Product Life Cycle Management (PLM) Market Outlook
According to the report by Expert Market Research (EMR), the global product life cycle management (PLM) market size reached a value of USD 32.66 billion in 2023. Aided by the increasing demand for efficient product development processes and the need for improved collaboration and data management across various sectors, the market is projected to further grow at a CAGR of 7.60% between 2024 and 2032 to reach a value of USD 63 billion by 2032.
Product life cycle management is a strategic approach that integrates people, processes, business systems, and information to manage the entire lifecycle of a product from its inception, through design and manufacture, to service and disposal. It enables organisations to streamline operations, reduce costs, and improve product quality and time-to-market. The increasing complexity of products and the need for collaboration across global supply chains are driving the adoption of product life cycle management solutions.
As per the product life cycle management (PLM) market analysis, the ongoing digital transformation in various sectors is driving the adoption of advanced software for better management. Companies are leveraging digital technologies to enhance their product development processes and to integrate digital twins, which are virtual replicas of physical products, into their product life cycle management systems.
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Moreover, the increasing complexity of products, especially in sectors like automotive, aerospace, and electronics, necessitates the use of product life cycle management solutions to manage and coordinate the product development process effectively.
Moreover, the globalisation of supply chains and the need for collaboration among different stakeholders, including suppliers, manufacturers, and customers, are also driving the product life cycle management (PLM) market demand. Furthermore, stringent regulations and standards across different sectors are pushing companies to adopt these solutions to ensure compliance with quality and safety requirements throughout the product lifecycle.
The growing emphasis on sustainability and the need to develop eco-friendly products are driving the adoption of product life cycle management solutions that support sustainable design and manufacturing practices. Furthermore, the market is highly competitive, with several key players dominating the market. These companies are continuously innovating and expanding their product offerings to meet the evolving needs of various sectors, consequently driving up the global product life cycle management (PLM) market share.
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Product Life Cycle Management (PLM) Market Segmentation
The market can be divided based on the component, deployment, organisation size, end use, and region.
Market Breakup by Component
- Software
- Services
- Consulting
- Deployment and Integration
- Support and Maintenance
- Managed Services
Market Breakup by Deployment
- On-Premises
- Cloud
Market Breakup by Organisation Size
- Small and Medium-Sized Enterprises
- Large Enterprises
Market Breakup by End Use
- Aerospace and Defence
- Automotive and Transportation
- Healthcare
- IT and Telecom
- Industrial Equipment and Heavy Machinery
- Retail
- Semiconductor and Electronics
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global product life cycle management (PLM) market. Some of the major players explored in the report by Expert Market Research are as follows:
- Aras Corporation
- PTC Inc.
- Oracle Corporation
- Siemens Aktiengesellschaft
- SAP SE
- Others
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