Product Lifecycle Management (PLM) Market
Product Lifecycle Management (PLM) Market (Component Type - Software, Services; End-use - Automotive and Transportation, Aerospace and Defense, Industrial Machinery and Heavy Equipment, Electronics and Semiconductor, Energy and Utilities, Consumer Products and Retail, Medical Devices and Pharmaceutical, IT and Telecom, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 - 2030
Press Release :
The growing need for product innovation, productivity enhancement, as well as reduction in operational cost are the 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 PLM market faces some challenges such as low interoperability between different product versions, competitive products, data formats, and data models and databases. The global PLM market generated revenue of US$ 52.41 Bn in 2019 and is projected to expand at a CAGR of 5.2% during the forecast period (2020-2030) to reach a market size of US$ 91.99 Bn by 2030.
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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 PLM software market. This was due to the large demand for on-premise PLM solutions due to the 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.
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The growth of the CAx segment is driven by the demand to lower time-to-market of products in enterprises. During 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 and 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, reduction 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 PLM market globally.
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During the coming years, Asia Pacific, South America, and Middle East & Africa (MEA) are expected to be the key geographies driving the demand for PLM solutions. The market for 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, and Autodesk, Inc.
- IBM Corporation
- Accenture PLC,
- Hewlett-Packard Company
also key players in the 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 PLM market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the PLM market is expected to progress during the forecast period 2020-2030.
The report offers intricate dynamics about the different aspects of the PLM market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the PLM market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the PLM market, and estimate statistics related to the market progress in terms of value (US$ Bn).
The study covers a detailed segmentation of the 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 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 the PLM Market
The report provides detailed information about the 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 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 PLM market players?
- Which factors will induce a change in demand for PLM during the assessment period?
- How will changing trends impact the PLM market?
- How can market players capture low-hanging opportunities in the PLM market in developed regions?
- Which companies are leading the PLM market?
- What are the winning strategies of stakeholders in the PLM market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the PLM market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the PLM market?
- What are the major advancements witnessed in the PLM market?
Research Methodology – Product Lifecycle Management (PLM) Market
The research methodology adopted by analysts to compile the 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 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 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 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 PLM market.