Major players in the product lifecycle management market are ANSYS Inc., Accenture, Oracle Corporation, SAP SE, Autodesk Inc., Siemens AG, PTC Inc., Dassault Systèmes SE, Aras Corporation, IBM, and Atos.
The global product lifecycle management market is expected to grow from $33.03 billion in 2021 to $35.69 billion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $49.33 billion in 2026 at a CAGR of 8.4%.
The product lifecycle management (PLM) market consists of sales of product lifecycle management software and services by entities (organizations, sole traders, and partnerships) that are engaged in providing a better strategic process for managing the complete journey of a product from initial ideation, development, service, and disposal.PLM refers to managing every step of the process involved with a product from raw material to finished product.
The PLM process is inclusive of the manufacturing and marketing of the goods. From pricing and advertising to expansion or cost-cutting, the concept of product life cycle assists organizations in making smart business decisions.
The main components of the product lifecycle management market include software and services.PLM software enables businesses to strategically collaborate with partners and customers using trusted, up-to-date product information.
PLM can be deployed either on-premise or on-cloud. The end-users of PLM include the automotive and transportation industry, industrial machinery, electronics and semiconductors, retail, energy and utilities, aerospace and defense, pharmaceuticals, IT and telecom, and others.
North America was the largest region in the product lifecycle management market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing adoption of product lifecycle management (PLM) from end-use industries is expected to propel market growth in the coming years.PLM has the potential to offer improved supply chain accuracy, enhanced regulatory compliance, lower lead times, and an increase in sales growth.
Product lifecycle management (PLM) software is being used by end-use sectors to increase transparency in supply chains & manufacturing processes and speed the development of innovative goods.For instance, in June 2021, Accenture, an Ireland-based company that provided professional services agreed with DI Square, a Japan-based IT company specialized in data analytics software acquired the firm’s consulting capabilities for product lifecycle management (PLM) and application lifecycle management (ALM) systems integration.
The acquisition of DI Square will increase Accenture’s engineering expertise for the automotive and other manufacturing clients in Japan and other markets.
Augmented Reality (AR) and Virtual Reality (VR) are increasing the demand for the product lifecycle management (PLM) market.Major companies operating in the product lifecycle management (PLM) sector are focused on integrating new technology such as augmented reality (AR) and virtual reality (VR) to strengthen their position.
For instance, in February 2021, Siemens had launched AssistAR 3.0, AssistAR supports assembly, inspection, and maintenance procedures with a new generation of accurate and robust augmented reality (AR) technologies. AssistAR connects to the company’s product lifecycle management (PLM) system and uses regular PCs and displays to guide company operators through complex operations without the use of glasses or a headset.
In May 2020, Accenture, an Ireland-based company that specializes in providing consulting and professional services acquired PLM systems for an undisclosed amount.The acquisition of PLM Systems would enable Accenture to advance in the digitization of engineering services, Accenture intends to combine their capabilities, methodology, technology, and solutions for PLM Systems.
This acquisition is in line with Accenture’s expansion plans towards improving their industrial product development process and providing more efficient and sustainable solutions to their clients. PLM systems is an Italian company that specializes in the design and development of information systems for product lifecycle management.
The countries covered in the product lifecycle management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Our reports have been used by over 10K customers, including:
Clinical Decision Support Systems Market Size, Share & Trends Analysis Report By Product (Standalone CDSS, Integrated EHR with CDSS), By Application, By Delivery Mode, By Component, By Region, And Segment Forecasts, 2022 - 2030 Clinical Decision Support Systems Market Growth & Trends The...
269 pages •
By The Business Research Company
• Jun 2022
Product Lifecycle Management Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change provides the strategists; marketers and senior management with the critical information they need to assess the global product lifecycle management market as it emerges from the COVID 19 shut down. Description: Where...
The Global Accounting Software Market size is expected to reach $45.3 billion by 2028, rising at a market growth of 19.6% CAGR during the forecast period. Accounting software is a computer program that helps bookkeepers and accountants, record and reports financial transactions for a company. Larger companies may opt for a bespoke system...
This IDC Perspective looks at the human resources role as it relates to the employee, and how the modern employee expects more from its place of employment now and well into the future. The endemic world is hopefully upon us. Employees are finding new work lifestyles from remote to hybrid to onsite, and they are also finding new avenues for...
The India Product Lifecycle Management (PLM) Market was valued at USD 291.7 million in 2021 and is expected to reach USD 549.1 million by 2027, registering a CAGR of 11.48% during the forecast period, 2022-2027. Key Highlights PLM unites all the partners involved in the value chain to manage and develop products...
This IDC Market Share study reviews vendor shares for the enterprise applications market in Turkey. "Are you ready to compete in the digital economy? Digital transformation sits at the center of all modern organizational strategies. As Turkish organizations focus on their pursuit of digital transformation, their software needs are changing...
120 pages •
By Infiniti Research Limited
• May 2022
Global Medical Decision Support Systems Market 2022-2026 The analyst has been monitoring the medical decision support systems market and it is poised to grow by $ 765.77 mn during 2022-2026, accelerating at a CAGR of 9.18% during the forecast period. Our report on the medical decision support systems market provides a holistic...
The global cyber warfare market reached a value of US$ 43.61 Billion in 2021. Looking forward, the analyst expects the market to reach a value of US$ 112.09 Billion by 2027, exhibiting a CAGR of 15.80% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect...
This IDC study discusses the drivers and dynamics that had an impact on the global environmental, social, and governance (ESG) risk management software market in 2021 and provides insight into future trends that may influence market demand over the 2022-2026 period."Enterprise perceptions of ESG are shifting from a reporting to a risk focus,...
This IDC study discusses the worldwide market shares of the leading vendors in the environmental, social, and governance (ESG) risk management software market for 2021."ESG reporting is still in its infancy -- the market lacks standardization around frameworks, companies are struggling to understand emerging requirements, and management solutions...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.