Press release
Prominent Product Life-Cycle Management (PLM) IT Market Trend for 2025: Autodesk's Fusion 360 Integration Transforms Product Development In PLM IT Market
Product Life Cycle Management PLM IT Market Size
The product life-cycle management (PLM) IT market has shown strong growth in recent years. It will rise from $24.6 billion in 2024 to $26.56 billion in 2025, at a CAGR of 8.0%. This growth is driven by the acceleration of product operations, data management and generation, regulatory compliance and safety, the focus on smart products, and the need for comprehensive platforms.
The product life-cycle management (PLM) IT market is projected to grow steadily, reaching $34.09 billion by 2029 at a CAGR of 6.4%. The growth is driven by the increasing demand for autonomous cars, greater adoption of industrial IoT (IIoT), a demand for cloud-based solutions, and the rising demand for mechanical and electronic computer-aided design (MCAD and ECAD). Trends include technological advancements, IoT integration with PLM solutions, growth in technologically sophisticated solutions, digital transformation initiatives, and the incorporation of IoT in smart automotive manufacturing.
What Is Driving the Growth Trajectory of the Product Life-Cycle Management (PLM) IT Market?
The growing use of digital transformation strategies is expected to drive the growth of the product lifecycle management (PLM) IT market. Digital transformation involves integrating digital technologies into various business processes to improve efficiency and innovation. PLM IT solutions benefit from digital transformation by streamlining product design, manufacturing, and maintenance processes, ensuring smooth collaboration across product development stages. For instance, in October 2023, Whatfix, an Indian SaaS-based digital adoption platform, projected that global IT spending would reach $5 trillion in 2024, reflecting an 8.6% increase from 2023. Therefore, the increasing adoption of digital technologies is propelling the product lifecycle management (PLM) IT market.
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Which Leading Companies Are Shaping the Growth of the Product Life-Cycle Management (PLM) IT Market?
Major companies operating in the product life-cycle management (PLM) IT market are Hewlett-Packard Company, accenture* plc, 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
What Are the Major Trends Shaping the Product Life-Cycle Management (PLM) IT Market?
Major companies in the product lifecycle management (PLM) IT market are focused on introducing innovative solutions like Fusion 360, which integrates computer-aided design (CAD), computer-aided manufacturing (CAM), and computer-aided engineering (CAE). For instance, in December 2023, Autodesk, Inc., a US-based software corporation, launched Fusion 360, a cloud-based platform that seamlessly integrates CAD, CAM, and CAE functionalities. This unified platform simplifies product development by allowing users to design, simulate, and manufacture products efficiently.
What Are the Key Segments of the Product Life-Cycle Management (PLM) IT Market?
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
Subsegments:
1) By Software: PLM Software Solutions, Product Data Management (PDM) Software, Bill of Materials (BOM) Management Software, Collaboration and Workflow Software, Configuration Management Software, Product Design and Simulation Software, 3D Modeling and Visualization Software, Analytics and Reporting Software
2) By Services: Consulting Services, Integration Services, Training Services, Cloud-based PLM Services, Customization and Development Services
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Which Region Dominates the Product Life-Cycle Management (PLM) IT Market?
North America was the largest region in the Product life-cycle management (PLM) IT market in 2024. The regions covered in the product life-cycle management (PLM) IT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Product Life-Cycle Management (PLM) IT Global Market Report?
- Market Size Analysis: Analyze the Product Life-Cycle Management (PLM) IT Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Product Life-Cycle Management (PLM) IT Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Product Life-Cycle Management (PLM) IT Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Product Life-Cycle Management (PLM) IT Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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