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Product Lifecycle Managements Market Growth Analysis, Top Segments, Market Research Report 2024-2033
Product Lifecycle Managements Market
The Business Research Company offers in-depth market insights through Product Lifecycle Management Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Growing Adoption Of Product Lifecycle Management Drives Market Growth
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 Accentu*re's engineering expertise for automotive and other manufacturing clients in Japan and other markets.
Competitive Landscape:
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.
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Top Trend - AR And VR Integration Sparks Surge In Product Lifecycle Management (PLM) Market Demand
Augmented Reality (AR) and Virtual Reality (VR) are increasing the demand for the product lifecycle management (PLM) market. 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 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Product Lifecycle Management Market Characteristics
3. Product Lifecycle Management Market Trends And Strategies
4. Product Lifecycle Management Market - Macro Economic Scenario
5. Product Lifecycle Management Market Size And Growth
…..
27. Product Lifecycle Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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