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Product Life Cycle Management Market Overview
The Product Life Cycle Management Market size is projected to grow from USD 48.14 Billion in 2024 to USD 78.33 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.27% during the forecast period (2024 - 2032). Additionally, the product life cycle management Market Size was valued at USD 44.91 Billion in 2023.
The main factors boosting global growth are the growing emphasis on developing smart goods and factories and the rising need for cloud-based product lifecycle management (PLM) solutions for secure IT infrastructure.
Figure 1: Product Life Cycle Management Market Size, 2022-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Product Life Cycle Management Market Trends
Growing use of IoT is driving the market growth
Market CAGR for product life cycle management is being driven by the rising use of IoT. Adopting integrated Internet of Things (IoT) solutions and flexible scale-up or scale-down infrastructure, supported by increasing cloud-based solution deployment in the PLM system, is likely to drive the market. Key market participants focus on integrating IoT applications into their PLM product offerings. PTC, for example, successfully combined product life cycle capabilities with its "ThingWorx" IoT technology in January 2019 to aid manufacturers in connecting their product operating data directly to the PLM platform. Other predicted driving factors include innovation in fundamental technologies such as blockchain, AI, and machine learning. Product lifecycle management methodically manages information across the product's complete lifespan in real-time. Typically, the information contains manufacturing and product design, development, and delivery process. Product lifecycle procedures always evolve as factors such as functionality, time, price, and performance change.
Consequently, product innovation is more adaptable to meet new market demands, which have become increasingly crucial due to these constantly shifting circumstances. These product lifecycle management systems can assist in achieving low operational costs and time efficiency while fostering business operations innovation. These advantages are projected to have a beneficial influence on market growth. The growing need for product lifecycle management solutions in small and medium-sized businesses across several industrial verticals to reduce manufacturing costs drives market expansion. Companies must discover investing strategies to maximize their profit potential throughout their life cycle.
However, worries about data security and other constraints, such as integration and implementation costs, are projected to limit market development throughout the projection period. During the projection period, technological advancements such as additive manufacturing and engineering and AR are expected to boost the market. These technologies will likely drive organizations to enhance existing PLM systems with new capabilities, hence increasing demand.Thus, driving the Product Life Cycle Management market revenue.
Product Life Cycle Management Market Segment Insights
Product Life Cycle Management Component Insights
The global Product Life Cycle Management market segmentation, based on components, includes application/software and services. The application/software segment dominated the market, accounting for 35% of market revenue. Product life cycle management software enables a corporation to handle information efficiently and cost-effectively throughout the lifespan of a product. It comprises processes such as product design, manufacturing, and disposal across various applications such as retail, IT & telecom, and automotive. Furthermore, the foundation of product lifecycle management is the pursuit of lean and collaborative product development methodologies such as business strategy, work process, and collection of software applications.
Product Life Cycle Management Deployment Mode Insights
The global Product Life Cycle Management market segmentation, based on deployment mode on-premise and on-cloud. The on-cloud segment dominated the market, accounting for 65% of market revenue. Cloud deployment has emerged as the most popular method for deploying PLM and is projected to continue its dominance during the projection period. Cloud-based product lifecycle management solutions assist businesses in eliminating significant deployment, upgrade, and customization difficulties.
Figure 2: Product Life Cycle Management Market, by Deployment Mode, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Product Life Cycle Management End user Insights
Based on end users, the global Product Life Cycle Management market segmentation includes automotive and transportation, industrial machinery, retail, and energy. The automotive and transportation category generated the most income. The growing usage of digital manufacturing and the increasing integration of IoT in the production of smart vehicles are the major trends projected to fuel market expansion in the automotive industry. Siemens PLM software, for example, provides a comprehensive set of smart car solutions for all important technical disciplines, from chip design to full vehicle certification.
Product Life Cycle Management Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Product Life Cycle Management market area will dominate this market; because of the region's solid financial position, it can spend substantially on innovative solutions such as IoT, linked industries, communications technologies (5G, LTE), additive manufacturing, and augmented reality, giving it a competitive advantage in the market.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Japan, India, Spain, China, Australia, South Korea, and Brazil.
