Product Lifecycle Management Market:
Growth opportunities in the product lifecycle management market look promising over the next six years. This is mainly due to the integration of advanced technologies such as IoT, artificial intelligence, improved product safety, and rising digital transformation trends.
Product Lifecycle Management Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging inclination towards digital technologies, along with the incorporation of artificial intelligence, IoT, big data analytics, and machine learning in the manufacturing, healthcare, retail, transportation, and energy & utility sector, are the drivers anticipated to stimulate the growth of the product lifecycle management market. Additionally, the software assists the corporations to launch new products, enhance product safety, decrease errors and waste, track and exchange data along the product value chain, amplify supply chain collaborations, and rise in sales opportunities which are strengthening the product lifecycle management market size. Moreover, the augmenting demand for better product quality, develop complicated smart products, and decreasing the sales time of the competitive production market will promote market growth. However, high excessive cost and complications concerning the development of software and IT infrastructure, along with the lack of awareness among small and medium scale organizations regarding the advantages of services and software, further obstruct market growth.
Component Segment Drivers
Based on the component, the software is projected to expand at a higher CAGR over the forecast period. This is primarily attributed to the growing usage of Simulation and Analysis (S&A), collaborative Product Definition Management (cPDm), and Mechanical Computer-Aided-Design (MCAD), to manage complex, smart, and connected product development processes across an organization.
End-User Segment Drivers
Based on the end-user, the automotive industry is predicted to witness a faster CAGR over the forecast period. This is because of the evolution of the latest intelligent transport systems and the swift acquisition of electric vehicles. Moreover, the International Energy Agency (IEA), in 2019, reported that electric cars exhibited 2.1 million sales globally with a 40% year-on-year increase and 2.6% of total sales.
Regional Drivers
Based on regional coverage, North America is expected to grow at a higher CAGR during the forecast period. This is due to the prevalence of leading players such as IBM and Oracle Corporation engaged in research and development of PLM solutions. Additionally, the accelerating adoption of IoT in the manufacturing of smart vehicles is driving market growth.
Product Lifecycle Management Market’s leading Manufacturers:
- PTC, Inc.
- Oracle Corporation
- Siemens AG
- Microsoft Corporation
- Autodesk Inc.
- HP Development Company, L.P.
- International Business Machines Corporation
- Atos SE
- Dassault Systemes SE
- SAP SE
Product Lifecycle Management Market Segmentation:
Segmentation by Component
- Software
- Collaborative Product Definition Management (cPDm) Software
- Mechanical Computer Aided-Design Software (MCAD)
- Simulation and Analysis (S&A) Software
- Digital Manufacturing (DM) Software
- Services
Segmentation by Deployment Mode
- On-Premise
- Cloud
Segmentation by End-User
- Automotive
- Industrial Machinery and Heavy Equipment
- Aerospace and Defence
- Semiconductor and Electronics
- Energy and Utilities
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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