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Product Lifecycle Management or PLM refers to an information technology for managing a product’s data and related processes from its ideation stage to disposal. PLM software helps designers, engineers and other stakeholders integrate product data, applications and processes to facilitate collaboration and manage changes efficiently throughout a product’s development. With growing product complexity and shorter development cycles, PLM has become crucial for streamlining product innovation and boosting productivity.
The global product lifecycle management market is estimated to be valued at US$ 27,321 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing need for seamless product development cycles has been a key driver augmenting the demand for PLM solutions. With customers expecting quicker launches of sophisticated products, businesses require integrated software to optimize collaboration between cross-functional teams. PLM aids in resolving engineering changes, ensuring regulatory compliance and facilitating effective production planning. Its ability to capture and reuse best practices also helps minimize design flaws and costs. As product portfolios expand across industries, PLM adoption will continue surging to streamline innovation processes.
SWOT Analysis
Strength: Product lifecycle management platforms provide businesses with centralized systems to digitally manage their products across various stages from design, engineering and manufacturing to service and end-of-life. This helps in streamlining processes and reducing costs.
Weakness: High initial costs for implementation and maintenance of complex PLM systems. Also, extensive training requirements for users to learn the various modules can hamper productivity initially.
Opportunity: Growth of cloud computing and IoT is enabling more online collaboration and connectivity across the value chain. This is creating opportunities for PLM vendors to develop cloud-based and mobile-friendly solutions.
Threats: Growing adoption of open-source PLM alternatives and custom-built in-house systems poses a threat to major commercial PLM vendors. Rising regulatory compliance requirements also increases maintenance costs.
Key players: Key players operating in the Product Lifecycle Management market are Dassault Systems, Hewlett-Packard Company, PTC, Inc., Atos SE, Siemens AG, Accenture plc, Autodesk, Inc., IBM Corporation, SAP SE, and Aras Corporation. Dassault Systems and PTC capture over 50% of the global market share currently. These leaders are focused on expanding into new verticals and geographies through acquisitions and partnerships.
Regional analysis: North America dominates the global PLM market currently owing to rapid technology adoption by manufacturing industries in the region. However, Asia Pacific is expected to exhibit fastest growth during the forecast period with China and India emerging as high potential markets. Growing manufacturing sectors and government initiatives to drive digitalization are fueling demand across Asia.
Key Takeaways
The global product lifecycle management market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 27,321 Mn in 2023 and is anticipated to grow at a CAGR of 8.9% during the forecast period.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
