Product Life Cycle Management Market Future Scope & Leading Companies | Hewlett-Packard Company, BigLever Software, PTC Inc., IBM Corporation, Siemens AG, Accenture PLC, Dassault Systems, and Autodesk

The overall Product Life Cycle Management Market is expected to grow from USD 16.76 Billion in 2018 to USD 26.73 Billion by 2026 at a CAGR of 6.3% during the forecast period. The increasing demand for innovative consumer products, backed by increasing disposable income is expected to enable growth in the global product lifecycle management market. Fortune Business Insights in a report, titled "Product Life Cycle Management Market Size, Share and Global Trend By Application (System Engineering (SE), Product Portfolio Management (PPM), Product Design Manufacturing Process Management (MPM)), By Component (Software & Services), By Industry Vertical (Healthcare, IT and Telecom, and others) and Geography Forecast till 2025" offers comprehensive insights into the market.

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According to the report, North America emerged dominant in the global market in 2017. Furthermore, the region is expected to progress at a promising CAGR through the course of the forecast period. Nations such as the U. S. and Canada are exhibiting high demand for electronic computer-aided design (ECAD) and mechanical computer-aided design (MCAD). This is expected to boost the North America product lifecycle management market. The Asia Pacific market is likely to witness impressive growth. The aerospace and defense sectors in the region are likely to offer lucrative growth opportunities, exhibiting a rise in the adoption of product lifecycle software. This would further fuel the demand in the global market.

List of the players operating in the global product lifecycle management market are:

BigLever Software
PTC Inc.
IBM Corporation
Siemens AG
Accenture PLC
Dassault Systems
Autodesk

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Furthermore, the market is expected to gain from the introduction of cloud-based product lifecycle management software. Besides this, the rising demand from India and China will bode well for the overall market. Besides this, in Latin America and the Middle East and Africa market, organizations are updating their product lifecycle management systems to integrate new cloud-based software. This in response will facilitate the adoption of cloud-based product lifecycle management software and enable growth in the market.

"Market Sees Impressive Growth Opportunities in Recent Developments"

PTC Inc. and BigLever Software merged in 2018 to offer product Data as a service solution. The solution is developed by integrating BigLever's PLE lifecycle framework and PTC's PLM solution. The system helps in decreasing the complexity and engineering challenges encountered in the development of a new product. Such developments are expected augur well for the global market.

On the contrary, the lack of skilled professional and high costs associated with product lifecycle management software are some factors that may restrain the global market.

"Market Players Adopt Innovative Strategies to Gain Competitive Advantage"

The global product lifecycle management market is likely to gain from the advent of the industrial internet of things. Therefore, as per Victoria's state government, the global IIoT industry is foreseen to expand between 20 and 40% every year. The industry is further expected to value USD 1 Bn by 2020. This is likely to enable growth in the global product lifecycle management market.

The global product lifecycle management market is expanding at a promising CAGR. The competition among the market players in increasing owing to the prevailing opportunities.

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