SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Product Lifecycle Management (PLM) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Pool: 30108
Companies: 99 - Players covered include Accenture; Aras Corporation; Arena Solutions, Inc.; Autodesk, Inc.; Centric Software, Inc.; Dassault Systemes SA; DXC Technology Co.; Gerber Technology; Lectra SA; Oracle Corporation; PTC; SAP PLM Alliance; Selerant Corporation; Siemens PLM Software, Inc.; Tata Technologies Ltd.; T-Systems International GmbH and Others.
Coverage: All major geographies and key segments
Segments: Component (Software, Services); Deployment (On-Premise, Cloud); Vertical (Aerospace & Defense, Automotive & Transportation, Semiconductor & Electronics, Retail & Consumer Goods, Healthcare & Life Sciences, Other Verticals)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Product Lifecycle Management (PLM) Market to Reach $60.5 Billion by 2026
Product Lifecycle Management (PLM) is an advanced people-centric technology that allows enterprises to configure, manage and integrate design data, workflows and processes from initial phases of product development, such as concept, design, simulation, and validation, through to production, launch, use and disposal. PLM helps companies in setting up efficient workflows, data management systems, process configurations and system validation. In addition to automating workflows for efficient and controlled product development cycle, the approach unites the entire concept of product development under a single roof for enhanced efficiency. Moreover, PLM integrates coherent, self-monitored workflows related to product development and links all components within the development cycle to enable highly streamlined product development process. PLM integrates data processes, people, and business systems, and offers a product information backbone to companies. PLM includes linking of different processes and technologies for product design, including 3D computer aided design, technical communication, simulation, and product data management, with processes and technologies for operations used for developing, manufacturing, supporting, and selling products. Product design processes and technologies automate the engineering and design, while operations processes and technologies automate the business infrastructure management, which includes Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Material Requirements Planning (MRP) systems.
Global Product Lifecycle Management (PLM) market is projected to register moderate growth over the near-to-long term. The market, estimated at US$44.1 Billion in 2020 is projected to reach US$60.5 Billion by 2026, registering a compounded annual growth rate (CAGR) of 5.5% over the analysis period. The United States represents the largest regional market for Product Lifecycle Management (PLM), accounting for an estimated 40.5% share of the global total in 2020. The market, estimated at US$17.9 Billion in 2020 is projected to reach US$25.3 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 8.2% over the analysis period. The market is expected to progress steadily to evolve as a major regional market for Product Lifecycle Management (PLM), supported by various factors conducive to healthy growth.
PLM is slated to be influenced by emerging technologies including big data, IoT, mobility, Industry 4.0 and rising adoption of manufacturing software and automation. These trends and recent developments in the field of PLM are poised to help organizations in innovating and streamlining product-related processes and accelerating time-to-market. Other major factors driving growth in the market include rising product complexity; expanding product portfolios/product line extensions; emergence of smart factories; migration to 3D from 2D CAD systems, demand for low-cost and customized PLM solutions; need for simulation & collaborative tools; shift from traditional to non-conventional end-use industries; focus on reduction in time-to-market; compliance requirements; increased focus on product innovations; and recovery in the manufacturing & industrial sectors worldwide. PLM adoption continues to grow in traditional end-use sectors such as transportation, aerospace & defense, and automotive, in addition to non-traditional end-use sectors such as retail, life sciences, medical devices, consumer packaged products, power, energy, pharmaceuticals, architecture, construction, engineering, and shipbuilding. Growing demand for product lifecycle management software and services from small & medium-sized businesses (SMBs) across consumer goods, life science, transportation, and healthcare sectors is also providing growth opportunities for product lifecycle management vendors.
Services Segment to Reach $35.1 Billion by 2026
Global market for Services segment is estimated at US$24.5 Billion in 2020, and is projected to reach US$35.1 Billion by 2026 reflecting a compounded annual growth rate of 6.3% over the analysis period. The United States constitutes the largest regional market for Services segment, accounting for 39.9% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 9.5% over the analysis period, to reach US$1.9 Billion by the end of the analysis period. More
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