Global Product Lifecycle Management & Engineering Software Market Expected to Hit USD 144.45 Billion by 2032, Registering a 9% CAGR as Demand Surges Amid Rising Complexity in Product Design & Manufacturing Processes

The Global Product LifeCycle Management and Engineering Software Market, which clocked in at USD 66.51 Billion in 2023, is set to scale up to a remarkable USD 144.45 Billion by 2032, according to a newly published report by Dataintelo. The market is expected to expand at a Compound Annual Growth Rate (CAGR) of 9% from 2024 to 2032. This impressive surge is seen to be driven by the intensifying need for regulatory compliance and the spiralling complexity in product design and manufacturing processes.

The growing complexity in product designs and manufacturing processes is heightened by the demand for a collaborative approach. Complex designs necessitate input from multiple key stakeholders. This is where PLM and engineering software step in, by providing a centralized platform, allowing all relevant parties to not only view but also contribute towards the process of design.

The applications of product lifecycle management and engineering software cut across a wide range of industries. Aerospace & defense, automotive & transportation, healthcare, telecom and other sectors are among those reaping its benefits. These industries leverage the power of PLM and engineering software to boost their productivity by refining the product development process and slashing time spent on data management. This focus on efficiency empowers engineers to channel their energies on design and innovation.

Notably, the tools provided by these types of software also grant a comprehensive view of the whole product lifecycle. This kind of visibility allows potential risks to be identified much in advance, hence, enabling companies to take preventative and mitigating measures before any issues escalate. This feature is one of the leading factors encouraging businesses to embrace the use of product lifecycle management and engineering software

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐟𝐫𝐞𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 @ https://dataintelo.com/request-sample/27967

𝐓𝐡𝐢𝐬 𝐢𝐬 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐧𝐝 𝐜𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐬:

The 𝐩𝐫𝐨𝐝𝐮𝐜𝐭 𝐥𝐢𝐟𝐞𝐜𝐲𝐜𝐥𝐞 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐞𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠 𝐬𝐨𝐟𝐭𝐰𝐚𝐫𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 has been segmented on the basis of𝐓𝐲𝐩𝐞
● On-premise
● Cloud-based

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥
● Aerospace & Defense
● Automotive & Transportation
● Healthcare
● IT & Telecom
● Industrial Equipment & Heavy Machinery
● Retail
● Semiconductor & Electronics
● Others

𝐑𝐞𝐠𝐢𝐨𝐧
● Asia Pacific
● North America
● Latin America
● Europe
● Middle East & Africa

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
● ANSYS, Inc
● 𝐀𝐫𝐚𝐬
● Arena
● Autodesk Inc.
● Bamboo
● Bentley Systems
● Cadence Design Systems
● CMPRO
● Dassault Systèmes
● 𝐇𝐞𝐱𝐚𝐠𝐨𝐧 𝐀𝐁
● KloudPLM
● Mentor
● Omnify
● Oracle
● PTC Inc
● SAP SE
● Siemens
● Synopsys, Inc.



In terms of type, the product lifecycle management and engineering software market is segregated into two main segments, these being on-premise and cloud-based. Having traditionally been the main method of delivery, on-premise solutions remain popular due to their security benefits and the level of control they offer. However, cloud-based solutions are growing in popularity due to their scalability and cost-effectiveness, especially for SMEs. They also offer the benefit of remote access, which is particularly valuable in the age of remote and flexible working.

When scrutinized by industry vertical, the market includes sectors ranging from aerospace & defense, automotive & transportation, healthcare, IT & telecom, industrial equipment & heavy machinery, retail, and semiconductor & electronics among others. For instance, in aerospace and defense, these software solutions particularly benefit from improving productivity, cost optimization, and supply chain efficiency. Similarly, in the automotive & transportation sector, the software provides real-time tracking of vehicle data and other related metrics that contributes to optimizing performance and operational efficiency.

From a regional perspective, the market has been divided into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. The North American region has been a hotbed for the adoption of these software solutions owing to rapid advancements in the IT infrastructure and robust presence of leading market players. Conversely, Asia Pacific is anticipated to witness the fastest growth rate during the forecast period, driven by the region's increasing investment in digital transformation and broad industrial base.

Key players in the product lifecycle management and engineering software market are inclusive of ANSYS, Inc., Autodesk Inc., Bentley Systems, Cadence Design Systems, Dassault Systèmes, Oracle, and Siemens among others. These various market players are actively expanding their market presence by implementing strategies like mergers and acquisitions, partnerships, and the introduction of innovative software solutions to cater to the growing needs of various industry verticals

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐟𝐫𝐞𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 @ https://dataintelo.com/request-sample/27967

1. Market Drivers - Product Lifecycle Management (PLM) and Engineering Software:

a. Need for Efficiency in Product Development: Companies are continuously looking for ways to streamline their product design and development process. PLM and engineering software are effective tools that can enhance efficiency, reduce time-to-market, and improve product quality.

b. Increasing Complexity of Products: With the advent of advanced technologies, the complexity of products is rapidly increasing. This demands a robust system to manage their entire lifecycle, driving the need for PLM and engineering software.

c. Adoption of Cloud-Based Solutions: The growing acceptance and implementation of cloud-based PLM solutions is another trend driving the market growth. These solutions offer agility, scalability, cost-effectiveness, and easy access to data.

d. Technological Advancements and Innovation: Advancements in technologies such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT) are expanding the capabilities of PLM and engineering software, making them even more desirable for businesses.

2. Opportunities - Product Lifecycle Management (PLM) and Engineering Software:

a. Advent of Industry 4.0: The advent of Industry 4.0 offers a significant growth opportunity for the market. PLM and engineering software can play a key role in the digital transformation of manufacturing businesses.

b. Emerging Markets: Developing economies like China, India, Brazil, etc. are progressively adopting advanced technologies for product development. These markets provide immense opportunities for the growth of PLM and engineering software.

c. Integration with Extended Enterprise: Integrating PLM with Extended Enterprise Applications such as Supply Chain Management (SCM) and Customer Relationship Management (CRM) can create seamless collaboration and coordination across all the stages of the product lifecycle.

d. Green Manufacturing: With the increasing focus on environmental sustainability, companies are looking for solutions that help in green manufacturing. PLM software can assist firms in designing eco-friendly products, which align with their sustainability goals

𝐘𝐨𝐮 𝐜𝐚𝐧 𝐝𝐢𝐫𝐞𝐜𝐭𝐥𝐲 𝐛𝐮𝐲 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐟𝐫𝐨𝐦: https://dataintelo.com/checkout/27967

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