Product Lifecycle Management Market to Hit US$ 120.38 Bn by 2030

London, March 22, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global product lifecycle management market size was valued at US$ 61.57 billion in 2021.

The product lifecycle management is aninformation system that allows an extended enterprise to combine data, processes, business systems, and eventually people, product lifecycle management software enables a business to efficiently and cost-effectively manage information throughout the product lifecycle. It encompasses the entire product development process, from concept to design to production to disposal.

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Over the forecast period, the demand for product lifecycle management software is expected to be driven by rising demand for software solutions for cost management, change management, bills of materials, data management, compliance management, and governance management. The product lifecycle management market is expected to develop as new technologies such as the virtual reality, industrial internet of things, augmented reality, and additive manufacturing are integrated with product lifecycle management systems.

The increased usage ofproduct lifecycle management solutions that can leverage internet of things data is projected to be a major driver driving the expansion of the product lifecycle management market. The enterprises have recognized the value of internet of things in controlling the product lifecycle management. The recent technological advancements, such as augmented reality and virtual reality, and their integration with product lifecycle management solutions, are likely to expand product lifecycle management solutions capabilities and provide new prospects for the product lifecycle management growth.

Report Highlights

• Based on the deployment, the on-premise segment dominated the global product lifecycle management market in 2020 with highest market share. The term on-premises deployment refers to the installation of product lifecycle management software on a company’s own facilities rather than at a remote location. A one-time licensing fee and a service agreement are required for on-premises solutions.
  
  
• North America is the largest segment for product lifecycle management market in terms of region. The adoption of new and developing technologies is encouraged in this region. Furthermore, its strong financial position enables it to make significant investments in the adoption of cutting-edge tools and technology to ensure efficient corporate operations.
  
  
• Asia-Pacific region is the fastest growing region in the product lifecycle management market. There is high need for internet of things and intelligence technologies in the Asia-Pacific region, and this demand is expected to rise quickly in the upcoming years.
  
  

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Market Dynamics

Drivers

Cost Reduction in the process of product lifecycle management

Every team involved in the product lifecycle benefits from product lifecycle management because it provides a holistic perspective of the process. This enables them to search for raw materials that are both long lasting and cost-effective. During the design stage, the production and procurement teams can talk and make recommendations based on their feedback. This saves money in the long run by reducing the expenses of replacing materials due to non-compliance. It also aids in avoiding material stockpiling and under purchasing. The manufacturing team can locate reusable products using the aggregated database. The duplicate orders and missed bulk pricing are avoided as a result of this method. The companies can lower their total cost of ownership and total cost of implementation by using scalable product lifecycle management. Thus, the advantage of cost reduction in the process of product lifecycle management is boosting the growth of the product lifecycle management market.

Restraints

Rigid product lifecycle management systems lead to waste of time and money

The product lifecycle management software solutions are built on a foundation of rigidity. This causes a cause-and-effect situation in which product teams perceive that product lifecycle management systems impede progress, and as a result, they frequently devise workarounds that have negative repercussions. This factor is restricting the market growth.

Opportunities

Delivery of products with high quality

To connect customer and product data, the majority of high performing organizations employ product lifecycle management. This enables businesses to manufacture new and creative products in rapid succession. Additionally, product lifecycle management provides all teams with direct access to client input throughout the product lifecycle. All essential indicators, such as user adoption, sales volume, and customer loyalty may be simply monitored. This aid in product innovation and constant development. The product lifecycle management also aids in the quick and easy tracking of product issues. Furthermore, the design and quality processes are closely connected, resulting in a rapid production. This guarantees that the products meet regulatory requirements. As a result, the delivery of products with high quality is creating lucrative opportunities for the market growth.

Challenges

Product lifecycle management systems are hard to integrate legacy systems and data

When a corporation has relied on a procedure for a long time, enormous libraries of data must be moved to a new system in the product lifecycle management system. It’s challenging to combine these legacy processes, systems, and data. As a result, the integration of legal procedures in the product lifecycle management systems is a challenge for the growth of the product lifecycle management market.

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Segments Covered in the Report

By Software

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

By Deployment

• On-premise
• Cloud

By End Use

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

By Service

• Professional Services
  • Deployment and Integration
  • Consulting
  • Support and Maintenance
• Managed Services
  
  

By Organization size

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

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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