Product Lifecycle Management Market
The Product Lifecycle Management Market is anticipated to grow at a remarkable CAGR during the forecast period (2021-2028).
The factors driving the growth of Product Lifecycle Management Market includes increasing focus on remote-working models, rising number of smart factories and connected devices and growing demand for product innovation platforms. According to the report published by Bloomberg, the Global Smart Factory Market size is anticipated to grow from USD 152,243.88 million in 2019 to reach USD 267,421.67 million by the end of 2025, while exhibiting a CAGR of 9.84%, , which is expected to boost the Product Lifecycle Management Market size in the approaching years. Moreover, the increasing application of Product Lifecycle Management in the end-use industries such as Aerospace and Defense, Automotive and Construction along with integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) and machine learning, are some of the additional factors augmenting the market growth.
However, the growth of Product Lifecycle Management Market is hindered due to lack of awareness among small and medium scale enterprises about Product lifestyle Management software.
The major players operating in the market are International Business Machines Corporation, Oracle Corporation, SAP SE, Autodesk Inc., Dassault Systemes SE, HP Development Company, L.P., PTC, Inc., Microsoft Corporation, Atos SE, and Siemens AG among others.
Deployment Mode – Segment Analysis
Based on the deployment mode, the cloud segment is projected to grow at a robust CAGR during the forecast period attributed to increasing application of cloud-based Product Lifestyle Management (PLM) based solutions by SMEs.
End-User – Segment Analysis
Based on end-user, the automotive industry is predicted to expand at faster CAGR over thee forecast period due to increasing sales of electric vehicles and growing adoption of intelligent transportation systems.
Regional – Segment Analysis
Based on region, the North American region is anticipated to capture sizeable market share during the forecast period. The presence of the leading players such as IBM Corporation and Oracle Corporation, increasing production of smart vehicles, growing investments in advanced solutions such as 5G Technology, strong smartphone penetration and high disposable incomes, are some of the important factors propelling the market growth in North America.
Market Segmentation
Global Product Lifecycle Management Market 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
Global Product Lifecycle Management Market by Deployment Mode
On-Premise
Cloud
Global Product Lifecycle Management Market 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
Global Product Lifecycle Management Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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