Product Life Cycle Management (PLM) Market to Cross USD 54.42 Billion by 2030 due to Increasing Global Competition and Rising Product Complexity | Research by SNS Insider

According to SNS Insider’s research, the adoption of technologies like 3D printing, augmented reality, and virtual reality in product design and prototyping is driving the need for PLM solutions that can integrate these technologies seamlessly.

Pune, Oct. 04, 2023 (GLOBE NEWSWIRE) -- “The Product Life Cycle Management (PLM) Market, as per the SNS Insider report, had an estimated value of USD 28.4 billion in 2022 and is anticipated to achieve USD 54.42 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.47% from 2023 to 2030.”

Market Overview

Product Lifecycle Management (PLM) is a comprehensive approach and set of practices that organizations use to manage the entire lifecycle of a product from its initial conception and design through production, deployment, and eventual retirement or disposal. PLM encompasses a wide range of activities, processes, and technologies aimed at maximizing the efficiency and effectiveness of product development and management. PLM assists in managing the product development process, including design iterations, prototyping, testing, and validation. It facilitates collaboration among cross-functional teams, such as engineers, designers, and marketing experts.

Market Analysis

The product life cycle management (PLM) market has been experiencing steady growth, driven by various factors. In today's highly competitive global marketplace, companies need to innovate and bring products to market faster than ever before. PLM enables efficient product development and collaboration, helping companies gain a competitive edge. The ongoing digital transformation across industries is pushing companies to adopt digital solutions like PLM. It helps organizations digitize their product data, streamline processes, and leverage technologies like IoT and AI for better decision-making. Stringent regulations in industries like aerospace, automotive, and healthcare necessitate precise tracking of product data and adherence to quality standards. PLM systems help companies meet compliance requirements efficiently.

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Major Players Listed in this Report are:

  • Dassault Systems
  • Siemens AG
  • Hewlett-Packard Company
  • Aras Corporation
  • Arena Solutions, Inc.
  • ANSYS Inc.
  • SAP SE
  • Oracle Corporation
  • PTC Inc.
  • Synopsys Inc.
  • BigLever Software Inc. & Other Players

Product Life Cycle Management (PLM) Market Report Scope:

Report Attributes Details
Market Size in 2022 US$ 28.4 Bn
Market Size by 2030 US$ 54.42 Bn
CAGR CAGR of 8.47 % From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2019-2021
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Key Takeaway from Product Life Cycle Management (PLM) Market Study 

  • In the dynamic landscape of the market, the Portfolio Management segment is poised to assert its dominance. This segment has been gaining significant traction in recent years due to its critical role in optimizing product development strategies, enhancing innovation, and ensuring efficient resource allocation.
  • Within the broader realm of PLM, the Aerospace & Defense segment is poised to dominate, driven by unique industry-specific demands and challenges. The aerospace and defense industry is subject to rigorous regulatory requirements. PLM systems in this segment are specialized in tracking and documenting compliance throughout the product lifecycle, helping companies avoid costly setbacks and penalties.

Recent Developments

  • Siemens and IBM have joined forces in an exciting collaboration aimed at driving innovation in sustainable product development and operations. This partnership represents a significant step forward in addressing the growing global need for sustainable solutions across industries.
  • L&T Technology Services, a leading global engineering services company, has announced an exciting extension of its partnership with PTC (Parametric Technology Corporation), a pioneer in digital transformation solutions. The partnership will facilitate seamless collaboration between different teams and departments within aerospace manufacturing organizations.

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Market Dynamics Analysis

The product life cycle management (PLM) market is currently characterized by a dynamic landscape shaped by a multitude of drivers, restraints, challenges, and potential threats. On the driver's side, the increasing complexity of product development processes and the demand for innovation propel the growth of PLM solutions as companies seek more efficient ways to manage their products from concept to retirement. Additionally, the adoption of digital transformation strategies, the rise of Industry 4.0, and the need for collaboration across global supply chains further fuel the PLM market's expansion. On the flip side, restraints such as the high initial implementation costs and the resistance to change within organizations may impede the adoption of PLM systems. Moreover, data security concerns and regulatory compliance challenges pose significant hurdles. The market also faces the threat of intensifying competition among PLM solution providers and the emergence of disruptive technologies like AI and blockchain that could potentially redefine how product lifecycle management is approached.

Product Life Cycle Management (PLM) Market Key Segmentation:

By Software

  • Portfolio Management
  • Design & Engineering Management
  • Quality & Compliance Management
  • Simulation, Testing, & Change Management
  • Manufacturing Operations Management
  • Others

By Organization Size

  • Small and Medium-sized Enterprises (SMEs)
  • Large enterprises

By Deployment

  • On-premise
  • Cloud

By End-use

  • Aerospace & Defense
  • Automotive & Transportation
  • Healthcare
  • IT & Telecom
  • Industrial Equipment & Heavy Machinery
  • Retail
  • Semiconductor & Electronics
  • Others

Key Regional Developments

North America has traditionally been a dominant player in the product life cycle management (PLM) market. The presence of major PLM software vendors such as Autodesk, PTC, and Siemens PLM Software has contributed to its leadership. Europe has a strong presence in the automotive and aerospace industries, where PLM is crucial for design and compliance. Companies like Dassault Systèmes, headquartered in France, have a significant influence in the European PLM market. The Asia-Pacific region, particularly China and India, is experiencing rapid industrial growth. This growth necessitates the adoption of PLM solutions for efficient manufacturing processes and product quality control.

Impact of Recession on Product Life Cycle Management (PLM) Market Growth

The impact of an ongoing recession on the product life cycle management (PLM) market is multifaceted and depends on various factors, including industry, geographical region, and the severity of the economic downturn. While immediate challenges may hinder growth, the long-term prospects for PLM remain positive as businesses recognize its importance in staying competitive and efficient in a challenging economic environment. Companies that can adapt to changing circumstances and offer cost-effective solutions are likely to thrive in the evolving PLM market landscape.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Product Life Cycle Management (PLM) Market Segmentation, By Software

9. Product Life Cycle Management (PLM) Market Segmentation, By Organizational Size

10. Product Life Cycle Management (PLM) Market Segmentation, By Deployment

11.  Product Life Cycle Management (PLM) Market Segmentation, By End User

12. Regional Analysis

13. Company Profile

14. Competitive Landscape

15. USE Cases and Best Practices

16. Conclusion

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