Global Product Lifecycle Management Market Size, Forecasts, And Opportunities
Learn about the global product lifecycle management market through The Business Research Company, which provides information on product lifecycle management market size, product lifecycle management market drivers and restraints, product lifecycle management market players, the COVID-19 impact on the product lifecycle management market, and more.
The global product lifecycle management market is expected to grow from $44.38 billion in 2020 to $49.52 billion in 2021 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 PLM market is expected to reach $70.37 billion in 2025 at a CAGR of 9.2%.
The growing adoption of product lifecycle management (PLM) from end-use industries is expected to drive product lifecycle management manufacturing, thus driving the market during the forecast period.
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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.
Global product lifecycle management market segments include:
By Component: Software, Services
By Deployment: On-Premise, On-Cloud
By End-User: Automotive And Transportation, Industrial Machinery, Electronics And Semiconductors, Retail, Energy And Utilities, Aerospace And Defense, Pharmaceuticals, IT And Telecomm, Others
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the product lifecycle management market in 2020.
Augmented Reality (AR) and Virtual Reality (VR) are increasing the demand for the product lifecycle management (PLM) market. Major companies operating in the PLM sector are focused on integrating new technology such as augmented reality and virtual reality to strengthen their position.
TBRC’s product lifecycle management market report covers:
Major Market Players: ANSYS Inc., Accenture, Oracle Corporation, SAP SE, Autodesk Inc., Siemens AG, PTC Inc., Dassault Systèmes SE, Aras Corporation, IBM, and Atos
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Product Lifecycle Management Global Market Report 2021: COVID-19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provides product lifecycle management market overviews, analyzes and forecasts market size, share, product lifecycle management market players, product lifecycle management market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s product lifecycle management market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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