Fort Collins, Colorado, Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Product Lifecycle Management (PLM) Market size was valued at USD 29.3 Billion in 2022 and is expected to reach USD 67.5 Billion by 2032 at a CAGR of 8.8%.
PLM management systems are essential for businesses to handle complexities and design new products. They support manufacturing, IT framework, client communications, supplier relationships, and internal resources. PLC oversees the entire process from design to manufacturing and recycling, ensuring smooth functioning and high service demand.
The PLM market is growing due to increased demand for cloud-based PLC that offers scalability and secure IT infrastructure. Integration of IIoT with PLM solution helps track real-time performance and quality manufacturing post-manufacturing. IoT sensors in smart products generate a significant amount of data that can be analyzed later using PLM systems. Market players integrate IoT applications into their PLM product offerings to drive the market.
Integrating PLM automates workflows, reduces downtime and production costs, and manages lifecycle states. Combining PLM with "ThingWorx" IoT technology connects product operating data to the platform. Advancements in blockchain, AI, and machine learning are predicted to drive PLM market growth. AI integration improves work aspects requiring human interaction by automating tasks.
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Segmentation Overview:
The global product lifecycle management market has been segmented into software, deployment, application, and region. The design and engineering segment is the market leader in managing the development and engineering processes. Smart factories use advanced sensors, embedded software, and robotics for data analysis and better decision-making. Cloud-based deployment is the most popular method for deploying PLM, offering scalability, flexibility, security, and data control.
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Product Lifecycle Management Market Report Highlights:
- The global product lifecycle management market growth is anticipated at a CAGR of 8.8% by 2032.
- PLM solutions can help businesses reduce redundancies, increase productivity, and produce flawless products in less time.
- North America dominates the PLC market due to its strong financial position and investment in advanced technologies like IoT, 5G, AR, and VR. Large enterprises like IBM have upgraded their solutions to handle complex projects and extract valuable insights from engineering data.
- Some prominent players in the product lifecycle management market report include ANSYS, Inc., Aras Corporation, Arena Solutions, Inc., Oracle Corporation, SAP SE, AUTODESK, INC., Siemens AG, PTC Inc., Dassault Systèmes, and Synopsys Inc.
Industry Trends and Insights:
Synopsys, Inc. launched the Synopsys Cloud OpenLink program to enable chip designers to access third-party EDA tools and IP in the Synopsys Cloud environment.
Aras Corp. is partnering with Toshiba Digital Solutions to integrate their Innovator platform with Toshiba's Meister software, which collects data and connects with factories to assist companies in benefiting from digital twin technology.
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Product Lifecycle Management Market Segmentation:
By Software: Portfolio Management, Design & Engineering Management, Quality & Compliance Management, Simulation, Testing, & Change Management, Manufacturing Operations Management, Others
By Deployment: On-premise, Cloud
By Application: Aerospace & Defense, Healthcare, IT & Telecom, Retail, Semiconductor & Electronics, Retail
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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