The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Current Market Landscape and Growth Trajectory

• Steady growth observed: Market size to rise from $22.06 billion in 2023 to $23.7 billion in 2024.
• Compound annual growth rate (CAGR) of 7.5% attributed to:
  • Globalization and distributed manufacturing.
  • Increased product complexity.
  • Regulatory compliance and quality assurance standards.
  • Acceleration of innovation cycles.
  • Cost reduction and efficiency improvement initiatives.

Future Projections and Emerging Trends

• Strong growth anticipated, with market size reaching $32.22 billion in 2028.
• CAGR of 8.0% in the forecast period.
• Growth drivers include:
  • Digital transformation and Industry 4.0 initiatives.
  • Focus on sustainability and environmental impact.
  • Advanced simulation and virtual prototyping capabilities.
  • Collaboration across the extended manufacturing ecosystem.
• Major trends include:
  • Integrated product development strategies.
  • Integration of Internet of Things (IoT) technologies.
  • Advanced analytics and simulation tools.
  • Adoption of additive manufacturing (3D printing) techniques.

Adoption of Smart Factories and Manufacturing Fuels Market Growth

• Surge in smart factories and smart manufacturing adoption driving PLM market growth.
• Smart factories leverage digitized manufacturing processes for enhanced decision-making.
• Increased adoption rates observed: 2 out of every 3 manufacturers utilizing smart manufacturing components.
• Market leaders include Siemens AG, Plex Systems Inc, and Autodesk Inc.

Strategic Collaborations Drive Growth and Innovation

• Strategic collaborations emerge as a key trend in the PLM market.
• Companies seek partnerships to strengthen market position and foster innovation.
• Example: Siemens AG partnered with SAP SE to deliver new solutions for service and asset lifecycle management.
• PTC Inc. acquisition of Arena Solutions expands market presence and offers comprehensive PLM solutions.

Market Segmentation and Regional Dynamics

• Segmentation by component, enterprise size, deployment model, and industry vertical.
  • Components: Software, Services.
  • Enterprise size: Large Enterprises, Small and Medium Enterprises.
  • Deployment model: On-Premise, Cloud.
  • Industry verticals: Automotive and Transportation, Industrial Machinery and Heavy Equipment, High-Tech and Consumer Electronics, Aerospace and Defense, Others.
• North America leads the market in 2023, with Asia-Pacific expected to witness the fastest growth.

View More On The PLM in Discrete Manufacturing Market Report 2024 – https://www.thebusinessresearchcompany.com/report/plm-in-discrete-manufacturing-global-market-report

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The PLM in Discrete Manufacturing Global Market Report 2024  provides comprehensive insights on the PLM in discrete manufacturing market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the PLM in discrete manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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