WASHINGTON, May 29, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Military Aerospace & Defense Lifecycle Management Market finds that the increasing adoption of PLM & ELM is expediting market growth. Primarily driven by rising military aerospace & defense sector, the total Global Military Aerospace & Defense Lifecycle Management Market is estimated to reach USD 12.56 Billion by the year 2028.
The Global Military Aerospace & Defense Lifecycle Management Market revenue valued at USD 7.82 Billion in the year 2021 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.2%.
Furthermore, the increase in innovative approaches in reducing costs is also anticipated to augment the growth of the Global Military Aerospace & Defense Lifecycle Management Market, states Vantage Market Research, in a report, titled “Military Aerospace & Defense Lifecycle Management Market Size, Share & Trends Analysis Report by Type (Product Lifecycle Management (PLM), Service Lifecycle Management (SLM), by Technologies (Internet of Things, Artificial Intelligence, Others), by Application (Aerospace & Defense Manufacturers, Airlines & Fleet Operators, Defense In – Service Support, Independent MRO), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increasing Adoption of PLM & ELM to Stimulate the Global Military Aerospace & Defense Lifecycle Management Market
The increasing adoption of PLM & ELM is anticipated to augment the growth of the Military Aerospace & Defense Lifecycle Management Market in the years to come. ELM not only aids in gaining visibility into the development process, encouraging consistency of engineering artefacts, and supporting intelligent decision-making, but it also fully embraces the Open Services for Lifecycle Collaboration (OSLC) specification, making integration with third-party tools easier. IBM ELM, for example, offers lean and agile lifecycle models that collect key concepts to drive more effective engineering and customer-facing practices when used in conjunction with SAFe. Further, with the use of PLM, aerospace and defense manufacturers can improve their engagement with the extended supply chain and at the same time practice concurrent development among multi-disciplinary teams. Also, PLM encourages more creative use of available data, resulting in enhanced aircraft quality and performance as well as lower costs and environmental impact. Thus, the above-mentioned factors are expected to contribute to the growth of the market in the years to come.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Military Aerospace & Defense Lifecycle Management market is predicted to grow at a CAGR of roughly 8.2% during the forecast period.
- The Military Aerospace & Defense Lifecycle Management market was estimated to be worth roughly USD 7.82 Billion in 2021 and is expected to reach USD 12.56 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Military Aerospace & Defense Lifecycle Management market.
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Segmentation of the Global Military Aerospace & Defense Lifecycle Management Market:
- Type
- Product Lifecycle Management (PLM)
- Service Lifecycle Management (SLM)
- Technologies
- Internet of Things
- Artificial Intelligence
- Others
- Application
- Aerospace & Defense Manufacturers
- Airlines & Fleet Operators
- Defense in – Service Support
- Independent MRO
- Military Operators
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Increasing Military Aerospace & Defense Sector to Augment the Global Military Aerospace & Defense Lifecycle Management Market Growth
The increasing military aerospace & defense sector is anticipated to augment the growth of the Military Aerospace & Defense Lifecycle Management Market within the estimated period. Consumers' expectations for video streaming quality remain high. Defense equipment demand has increased as government defence and military spending has increased. To keep ahead of the competition, defence corporations are always conducting research and development to provide new and advanced technologies to earn government contracts. For example, the United States Department of Defense awarded Microsoft Corporation $10 billion in 2019. The business will provide the US Department of Defense with the Joint Enterprise Defense Infrastructure (JEDI) cloud computing initiative under this deal. Furthermore, cutting-edge technologies such as the Internet of Things (IoT) and big data analytics are likely to have a significant impact on the military aerospace and defence industry's operations, including aftersales and maintenance. The ability of these technologies to solve product complexity and successfully shorten the product lifetime is expected to open up a lot of doors for lifecycle management solutions to be implemented. As a result, the growing defence and military aerospace sectors provide an opportunity for the military aerospace and defence lifecycle management industry to flourish.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the aerospace & defence industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Military Aerospace & Defense Lifecycle Management Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific to Witness Fastest Growth in the Global Military Aerospace & Defense Lifecycle Management Market
Asia Pacific is expected to grow at a fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the rising adoption of advanced lifecycle management tools for upgrading their process engineering and product development procedures in the region. Furthermore, the market's regional growth is likely to be fuelled by increase in developments and advancements in the defense infrastructure in economies such as China and India. Additionally, continued expansion of the aerospace and defense industry are also contributing significantly towards the regional growth of the market.
List of Prominent Players in the Military Aerospace & Defense Lifecycle Management Market:
- Dassault Systems Siemens AG
- PTC
- Autodesk Inc
- HCL Technologies
- IBM
- IFS
- Kovair
- SAP
- Cyient
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on "Military Aerospace & Defense Lifecycle Management Market Size, Share & Trends Analysis Report by Type (Product Lifecycle Management (PLM), Service Lifecycle Management (SLM) ), by Technologies (Internet of Things, Artificial Intelligence , Others), by Application (Aerospace & Defense Manufacturers, Airlines & Fleet Operators , Defense In – Service Support , Independent MRO ), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/military-aerospace-and-defense-lifecycle-management-market-657527
Recent Developments:
July, 2017: Dassault Systemes and Boeing have extended their partnership. Boeing will expand its deployment of Dassault Systemes’ products across its commercial aviation, space and defense programs to include the Dassault Systemes 3DEXPERIENCE platform.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Military Aerospace & Defense Lifecycle Management Market?
- How will the Military Aerospace & Defense Lifecycle Management Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Military Aerospace & Defense Lifecycle Management Market?
- What is the Military Aerospace & Defense Lifecycle Management market drivers and restrictions?
- What will be the CAGR and size of the Military Aerospace & Defense Lifecycle Management Market throughout the forecast period?
This market titled “Military Aerospace & Defense Lifecycle Management Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type ° Product Lifecycle Management (PLM) ° Service Lifecycle Management (SLM) • Technologies ° Internet of Things ° Artificial Intelligence ° Others • Application ° Aerospace & Defense Manufacturers ° Airlines & Fleet Operators ° Defense In – Service Support ° Independent MRO ° Military Operators ° Others • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Dassault Systems Siemens AG • PTC • Autodesk Inc • HCL Technologies • IBM • IFS • Kovair • SAP • Cyient |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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