Market Overview
Market Research Future (MRFR), in its newly released research study, argues that the global market for product life cycle management market 2020 is booming and expected to rise rapidly over the review period, recording a significant market valuation from USD 40.1 billion in 2017 to USD 72.5 billion by 2030, and a moderate CAGR of 7.2% over the forecast period.
Drivers and Restraints
The global PLM market is expected to experience substantial growth over the forecast period due to increased demand from end-use industries such as banking and finance. The main driving forces for the global product life cycle management (PLM) software market in managing the product lifecycle are rising demand across consumer products in small and medium-sized enterprises, demand low production costs, life science, healthcare, and transport. The brand lifecycle management program is a cost-effective approach that assists small to medium-scale companies in their production process. Increased use of cloud-based process optimization technologies in various manufacturing sectors Is one of the main factors fueling the growth of the global product lifecycle (PLM) software market. Integrating PLM software with various integrated applications such as Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Device Lifecycle Management (ALM), and others drive the growth of the global market for product lifecycle management.
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Segmental Analysis
The global product lifecycle management market has been analyzed based on deployment, components, functions, and end-user. On the basis of the components, the market has been bifurcated into software and service. The software segment has been sub-segmented into electronic design and automation (EDA), architecture and engineering and construction (AEC), numerical control (NC), and simulation and analysis (S&A). The service segment has been sub-segmented into maintenance, consulting, integration, and operation. Based on deployment, the market has been bifurcated into on-cloud and on-premises. Based on functions, the market has been divided into manufacturing process management, product portfolio management, system engineering, product design, and others. Based on end-user, the product lifecycle management market has been segmented into IT and telecom, automotive and transportation, electronics and semiconductors, industrial machinery, retail¸ aerospace and defense, energy, and utilities, pharmaceutical, and others.
Regional Analysis
The geographical overview of the global product life cycle management market has been conducted in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.
Thanks to a large number of investments in creating innovative PLM technologies by developed economies like the US and Canada, North America is the leading region for the PLM industry. In addition, the presence of significant players in the area such as IBM Corporation, Oracle Corporation, investing in R&D and technological growth and innovation. Growing the use of digital manufacturing and rising IoT adoption in the production of smart cars is also one of the main trends which are expected to drive the North American PLM software industry. PLM technologies are primarily implemented by the aerospace and defense and automotive industries.
Asia-Pacific is expected to be the fastest-growing region due to the increasing demand for IoT devices and smart cars that are expected to drive the market over the forecast period. Europe is expected to grow at a moderate rate due to the presence of the automotive industry in the region, which drives the region's demand for PLM.
Competitive Analysis
The major market players operating in the global product life cycle management market as identified by MRFR are IBM Corporation (US), SAP SE (Germany), Dassault Systemes (France), Atos SE (France), PTC Inc (Japan), Autodesk Inc (US), Siemens AG (Germany), Accenture PLC (Ireland), Oracle Corporation (US), Hewlett-Packard Company (US), Aras Corporation (US) among others.
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