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Digital Transformation Boost The Product Lifecycle Management (PLM) IT Market: An Emerging Driver Transforming The Product Life-Cycle Management (PLM) IT Market Landscape

05-22-2025 07:22 AM CET | IT, New Media & Software

Press release from: The Business Research Company

Product Life-Cycle Management (PLM) IT

Product Life-Cycle Management (PLM) IT

The Product Life-Cycle Management (PLM) IT Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Product Life-Cycle Management (PLM) IT Market?
The dimensions of the product life-cycle management (PLM) IT market have witnessed a considerable surge in recent years. The industry size, which is projected to escalate from $24.6 billion in 2024 to $26.56 billion in 2025, forecasts a compound annual growth rate (CAGR) of 8.0%. Factors such as an acceleration in product operations, data creation and management, regulatory compliance and safety, an emphasis on intelligent products, and the requirement for far-reaching platforms have contributed to the growth in the historical phase.

In the coming years, the product life-cycle management (PLM) IT market is projected to witness significant expansion, escalating to a value of $34.09 billion in 2029 with a compound annual growth rate (CAGR) of 6.4%. This growth trajectory in the foreseeable future is likely driven by factors such as the surge in demand for self-driving cars, increased uptake of industrial IoT (IIoT), burgeoning demand for cloud-based solutions, as well as growing demand for mechanical computer-aided design (MCAD) and electronic computer-aided design (ECAD) services, and increasing call for product-user integration. Key trends that could shape the market during the forecast period are advancements in technology, the rising merger of IoT with PLM solutions, the expansion of highly-advanced technical solutions, digital transformation efforts, and the increasing inclusion of IoT in the construction of intelligent automobiles.

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What Are the Different Product Life-Cycle Management (PLM) IT Market 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

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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What Are the Primary Drivers Shaping the Product Life-Cycle Management (PLM) IT Market?
The increasing use of digital transformation is predicted to boost the product lifecycle management (PLM) IT market in the future. Essentially, digital transformation involves a thorough assimilation of digital technologies, procedures, and tactics throughout an organization's operations. Driven by technology progress and a growing awareness of its advantages, digital transformation is being adopted extensively across various sectors. It augments product lifecycle management (PLM) IT by effectively combining design, manufacturing, and maintenance techniques, providing improved collaborative product development at every phase of product creation. For example, as reported by Whatfix, an Indian software-as-a-service-based digital adoption platform, worldwide IT expenditure is anticipated to touch $5 trillion by 2024, showing an increase of 8.6% compared to 2023. Increasing focus on digital technologies by businesses to enhance operations and adapt to market changes reflects in this rise. Consequently, the augmentation in the use of digital manufacturing serves as a primary growth driver for the product lifecycle management (PLM) IT market.

Which Companies Are Leading 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

What Are the Major Trends Shaping the Product Life-Cycle Management (PLM) IT Market?
The key players in the product lifecycle management (PLM) IT market are concentrating their efforts on creating innovative solutions like Fusion 360, a system that merges computer-aided design (CAD), computer-aided manufacturing (CAM), and computer-aided engineering (CAE) features. Autodesk, Inc., a leading software firm based in the US, introduced Fusion 360 in December 2023. This cloud-based platform smoothly integrates CAD, CAM, and CAE functionalities. This amalgamation enables users to design, simulate, and manufacture products within one unified platform, streamlining the product development process.

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What Are the Top Revenue-Generating Geographies in 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Product Life-Cycle Management (PLM) IT Market?
2. What is the CAGR expected in the Product Life-Cycle Management (PLM) IT Market?
3. What Are the Key Innovations Transforming the Product Life-Cycle Management (PLM) IT Industry?
4. Which Region Is Leading the Product Life-Cycle Management (PLM) IT Market?

Why This Report Matters:

Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.

Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.

Efficient Research: Quickly identify market growth, leading players, and major segments.

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