Product Lifecycle Management [PLM] Market
Product Lifecycle Management [PLM] Market (Software: On Premise and Cloud-based; and End Use: Automotive & Transportation, Aerospace & Defense, Industrial Machinery & Heavy Equipment, Electronics & Semiconductor, Energy & Utilities, Consumer Products & Retail, Medical Devices & Pharmaceutical, and IT & Telecom) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 - 2030
Online Events Educate Users about Remote Monitoring of Production Activities amidst COVID-19 Crisis
Digital transformation is the key to address challenges created by the COVID-19 (coronavirus) outbreak. Users in the manufacturing and retail sectors are participating in webinars to stay ahead in competition amidst the coronavirus era. For instance, Centric Software- a Silicon Valley-based software company conducted a seminar in March 2020 that shed light on how digitalization drives business growth with the help of the product lifecycle management software.
Companies in the Product Lifecycle Management (PLM) market should increase efforts to conduct online events that educate users on how they can deploy better collaborations and communication with the help of the PLM software. As such, decline in costs and streamlining of production processes are catalyzing the adoption of PLM. Remote monitoring of production activities is another advantage for users amidst the COVID-19 pandemic that will, in turn, drive the Product Lifecycle Management (PLM) market.
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Automated Management of Labels in F&B Bolsters Adoption of Product lifecycle Management
Product Lifecycle Management (PLM) is being adopted by F&B (Food & Beverage) manufacturers for product innovation and transparency in production practices. Stringent compliance pressures and the ever-increasing demand for quality products have catalyzed the adoption of PLM in F&B companies. F&B manufacturers are benefitting from PLM, since these software deliver important data about the likelihood of projects being successful. Product lifecycle management helps in regulatory compliance for labels and ingredients, which helps to increase product uptake.
Efficient information management has become instrumental to achieve transparency in internal and external processes. Hence, companies in the Product Lifecycle Management (PLM) market are innovating in software that effectively manage customer inquiries. Automated management of labels is another key driver that is bolstering growth for the Product Lifecycle Management (PLM) market, which is estimated to cross a value of US$ 91.9 Bn by the end of 2030.
Cloud PLM Deploys Low Cost Implementation as Compared to On-premises Solutions
Cloud product lifecycle management software are being highly publicized in various end markets. This explains why the product lifecycle management (PLM) market is estimated to advance at a favorable CAGR of ~5% during the assessment period. Easy to implement and real-time collaboration provided by cloud product lifecycle management software is generating value-grab opportunities for companies. As such, PLM helps internal teams and supply chain partners design, develop, and produce high-quality products for its target customers.
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Product lifecycle management supports new product development (NPD) and new product introduction (NPI) in a budget-friendly manner. Companies in the Product Lifecycle Management (PLM) market are capitalizing on the trend of real-time collaboration, which requires information sharing between internal and external teams. Cloud PLM is increasingly replacing on-premises solutions, owing to its advantages of low cost implementation and cheaper maintenance.
Need For Engagement with Extended Supply Chain Triggers PLM Adoption in Defense
Apart from consumer goods and the retail sector, vendors in the product lifecycle management (PLM) market are tapping into opportunities in the aerospace & defense sector. Since products used in the aerospace & defense industry are potentially complex and interdependent, end users are raising the demand for PLM software. In the face of constant innovation in the aerospace & defense sector, companies are making available advanced PLM systems that are capable of streamlining the flow of information. With the help of the product lifecycle management, users in the aerospace & defense sector can better engage with the extended supply chain and practice simultaneous development among cross-department teams.
Companies in the product lifecycle management market are innovating in software that help to improvise the performance in aircraft production and reduce costs. For instance, UEC Saturn— a Russian aircraft engine manufacturer is acquiring global recognition with its PLM software NPO Saturn by joining forces with the Siemens PLM Software technologies.
Flexible and Adaptable Software Solutions Win Over Rigid Software Structures
Most manufacturing organizations use the product lifecycle management software after some point in their company’s lifetime. However, several PLM software are rigid structures that lead to wasted time and costly workarounds. Hence, companies in the product lifecycle management market are increasing their R&D capabilities to develop flexible and adaptable software solutions that work efficiently. This can be attributed to the ever-evolving technology in PLM is constantly changing.
The next-gen product lifecycle management software is capable of deploying analytical and data-driven approaches in today’s fast-paced and customer-centric businesses. The Product Lifecycle Management (PLM) market is undergoing a sea change with the outside-in approach the vendors are adopting in order to ensure customer satisfaction. With the help of PLM, end users are able to calculate and anticipate changing demands of customers.
PLM versus PDM: Which is better?
PLM is primarily used to manage organizational workflows and deploy cross-department engagement. However, product data management (PDM) is a tool to manage product data and keep CAD (Computer-aided Design) files in organized and version-controlled manner. However, companies in the Product Lifecycle Management (PLM) market are increasing efforts to tackle the issue of incompatible formats such as CAD files in PLM, as users create and manage information in native CAD formats and other neutral file formats. In such cases, PDM helps to manage all formats of CAD files.
On the other hand, PDM and PLM are two sides of the same coin, as organizations who are using CAD software need to purchase a PDM system. Moreover, the momentum created by Industry 4.0 exposes the vulnerability of PLM. Hence, companies in the Product Lifecycle Management (PLM) market are suggesting users to make combined use of PDM and PLM to establish better efficiency in organizations.
