• Automotive and Transportation
• Healthcare
• IT and Telecom
• Industrial Equipment and Heavy Machinery
• Retail
• Semiconductor and Electronics
• Others
The major regional markets of product life cycle management (PLM) include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Product Life Cycle Management (PLM) Market Trends
Advancements in smart commodities and industrial plants are likely to propel the product life cycle management (PLM) market growth. Companies are increasingly deploying cloud-based product life cycle management (PLM) solutions to secure IT infrastructure, facilitate remote working conditions, and manage their continuity.
The market has benefitted from the increasing demand for PLM solutions for small and medium-sized businesses in a range of industry verticals to lessen the cost of product development and maintenance. Companies are also investing to maximise their ability for increasing commercial profit during their lifecycle, which is likely to boost the deployment of PLM solutions.
The increasing development of smart factories and commodities and the rising emphasis on implementing product innovation programmes that may support applications enabled by product life cycle management (PM) are likely to push the market growth in the forecast period.
Region-wise, North America accounts for a significant share of the product life cycle management (PLM) market owing to its robust financial economy and rising investments in pioneering technologies, like augmented reality (AR), the IoT, 5G and LTE telecommunications, connected industries, and chemical production, among others.
Key Market Players
The major players in the global product life cycle management (PLM) market are:
• Aras Corporation
• PTC Inc.
• Oracle Corporation
• Siemens Aktiengesellschaft
• SAP SE
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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