Press release
Product Lifecycle Management Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Product Lifecycle Management Market Analysis
The Business Research Company presents an extensive market research report on the Product Lifecycle Management Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The product lifecycle management market size has grown strongly in recent years. It will grow from $37.15 billion in 2023 to $39.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to growing demand for cloud-based product lifecycle management solutions, emerging markets growth, increased internet penetration, demographic shift, product innovation platforms and rising penetration of e-commerce.
The product lifecycle management market size is expected to see strong growth in the next few years. It will grow to $53.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growth in the forecast period resulted from the growing adoption of product lifecycle management (plm) by end-use industries, complexities of smart products and intelligent factories, increasing mergers and acquisitions, rising adoption of integrated iot solutions in plm applications. Major trends in the forecast period include adoption of cloud deployment, artificial intelligence (ai) in product lifecycle management, secured business platforms to run their business and collaboration, implementing digital augmented reality and virtual reality, electronic design automation (eda), additive manufacturing, adoption of 5g in product lifecycle management process.
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Key Market Players:
Major companies operating in the product lifecycle management market report are Oracle Corporation, Siemens AG, PTC Inc., Dassault Systèmes SE, Autodesk, Inc., ANSYS, Inc., SAP SE, Arena Solutions, Infor, Aras Corporation, Odoo, Jama Connect, Anvyl, PDXper, OpenBOM, Diota, Masters of Pie, Sopheon PLC, Capgemini, Accenturs, Lectra SA, Zaragoza Logistics Center, IBM Corporation, Amadeus, Epicor Software Corporation, Coupa Software, Blue yonder, Verizon connect, JDA Software Group, BluJay Solutions, Inc., SPS Commerce Inc., E2open LLC, Manhattan Associates, Melcombe Partners, Hewlett-Packard Company, Deloitte Consulting and TCS, IFS, Arena, Propel, FusePLM, Bamboo Rose, Inflectra, DXC Technology Co., Gerber Technology, Centric Software, Inc, Biglever software, Selerant Corporation, Metalfor, ISO Qualitas, Indish Technologies, Mckit Systems, Product one.
Market Drivers:
The growing adoption of product lifecycle management (PLM) from end-use industries is expected to propel market growth in the coming years. PLM has the potential to offer improved supply chain accuracy, enhanced regulatory compliance, lower lead times, and an increase in sales growth. 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, Accentur*e, an Ireland-based company that provided professional services agreed with DI Square, a Japan-based IT company specializing in data analytics software acquire the firm's consulting capabilities for product lifecycle management (PLM) and application lifecycle management (ALM) systems integration. The acquisition of DI Square will increase Accenture*'s engineering expertise for automotive and other manufacturing clients in Japan and other markets.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/product-lifecycle-management-global-market-report
The product lifecycle management market covered in this report 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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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