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Although the coronavirus outbreak has had a crippling effect on the Product Lifecycle Management (PLM) market, the business isn’t resting everywhere. For instance, Finnish private equity fund manager CapMan has announced to acquire a major stake in IT service management company PDSVISION, which is a leading PLM player in Europe. However, PLM alone poses limitations in resolving problems involved in the Industry 4.0. Hence, companies should educate users to use PLM, along with PDM to streamline processes in Industry 4.0. They should increase the availability of cloud software solutions, owing to its advantages of easy implementation and low cost installation attributes.
Product Lifecycle Management (PLM) Market: Overview
- The growing need for product innovation, productivity enhancement, and decline in operational cost are key factors driving the growth of the Product Lifecycle Management (PLM) market. A PLM solution increases the productivity of a system substantially by providing various tools and methodologies to reduce redundancies.
- PLM vendors have also started offering various customized PLM solutions according to the needs of enterprises, further aiding the growth in demand. However, the Product Lifecycle Management (PLM) market faces some challenges such as low interoperability between different product versions, competitive products, data formats, and data models and databases.
- The global Product Lifecycle Management (PLM) market generated revenue of US$ 52.4 Bn in 2019 and is projected to expand at a CAGR of ~5% during the forecast period (2020-2030) to reach a market size of US$ 91.9 Bn by 2030
- The PLM considered here includes both software and service components. PLM software can be segmented into on premise and cloud-based
- Different on premise and cloud-based PLM software types include CAD/CAM/CAE (CAx), numerical control (NC), simulation and analysis (S&A), architecture, engineering and construction (AEC), collaborative product definition management (CPDM), digital manufacturing, electronic design automation (EDA), and others
- In 2019, on premise PLM software occupied a major share of the Product Lifecycle Management (PLM) market. This was due to the large demand for on premise PLM solutions due to concerns related to security and accessibility in various end use sectors for cloud-based solutions. However, increasing security of cloud and access to increased features over cloud are driving the demand for cloud-based PLM software.
- Cloud-based PLM solutions are increasingly being deployed by enterprises across the globe. Cloud-based implementation models lower the cost by avoiding the need for infrastructure investments, along with the increase in scalability and accessibility to information, processes, and functions. SMEs are more likely to adopt cloud-based PLM solutions during the coming years due to its low cost.
Product Lifecycle Management (PLM): Market Segmentation
- The growth of the CAx segment is driven by the demand to lower time-to-market of products in enterprises. In the coming years, the market for both on premise and cloud-based CAx solutions is expected to be majorly driven by the demand from SMEs, as these enterprises have started investing in standalone software to have better visualization of the product as well as reduction in operational costs.
- Aerospace & defense was the largest end use segment of PLM in 2019. This segment has a significantly long product development cycle and in order to manage this, companies in this sector started adopting PLM solutions extensively.
- Increasing global competition, decline in budgets related to defense and aerospace, and a rising commercial aircraft backlog would significantly drive the demand for PLM in companies in the aerospace and defense sector. Non-traditional end use sectors such as consumer products and retail, and medical devices and pharmaceutical have also started using PLM solutions and services in order to increase their production efficiency.
- Thus, the growing demand from non-traditional end use sectors is also one of the major factors that drives the growth of the Product Lifecycle Management (PLM) market globally
Product Lifecycle Management (PLM) Market: Regional Segmentation
- In the coming years, Asia Pacific, South America, and Middle East & Africa (MEA) are expected to be key geographies driving the demand for PLM solutions
- The market for Product Lifecycle Market (PLM) is highly competitive with the presence of multiple global and local players
- Key PLM software vendors in 2019 included
- PTC, Inc.
- Siemens AG
- Dassault Systemes
- Autodesk, Inc.
- IBM Corporation
- Accenture PLC
- Company are also key players in the Product Lifecycle Management (PLM) market
Product Lifecycle Management (PLM) Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global Product Lifecycle Management (PLM) market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the Product Lifecycle Management (PLM) market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the Product Lifecycle Management (PLM) market is expected to progress during the forecast period 2020-2030.
The report offers intricate dynamics about the different aspects of the Product Lifecycle Management (PLM) market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on significant changes that are highly anticipated to configure the growth of the Product Lifecycle Management (PLM) market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the Product Lifecycle Management (PLM) market, and estimate statistics related to the market progress in terms of value (US$ Bn).
The study covers a detailed segmentation of the Product Lifecycle Management (PLM) market, along with cross-country analysis, key information, and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the Product Lifecycle Management (PLM) market, wherein, various developments, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Product Lifecycle Management (PLM) Market
The report provides detailed information about the Product Lifecycle Management (PLM) market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Product Lifecycle Management (PLM) market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for Product Lifecycle Management (PLM) market players?
- Which factors will induce a change in demand for PLM during the assessment period?
- How will changing trends impact the Product Lifecycle Management (PLM) market?
- How can market players capture low-hanging opportunities in the Product Lifecycle Management (PLM) market in developed regions?
- Which companies are leading the Product Lifecycle Management (PLM) market?
- What are the winning strategies of stakeholders in the Product Lifecycle Management (PLM) market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the Product Lifecycle Management (PLM) market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the Product Lifecycle Management (PLM) market?
- What are the major advancements witnessed in the Product Lifecycle Management (PLM) market?
Research Methodology – Product Lifecycle Management (PLM) Market
The research methodology adopted by analysts to compile the Product Lifecycle Management (PLM) market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Product Lifecycle Management (PLM) market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the Product Lifecycle Management (PLM) market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the Product Lifecycle Management (PLM) market.
Product Lifecycle Management (PLM) Market – Segmentation
TMR’s research study assesses the Product Lifecycle Management (PLM) market on the basis of software, end use, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the Product Lifecycle Management (PLM) market.