LONDON, Feb. 01, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s Product Lifecycle Management (PLM) market report, the adoption of integrated Internet of Things (IoT) solutions and flexible scale-up or scale-down infrastructure backed by rising deployment of cloud-based solutions in the PLM system are expected to boost the market. Key players in this market are focused on integrated IoT applications in their PLM product portfolio. For instance, in October 2023, PTC announced the immediate availability of the new “ThingWorx” Digital Performance Management Solution (DPM), a first-of-its-kind offering that represents a significant advancement in a manufacturing company’s ability to drive efficiency. Thus, the rising adoption of integrated IoT solutions in PLM applications is contributing to the growth of the market in the forecast period.
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The global product lifecycle management (PLM) market size grew from $44.3 billion in 2020 to $49.5 billion in 2023 at a compound annual growth rate (CAGR) of 11.6%. The growth in the product lifecycle management (PLM) market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The product lifecycle management (PLM) market growth is expected to lead to $70.3 billion in 2025 at a CAGR of 9.2%.
The global product lifecycle management market is highly fragmented, with large number of small players in the market. The top ten competitors in the market made up to 14.4% of the total market in 2020. Major players in the market include Oracle Corporation, Siemens AG, PTC Inc., Dassault Systèmes SE and Autodesk, Inc.
Collaborative and co-innovation capabilities are increasing the demand within the PLM market. Many companies are cooperating for innovative capabilities in the PLM market. For example, in June 2023, Alstom, based in France, commissioned Dassault Systèmes and Accenture to develop a new cloud platform for PLM that is designed to increase the company’s competitiveness and support its growth. Accenture is a multi-national company operating in the product lifecycle management market, with Dassault Systemes operating PLM and based in France.
The global product lifecycle management market is segmented by component into software, services; by deployment into on-premise, on-cloud; by end-user into automotive and transportation, industrial machinery, electronics and semiconductors, retail, energy and utilities, aerospace and defense, pharmaceuticals, IT and telecom, others.
North America was the largest region as per the global Product Lifecycle Management (PLM) market outlook, accounting for 36.5% of the total market in 2020. It was followed by Western Europe, Asia Pacific, South America and then the other regions. Going forward, the fastest-growing regions in the PLM market will be North America and Western Europe where growth will be at CAGRs of 9.4% and 8.2% respectively. These will be followed by Asia Pacific and Middle East.
Product Lifecycle Management Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide product lifecycle management (PLM) market overviews, product lifecycle management (PLM) market analyze and forecast market size and growth for the whole market, product lifecycle management (PLM) market segments and geographies, product lifecycle management (PLM) market trends, product lifecycle management (PLM) market drivers, product lifecycle management (PLM) market restraints, product lifecycle management (PLM) market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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