Product Lifecycle Management (PLM) Market to Expand at CAGR of 5.2% During Forecast Period, Observes TMR Study
- Cloud PLM is gradually displacing on-premises systems due to the benefits of affordable setup and maintenance costs
- In the automotive and transportation industry, customer demand for new items and features is rising, which is driving the adoption of PLM solutions in various firms
Feb 22, 2022, 07:30 ET
ALBANY, N.Y., Feb. 22, 2022 /PRNewswire/ -- The global product lifecycle management (PLM) market is projected to cross valuation of US$ 91.9 Bn by 2030. The global market is likely to rise at a CAGR of 5.2% during the forecast period from 2020 to 2030. The global market is expected to be driven by increasing need for product innovation, cost reductions, and productivity improvements. In addition, the global product lifecycle management market is predicted to grow due to the rising deployment of PLM solutions in various non-traditional end-use sectors such as retail and consumer products, as well as medical devices and pharmaceuticals.
Food & beverage companies are using PLM to improve transparency and product innovation. PLM implementation in these organizations has been accelerated by strict compliance demands and an ever-increasing demand for quality products. PLM is beneficial to the food & beverages industry, as it provides critical information regarding the prospects of project success. Product lifecycle management aids in label and ingredient regulatory compliance requirements, which aids in product safety and uptake.
In 2019, North America held the major share of the global product lifecycle management (PLM) market, with 36.9% market share. Due to substantial investments in multiple end-use segments of technologies to decrease product time-to-market and lower overall manufacturing costs, North America is a developed market with regard to the adoption of PLM solutions. With a projected CAGR of 6.7% during the forecast period, Asia Pacific is likely to be the one of the rapidly expanding regions in the global market.
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Key Findings of Market Report
- Cloud product lifecycle management software is gaining traction in a variety of end markets. The software is producing value-grab possibilities for businesses since it is simple to install and allows for real-time collaboration. As a result, PLM assists internal teams as well as supply chain partners in designing, developing, and manufacturing high-quality products for company's target consumers.
- In addition to consumer products and retail, product lifecycle management (PLM) suppliers are pursuing possibilities in the defense & aerospace industry. End customers are increasing the demand for PLM software in the industry, as products are potentially complicated and interconnected. Firms are developing innovative PLM systems capable of simplifying the flow of information due to continual innovation in the aerospace & defense industry. Companies can improve their engagement with the extended supply chain and conduct concurrent development across cross-departmental teams with product lifecycle management.
- PLM cloud-based solutions have allowed SMEs to retain their product design activities with minimal expenses. PLM suppliers have begun to offer a variety of cloud-based products, which has sped the adoption of cloud-based PLM software. In addition, cloud-based PLM solutions allow for the cost-effective incorporation of mobile devices and analytics.
- Due to the increasing demand in companies, on-premise digital manufacturing software is expected to expand at a substantial pace of 7.3% during the forecast period. By conducting data management and process optimization during the product development cycle, this software increases the overall efficacy of manufacturing processes, propelling the global product lifecycle management (PLM) market.
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Global Product Lifecycle Management [PLM] Market: Growth Drivers
- As consumers develop and manage data in native CAD formats and other neutral file formats, firms in the global product lifecycle management (PLM) market are increasing their efforts to address the problem of incompatible formats such as CAD files in PLM. In such situations, PDM can assist in the management of all CAD file formats.
- Rising demand for product innovation, more productivity, and lower operating costs is propelling the global market. By providing numerous tools and approaches to remove redundancies, a PLM solution significantly improves the efficiency of a system.
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Global Product Lifecycle Management [PLM] Market: Key Players
Some of the key market players are
- IBM Corporation
- Autodesk, Inc.
- Hewlett-Packard Company
- Dassault Systèmes SE
- Accenture PLC
- Siemens AG
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Global Product Lifecycle Management [PLM] Market: Segmentation
- On Premise
- Automotive & Transportation
- Aerospace & Defense
- Industrial Machinery & Heavy Equipment
- Electronics & Semiconductor
- Energy & Utilities
- Consumer Products & Retail
- Medical Devices & Pharmaceutical
- IT & Telecom
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