Product Lifecycle Management (PLM) Software Market Share, Size, Growth Drivers, Trends, and Report 2023-2028

The latest research study "Product Lifecycle Management (PLM) Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global product lifecycle management (PLM) software market size reached US$ 24.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.2 Billion by 2028, exhibiting a growth rate (CAGR) of 7.10% during 2023-2028.

Product lifecycle management (PLM) software represents the process of managing the entire lifecycle of a product from initial conception to its development, service, and disposal. It relies on enterprise applications (EA), including enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM), etc. PLM aids leading manufacturers in gathering ideas from customers, engineers, scientists, etc., and converting them into products and services. It helps in streamlining the flow of information across the supply chain. Consequently, product lifecycle management software finds extensive applications in several industries, such as electronics, aerospace, automotive, etc.

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Product Lifecycle Management (PLM) Software Market Trends and Drivers:

The inflating digitalization levels and automation in numerous industry verticals are among the key factors stimulating the product lifecycle management (PLM) software market. Moreover, the rising utilization of this process in modern manufacturing companies to enhance collaborations and decrease inefficiency by precise and prompt use of information is acting as another significant growth-inducing factor. Besides this, the widespread adoption of PLM software that assists businesses in elevating revenues by reducing time-to-market (TTM) for new products and providing service to existing products is positively influencing the global market. Furthermore, it is utilized for addressing challenges, creating a competitive advantage against other businesses, minimizing the total cost of ownership (TCO), etc., which is also propelling the market growth. Apart from this, the growing integration of product lifecycle management software with real-time data using advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), etc., is further bolstering the global market. Additionally, the expanding small and medium enterprises (SMEs) and extensive R&D activities are anticipated to fuel the product lifecycle management (PLM) software market over the forecasted period.

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Product Lifecycle Management (PLM) Software Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• ANSYS Inc.
• Aras Corporation
• Autodesk Inc.
• Coats Digital
• Dassault Systèmes SE (Dassault Group)
• Infor (Koch Industries Inc.)
• Oracle Corporation
• PROCAD GmbH & Co. KG
• Ptc Inc.
• Pulse Technology Systems Ltd.
• SAP SE and Siemens Aktiengesellschaft.

The report has segmented the market on the basis of end use industry.

Breakup by Software Type:

• Portfolio Management
• Design and Engineering Management
• Quality and Compliance Management
• Simulation, Testing and Change Management
• Manufacturing Operations Management
• Others

Breakup by Deployment Type:

• On-premises
• Cloud-based

Breakup by End User:

• Aerospace and Defense
• Automotive and Transportation
• Healthcare
• IT and Telecom
• Industrial Equipment and Heavy Machinery
• Retail
• Semiconductor and Electronics
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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