Product Lifecycle Management Market 2023-2032 Key Players, Detailed Analysis and Growth Strategies

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Product Lifecycle Management Global Market Report 2023 identifies The growing adoption of product lifecycle management (PLM) from end-use industries as the major driver for the Product Lifecycle Management market's growth in the forecast period. Product lifecycle management (PLM) software is being used by end-use sectors to increase transparency in supply chains & manufacturing processes and speed the development of innovative goods. For instance, in June 2021, an Ireland-based company that provided professional services agreed with DI Square, a Japan-based IT company specialized in data analytics software acquired the firm's consulting capabilities for product lifecycle management (PLM) and application lifecycle management (ALM) systems integration. The acquisition of DI Square will increase engineering expertise for the automotive and other manufacturing clients in Japan and other markets.

The global product lifecycle management market size grew from $35.37 billion in 2022 to $37.94 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The product lifecycle management market size is expected to grow to $51.38 billion in 2027 at a CAGR of 7.9%.

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Major competitors in the Product Lifecycle Management market are ANSYS Inc., Oracle Corporation, SAP SE, Autodesk Inc., Siemens AG, PTC Inc., Dassault Systèmes SE.

A key trend in the Product Lifecycle Management market includes Augmented Reality (AR) and Virtual Reality (VR). Major companies operating in the product lifecycle management (PLM) sector are focused on integrating new technology such as augmented reality (AR) and virtual reality (VR) to strengthen their position. For instance, in February 2021, Siemens had launched AssistAR 3.0, AssistAR supports assembly, inspection, and maintenance procedures with a new generation of accurate and robust augmented reality (AR) technologies. AssistAR connects to the company's product lifecycle management (PLM) system and uses regular PCs and displays to guide company operators through complex operations without the use of glasses or a headset.

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The Product Lifecycle Management market is segmented -
1) By Component: Software, Services
2) By Deployment: On-Premise, On-Cloud
3) By End-User: Automotive And Transportation, Industrial Machinery, Electronics And Semiconductors, Retail, Energy And Utilities, Aerospace And Defense, Pharmaceuticals, IT And Telecomm, Other End Users

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Product Lifecycle Management market.

The Business Research Company's "Global Product Lifecycle Management Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Product Lifecycle Management Market Include:
1. Product Lifecycle Management Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
……
21. Key Mergers And Acquisitions In The Product Lifecycle Management Market
22. Product Lifecycle Management Market Opportunities And Strategies
23. Product Life Cycle Management Market, Conclusions And Recommendations
30. Appendix

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