The product lifecycle management market is projected to grow from USD 50.7 billion in 2019 to USD 73.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.8%

NEW YORK, Nov. 4, 2019 /PRNewswire/ -- Increasing need to build product innovation platform would support product lifecycle management-enabled applications.

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The product lifecycle management market is projected to grow from USD 50.7 billion in 2019 to USD 73.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period. This market is driven by the Growing demand for cloud-based product lifecycle management solutions for scalability and secure IT infrastructure. On the other hand, lack of interoperability and integration of complex systems, are one of the major restraints for the product lifecycle management market growth.

Product lifecycle management software is expected to hold the major market size during the forecast period.
The product lifecycle management refers to a wide range of software products used in the management of trade exhibitions, conferences, and events.It helps help companies to manage their product's lifecycle by offering a data warehouse for all the information that impacts the product.

The software can be utilized to automate the handling of product-related data and to integrate the data with other processes such as manufacturing execution systems (MES) and enterprise resource planning (ERP). The product lifecycle management segment is further divided into Mechanical Computer Aided-Design Software (MCAD), Collaborative Product Definition Management (cPDm) Software, Simulation, and Analysis Software and Digital Manufacturing (DM) Software.

On-premises deployment is expected to hold the major market size during the forecast period.
The on-premises deployment type refers to the installation of the product lifecycle management on the premises of an organization rather than at a remote facility.On-premises solutions are delivered with a one-time licensing fee, along with a service agreement.

Furthermore, deployment of this solution requires huge infrastructure and a personal data center, which is affordable only for large organizations.Hence, SMEs often face the dilemma of choosing between the hosted and on-premises solutions.

In spite of advantages, such as control over the system and data, and dedicated staff for maintenance and support, the on-premises deployment type has various drawbacks, which include high deployment costs and good infrastructure requirements that are not always possible for every organization. The growth of the on-premises deployment type is expected to be affected by the rapid development of cloud computing solutions.

North America is expected to hold the major market size during the forecast period.
The North American region consists of developed countries, such as the US and Canada.This region is open to the adoption of new and emerging technologies.

Moreover, its strong financial position enables allows it to invest heavily in the adoption of the latest and leading tools and technologies for ensuring effective business operations.Such advantages help organizations in this region gain a competitive edge.

North America has the first-mover advantage in the adoption of new technologies, such as IoT and AI.The factors expected to be driving the growth of the product lifecycle management market in North America are the stable economy, technological enhancements, and advanced the infrastructure costs.

APAC is one of the fastest-growing regions and has a favorable market for product lifecycle management and service vendors. India, China, Australia, and Japan are major contributors to the product lifecycle management market growth in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of profiles of primary participants is given below as:
• By company type: Tier 1 – 38%, Tier 2 – 42%, and Tier 3 – 20%
• By designation: C-level – 40%, Director level – 35%, and Others – 25%
• By region: North America – 35%, Europe – 27%, APAC – 23%, RoW – 15%

The product lifecycle management ecosystem comprises major vendors, such as SAP (Germany), Dassault System (France), PTC (US), Siemens (Germany), Autodesk (US), IBM (US), Oracle (US), HP (US), Atos (France), Accenturs (Ireland), Arena (US), Ansys (US), Aras (US), Infor (US), Propel (US), Kalypso (US), FusePLM (US), Bamboo Rose (US), Inflectra (US), TCS (India).

Research Coverage
The report includes an in-depth competitive analysis of these key players in the product lifecycle management market, with their company profiles, product portfolios, recent developments, and key market strategies. The research report segments the product lifecycle management market by component (software and services), deployment type, organization size, vertical, and region.

Reasons to Buy the Report
The report on the global product lifecycle management market will help leaders/new entrants in the market in the following ways:
1. The report segments the product lifecycle management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments. The market numbers are further split across various industry verticals and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders in better understanding the competitors and gaining more insights to better position their businesses. There is a separate section on competitive landscape, including competitor ecosystem, and mergers and acquisitions. Besides, there are company profiles of 26 major vendors in this market. In this section, market internals have been provided that can put them ahead of the competitors.

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