Figure 3: PRODUCT LIFE CYCLE MANAGEMENT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe has the second-largest market share for Product Life Cycle Management software, owing to the increasing adoption of digital technologies such as IoT, cutting-edge technologies, and industry 4.0 in various industries such as oil and gas, food and beverages, and others. Furthermore, the German Product Life Cycle Management market dominated, while the UK Product Life Cycle Management market was the fastest expanding in the European area.
From 2023 to 2032, the Asia-Pacific Product Life Cycle Management Market is predicted to develop at the quickest CAGR. As part of their growth strategies, several large enterprises in diverse industries, such as electronics, automotive, and telecommunications, are focusing on transforming the ways they conduct their engineering and product development functions and aggressively deploying product lifecycle management tools. Furthermore, China's Product Life Cycle Management market had the greatest market share, while India's Product Life Cycle Management market was the Asia-Pacific region's fastest expanding.
Product Life Cycle Management Key Market Players & Competitive Insights
Leading market companies are extensively spending R&D on increasing their product lines, which will help the Product Life Cycle Management market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Product Life Cycle Management industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.
Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Product Life Cycle Management industry to serve clients and expand the market sector. The Product Life Cycle Management industry has provided some of the most important benefits recently. Major players in the Product Life Cycle Management market, including Dassault Systèmes (France), Autodesk, Inc. (the U.S.), PTC (the U.S.), Siemens PLM Software., and others, are attempting to increase market demand by investing in research and development operations.
Centric Software is the creator of the Centric PLM Product Lifecycle Management (PLM) platform, which is paving the way for brands, manufacturers, and retailers across all areas of the consumer products industry. Centric Software, headquartered in Silicon Valley, has broken the mold by developing cutting-edge digital solutions to meet the demands of every market player, large and small, and supports their objective to generate high-quality, sustainable goods that are on time and trend. Centric PLM develops enterprise-class breakthroughs in merchandise planning, product development, sourcing, quality, and product portfolio optimization for fast-moving consumer sectors. Centric PLM automates the whole product development process, from concept to sale. In July 2021, Centric Software has released "Centric 8 PLM, version 7.3" of their product lifecycle management (PLM) system. Centric 8 PLM is designed with sophisticated features to meet end-users needs in consumer goods, food and beverage, personal care and housekeeping, cosmetics, and others.
InnovMetric's history is one of technological innovations and a passion for 3D measurement; as a talented software development firm based in Quebec City, Canada, it leverages key partnerships with industrial manufacturing behemoths to become a multinational with a direct presence in 17 countries. They pioneered point-cloud-based inspection, established a global 3D metrology software platform, and introduced the most user-friendly CMM sequencing procedure ever designed in our first 25 years in business. They are heavily investing in developing next-generation digital data and process management systems that will integrate 3D measurement data into their company operations, considerably reducing time-to-market and fabrication costs. In April 2021, "PolyWorks Data Loop PLM Connectors" were introduced by InnovMetric. PLM connections were created to connect product lifecycle management systems to the PolyWorks smart 3D metrology digital network. These connectors are widely used in the industrial industry.
Key Companies in the Product Life Cycle Management market include
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Dassault Systèmes
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Autodesk, Inc.
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Siemens PLM Software
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Apparel magic
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Infor, Inc.
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Aras Corporation
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Arena Technologies
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Omnify software
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Infor Company
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Accenture PLC (the U.S.)
Product Life Cycle Management Industry Developments
May 2022: Ansys acquired OnScale to expand its cloud portfolio through technology. This acquisition will contribute to developing a cloud-native, web-based user interface (UI) enabling device-independent access.
April 2022: PTC and ITC Infotech have agreed to extend their 20-year cooperation by accelerating client digital transformation activities to use PTC's Windchill PLM software as a service (SaaS).ITC Infotech will buy a portion of PTC's PLM implementation services business, forming a new ITC Infotech business unit called DxP Services. This would bring together PLM professional services professionals from both firms.
Product Life Cycle Management Market Segmentation
Product Life Cycle Management Component Outlook
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Application/Software
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Services
Product Life Cycle Management Deployment Mode Outlook
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On-Premise
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On-Cloud
Product Life Cycle Management End-User Outlook
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Automotive and Transportation
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Industrial Machinery
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Retail
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Energy
Product Life Cycle Management Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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