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Product Lifecycle Management Market 2025 – Detail Analysis Focusing Regional Outlook & Growth Trends Forecast

Product Lifecycle Management Market

Product Lifecycle Management Market

North America holds a significant market share of the Product lifecycle management market due to the presence of improved IT infrastructure, high investments in the technology, and the presence of a large number of prominent players in the region. The Asia Pacific region is likely to show a significant market growth during the forecast timeline due to the increasing adoption of cloud-based solutions and improved IT infrastructure. The automotive, aerospace, and defense sectors are among the major sectors adopting PLM solutions in the region. Countries in the Asia Pacific region are focusing on reducing the cost of PLM adoption and implementing the technology in the cloud.

One of the biggest challenges in the industry is the cross-platform migration of data or version upgrades during the PLM implementation. The other factors such as inaccurate product information, internal and external process complexities, and economic uncertainty are hampering the Product lifecycle management market growth.

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Product lifecycle management market size is set to witness high CAGR to 2025. PLM software allows enterprises to automate the management of product-related data with increased visibility and control over the lifecycle of the product. To consolidate various applications for operational excellence, organizations make use of Service-Oriented Architecture (SOA) approach, which enables them to revisit their PLM roadmaps. The software suite helps in engineering change management, in managing products, bills of material, and provides a seamless omnichannel experience.

The emergence of smart factories providing low-cost solutions and adoption of Internet of Things (IoT) solutions is likely to contribute to the market growth over the forecast period. IoT spurs product innovations, resulting in more informed product insights and the advanced product development process. For instance, IBM’s Aras Innovator solution helps to manage the configuration of IoT products throughout their life cycle. Similarly, Infor’s PLM Solutions merged with the enterprise ERP System to provide a real-time data, reduce regulatory risks, and bring high-quality products to the Product lifecycle management market.

Some of the key players in the Product lifecycle management market are Siemens, Oracle, SAP, Infor, Infosys, HCL, Arena, Autodesk, PTC, Accenture, ANSYS, Salesforce, Dassault, Aras, and Wipro. The key companies are focusing on new product developments, strategic acquisitions, and partnerships to expand their presence in the market. For instance, in February 2018, Siemens acquired Sarokal Test Systems a provider of test solutions for electronic components. This acquisition will help in expanding its presence in the electronic design automation and integration circuit industry. Similarly, in July 2017, Boeing expanded its deployment of Dassault Systems products, which include 3D experience software across its aerospace and defense verticals to deepen its end-to-end digital collaboration, design, manufacturing planning, and shop floor execution capabilities throughout the enterprise.

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The software solutions are used in a diverse set of the end-use sectors such as pharmaceutical, retail, manufacturing, and food & beverages. Pharma-specific businesses incorporate PLM management technologies for efficient drug development, manufacturing, and commercialization. The solution also helps consumer packaged goods companies to reduce the project cycle time, increase the material usage, and deliver high-quality products.

What Information does this report contain?
• Historical data coverage: 2014 to 2018; Product Lifecycle Management Market Product Lifecycle Management Market Growth Projections: 2019 to 2025.
• Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
• 6-7 year performance forecasts: major segments covering applications, top products and geographies.
• Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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