Product Life-Cycle Management (PLM) IT: Global Market Dynamics

The product life-cycle management (PLM) IT market size has grown strongly in recent years. It will grow from $22.73 billion in 2023 to $24.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increased pace in product operations, data generation and management, regulatory compliance and safety, focus on smart products, need for comprehensive platforms.

The product life-cycle management (PLM) IT market size is expected to see strong growth in the next few years. It will grow to $32.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to the increasing demand for autonomous cars, the increased adoption of industrial IoT (IIoT), the increasing demand for cloud-based solutions, the demand for mechanical computer-aided design (MCAD) and electronic computer-aided design (ECAD), rising demand for product-user integration. Major trends in the forecast period include technological advancements, integration of IoT with PLM solutions, growing technologically sophisticated solutions, digital transformation initiatives, the growing incorporation of IoT in the manufacturing of smart autos.

Market Overview -
Product Lifecycle Management (PLM) IT is the process of integrating information technology tools and solutions to manage a product's complete lifecycle, from inception to its design, manufacture, distribution, and final retirement or destruction. PLM IT provides a centralized platform for storing and managing product-related data. This ensures that all stakeholders have access to up-to-date and accurate information, reducing the risk of errors and miscommunication.

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Digital Transformation Boost The Product Lifecycle Management (PLM) IT Market
The rising usage of digital transformation is expected to propel the product lifecycle management (PLM) IT market going forward. Digital transformation refers to the comprehensive integration of digital technologies, processes, and strategies across all aspects of an organization. Digital transformation is experiencing adoption due to several reasons, driven by technological advancements and a growing recognition of its benefits to the various industries. Digital transformation enhances product lifecycle management (PLM) IT by seamlessly integrating design, production, and maintenance processes for efficient and collaborative product development across every stage of product development. For instance, in April 2023, according to the Office of Communications, a UK-based intergovernmental organization, global end-user spending on public cloud services is expected to rise by 20.7% from 2022 to 2023, reaching £477.7 billion ($524.41 billion) from 2022 to £395.7 billion ($434.40billion) in 2023. Furthermore, in December 2021, according to an article published by Eurostat, a Luxembourg-based statistics body for the European Union, 41% of organizations reported using cloud computing services in 2021, a 5-percentage point (pp) increase from 36% in 2020. Therefore, the rising usage of digital manufacturing is driving the growth of the product lifecycle management (PLM) IT market.

Competitive Landscape -
Major companies operating in the product life-cycle management (PLM) IT market are Hewlett-Packard Company, Oracle Corporation, SAP SE, Tata Consultancy Services Limited, Atos SE, Dassault Systèmes SE, Synopsys Inc., Autodesk Inc., ANSYS Inc., Siemens Product Lifecycle Management Software Inc., IFS AB, PTC Inc., Arena Solutions Inc., Centric Software Inc., Anaplan Inc., Bamboo Rose LLC, Kalypso LP, Plex Systems Inc., Onshape Inc., PropelPLM Inc., Plex Systems Inc., Onshape Inc., PropelPLM Inc., Aras Corporation, Inflectra Corporation, BigLever Software Inc., Infor LLC

Autodesk's Fusion 360 Integration Transforms Product Development In PLM IT Market
Major companies operating in the product lifecycle management (PLM) IT market are focused on developing innovative solutions, such as Fusion 360, which integrates computer-aided design (CAD), computer-aided manufacturing (CAM), and computer-aided engineering (CAE) capabilities. For instance, in December 2023, Autodesk, Inc., a US-based software corporation, launched Fusion 360, a cloud-based platform that seamlessly combines computer-aided design (CAD), computer-aided manufacturing (CAM), and computer-aided engineering (CAE) functionalities. This integration empowers users to design, simulate, and manufacture products within a unified platform, simplifying product development.

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Key Segments -
The product life-cycle management (PLM) IT market covered in this report is segmented -

1) By Component: Software, Services
2) By Functions: System Engineering (SE), Product Portfolio Management (PPM), Product Design, Manufacturing Process Management (MPM)
3) By Application: Information Technology (IT), Telecommunication, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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