Press release
Leading Growth Driver in the Product Life-Cycle Management (PLM) IT Market in 2025: Digital Transformation Boost The Product Lifecycle Management (PLM) IT Market Driver's Influence
Product Life Cycle Management PLM IT Market Size
Growing reliance on digital transformation is predicted to drive the future trajectory of the product lifecycle management (PLM) IT market. Digital transformation denotes the total incorporation of digital methods, technologies, and principles into every facet of an organization. There's rising adoption of digital transformation because of a myriad of factors, such as improvements in technology and an increased understanding of its advantages in various sectors. In this context, digital transformation bolsters PLM IT by merging design, manufacturing, and maintenance procedures for collaborative and effective product development throughout every phase of the product's lifecycle. For example, as per Whatfix, an Indian SaaS-founded digital adoption platform, the worldwide IT expenditure is estimated to hit $5 trillion in 2024, reflecting an 8.6% surge from 2023. This growth emphasizes the escalating emphasis that businesses are putting on digital technologies to enhance operations and accommodate shifting market requirements. As such, the escalating application of digital manufacturing is propelling the expansion of the product lifecycle management (PLM) IT market.
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What growth opportunities are expected to drive the product life-cycle management (plm) it market's CAGR through 2034?
Recently, the size of the product life-cycle management (PLM) IT market has seen robust growth. It is foreseen to increase from $24.6 billion in 2024 to $26.56 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.0%. Factors such as an acceleration in product operations, an upturn in data creation and administration, adherence to regulations and safety measures, concentration on intelligent products, and a requirement for expansive platforms have contributed to the growth experienced in the historical period.
The value of the product life-cycle management (PLM) IT market is projected to experience notable expansion in the forthcoming years, reaching $34.09 billion in 2029, recording a compound annual growth rate (CAGR) of 6.4%. This expected growth can be linked to various factors, such as the escalating demand for self-driven cars, amplified acceptance of industrial internet of things (IIoT), ongoing increases in cloud-based solution requirements, and the need for mechanical and electronic computer-aided designs. Other significant trends for the period in view encompass technological progress, the amalgamation of IoT with PLM solutions, increasing complexity of technology-based solutions, initiatives for digital transformation, and enhanced integration of IoT in the production of intelligent automobiles.
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What are the emerging trends shaping the future of the product life-cycle management (plm) it market?
Leading firms in the product lifecycle management (PLM) IT market are concentrating their efforts on creating innovative solutions like Fusion 360, a system that combines computer-aided design (CAD), computer-aided manufacturing (CAM), and computer-aided engineering (CAE). For example, in December 2023, Autodesk, Inc., an American software company, introduced Fusion 360. This cloud-based platform smoothly integrates CAD, CAM, and CAE features, empowering users to design, simulate, and produce products on a single platform, thus streamlining the process of product development.
Which growth-oriented segments of the product life-cycle management (plm) it market are leading the industry's development?
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 companies are at the forefront of innovation in 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
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What Is Covered In The Product Life-Cycle Management (PLM) IT Global Market Report?
•Market Size Forecast: Examine the product life-cycle management (plm) it market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the product life-cycle management (plm) it market for a structured understanding.
•Key Players Overview: Analyze major players in the product life-cycle management (plm) it market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the product life-cycle management (plm) it market.
•Segment Contributions: Evaluate how different segments drive overall growth in the product life-cycle management (plm) it market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the product life-cycle management (plm) it market.
•Industry Challenges: Identify potential risks and obstacles affecting the product life-cycle management (plm) it market.
•Competitive Landscape: Review strategic developments in the product life-cycle management (plm) it market, including expansions, agreements, and new product launches.
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