Product Lifecycle Management Market 2021 Boom at a CAGR of 8.1% | Market Trends, Business Growth, Business Statistics, Latest Technologies Research And Future Scope 2027

United States/WA: The global product lifecycle management market was valued at US$ 61.31 Bn in 2019 and is estimated to reach US$ 111.99 Bn by 2027 exhibiting a CAGR of 8.1% between 2020 and 2027.

Product Lifecycle Management (PLM) is a method for enhancing the lifecycle of a product or service. In a word, it's the process of finding, assessing, and developing strategies to extend a product's or service's life cycle. Product conception, design, manufacture, packaging, marketing, after-sales support, and consumer returns are all part of the life cycle With the introduction of modern technology, rising competition, and frequent changes in consumer demand, new approaches in PLM that are effective, timely, and cost-effective have become necessary The core of PLM development is a solid grasp of customers' lifecycle needs and business requirements.

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Competitive Analysis:

Major players operating in the global product lifecycle management market include, Dassault Systems, Hewlett-Packard Company, Centric Software, PTC, Inc., Atos SE, Siemens AG, Autodesk, Inc., IBM Corporation, SAP SE, and Aras Corporation.

Major players operating in the global product lifecycle management market are focused on launching new products to expand their product portfolio. For instance, in December 2020, Centric Software launched its flagship Product Lifecycle Management (PLM) solution, Centric 8 PLM version 7.2.

Market Dynamics

Increasing adoption of PLM is expected to propel growth of the global product lifecycle management market. For instance, in January 2021, T2T Solutions, a sustainable fashion provider, announced investment in a new Product Lifecycle Management solution for better control and visibility, and efficiency. Similarly, Erdos Group, a producer of cashmere, selected Centric Fashion PLM to establish a product-centred digital R&D collaboration platform and a unified digital asset management system.

Moreover, launch of AI/ML PLM platforms is also expected to aid in growth of the market. For instance, in January 2021, Health Works AI, a healthcare analytics organization, released Product Intel, an AI/ML platform for Medicare advantage bid design and product lifecycle management.

The global product lifecycle management market is witnessing several M&A activities. For instance, in November 2020, Aptean, a provider of mission-critical enterprise software solutions, signed a definitive agreement to acquire Lascom, a provider of product lifecycle management (PLM) solutions for the manufacturing sector.

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Global Product Lifecycle Management Market Segmentation:

By Component: (Software (On-premise (Cax, NC, S&A, AEC, CPDM, Digital Manufacturing, EDA, Others), Cloud Based (Cax, NC, S&A, AEC, CPDM, Digital Manufacturing, EDA, Others)), and Services (Consulting, Integration, and Operation and Maintenance))

By End-use: (Automotive and Transportation, Aerospace and Defense, Industrial Machinery and Heavy Equipment, Electronics and Semiconductor, Energy and Utilities, Consumer Products and Retail, Medical Devices and Pharmaceutical, IT and Telecom, and Others (Marine, Chemical))

Regional Classification:

Europe:

Italy
UK
Norway
France
Others

Asia Pacific:

India
China
Japan
Pakistan
South Korea
Others

Rest of World:

Turkey
Israel
Saudi Arabia
Brazil and Others

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