Pune, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Product Life Cycle Management [PLM] Market Size Analysis:
“According to SNS insider research, the Product Life Cycle Management [PLM] Market size was valued at USD 29.46 Billion in 2023. It is expected to reach USD 65.58 Billion by 2032, significantly growing at a CAGR of 9.3% over the forecast period of 2024-2032.”
Market Overview
The Product Lifecycle Management (PLM) software market growth driven by a set of transformative factors. Smart manufacturing and connected products are becoming increasingly popular as businesses move towards Industry 4.0 This shift is driving the adoption of next-generation PLM solutions that accommodate the intricacies and challenges inherent to today´s product lifecycles. Further, the adoption of cloud PLM solutions with improved IT security and adaptability is one of the other key factors driving market growth. Cloud computing changes the landscape when it comes to lifecycle management with scalable and inexpensive solutions that help streamline operations.
The PLM market is seeing significant progress, especially with the integration of emerging technologies. This collaboration between IoT and PLM combine a wider range of functionalities with greater visibility for real-time performance service management, as well as in establishing improved quality control. Additive Manufacturing and Augmented Reality (AR) are also increasing a need for PLM solutions. Major players like PTC Inc., Siemens, etc. have had a vested interest in investing in robotics and AI/ML tech to expand into new SaaS-centric PLMs opportunities. In 2023, PTC made an even larger push to strengthen PLM capabilities with its acquisition of Pure-Systems for roughly USD 300 million. New ELM 7.0 with Live Engineering Data Introduced by Siemens Including advanced technologies designed to give real-time access and insights into engineering data. Moreover, the growing adoption of Internet-of-Things (IoT) is also expected to fuel market growth over the forecast period as well as various advancements and new product launches being introduced in PLM solutions including blockchain.
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Key Players Listed in this Report are:
- Dassault Systèmes
- Siemens AG
- Hewlett-Packard Company
- Aras Corporation
- Arena Solutions, Inc.
- ANSYS Inc.
- SAP SE
- Oracle Corporation
- AUTODESK, INC.
- PTC Inc.
- Synopsys Inc.
- BigLever Software Inc.
- Other Players
Product Life Cycle Management [PLM] Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 29.46 Bn |
| Market Size by 2032 | US$ 65.58 Bn |
| CAGR | CAGR of 9.3% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2023 |
| 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 Growth Drivers | • Increasing use of integrated IoT solutions in PLM systems. • Smart factories and networked gadgets are evolving. |
Recent Developments
In February 2023, Bricsys, a division of Hexagon specializing in design and collaboration solutions, partnered with MechWorks, a part of ITI Technegroup, to develop an integration between BricsCAD and Siemens' Teamcenter software. This collaboration aims to enhance the design workflow and simplify product development by providing BricsCAD users with advanced features that boost productivity and efficiency.
In February 2023, Siemens and IBM partnership to accelerate sustainable product development & operations Together, their collaboration will create a novel software platform that combines systems engineering with asset management to support traceability and sustainability across the entire product lifecycle.
In September 2023, the ALDI SOUTH group announced that Centric Software® teamed up with them to digitally revolutionize their business. The new collaboration will be designed to strengthen global synergy in data-driven decision making, using Centric Software's capabilities to accelerate growth and streamline operations across a wide range of product-related processes.
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In 2023, the automotive and transportation segment dominated market and accounted for about 23% of the revenue share.
The dominance can be attributed to the industry's increasing dependanece on digital manufacturing and incorporation of advanced technologies more commonly Internet-of-Things (IoT) in production of smart vehicles. PLM is the software technology required for managing complex automotive designs, optimizing production processes and complying with stringent regulations. For example, PLM software manages all vehicle components from design to assembly thus avoiding errors and reducing product damage. In addition, the expansion of this segment can be attributed to efficient management required for substantial product data and lifecycle information in order to comply with automotive performanceand timely delivery. All these emphasize on improving productivity, and thus for higher quality of the product which enables to serve all types in range automotive and transportation as key contributor to PLM market.
Product Life Cycle Management [PLM] Market Key Segmentation:
By Component
- Software
- Portfolio Management
- Design & Engineering Management
- Quality & Compliance Management
- Simulation, Testing, & Change Management
- Manufacturing Operations Management
- Others
- Services
- Consulting
- Integration & Deployment
- Support & Maintenance
- Quality Assurance
By Deployment
- On-premise
- Software-as-a-Service
By End-use
- Aerospace & Defence
- Automotive & Transportation
- Healthcare
- IT & Telecom
- Industrial Equipment & Heavy Machinery
- Retail
- Semiconductor & Electronics
- Others
North America was the dominant region in 2023, accounting for more than 34% share of Product Life Cycle Management (PLM) market.
This dominance is driven by its strong financial base that allows the companies therein to make substantial investments into IoT, additive manufacturing and augmented reality (AR). The large investment by the region in PLM training and support services increases productivity, improves development process. Texas-based U.S. company expanded its use of Windchill PLM from PTC to cover product development between states or even countries, as well some major companies. On the other hand, companies in states such as California and Michigan are making use of PLM solutions to create new manufacturing methods. The investments, significantly high level of technological development and adoption in North America make the region a leader in driving the growth and transformation of PLM market.
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Key Takeaways
- The growth of the Product Life Cycle Management (PLM) market is attributed to advancements in smart technology and cloud Integration.
- PLM solutions are increasingly adapting AI, ML and IoT tools in order to increase their functionality, which is propelling the market demand.
- Recent partnerships and collaborations, such as those between Bricsys and MechWorks, Siemens and IBM, and Centric Software with ALDI SOUTH, are shaping the future of PLM solutions.
- North America is the largest market for these systems, and Asia Pacific is expected to grow at a highest rate due to heavy industrialization in this regions supporting increased adoption of digital security & surveillance across all industries.
Table of Contents – Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Product Life Cycle Management Market Segmentation, by Component
8. Product Life Cycle Management Market Segmentation, by Deployment
9. Product Life Cycle Management Market Segmentation, by End Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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