2025-2034 Product Life-Cycle Management (PLM) IT Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts

What Will the Product Life-Cycle Management (PLM) IT Industry Market Size Be by 2025?
There's been substantial growth in recent years in the size of the IT market for product life-cycle management (PLM), ascending from $24.6 billion in 2024 and anticipated to rise to $26.56 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%. This historic period of growth can be credited to acceleration in product operations, data generation and management, increased focus on safety and regulatory compliance, the rise of smart products, and a need for comprehensive platforms.

What's the Long-Term Growth Forecast for the Product Life-Cycle Management (PLM) IT Market Size Through 2029?
Expectations are high for the product life-cycle management (PLM) IT market size, with predictions suggesting substantial growth in the coming years. By 2029, it's forecasted that it will reach $34.09 billion, with a compound annual growth rate (CAGR) of 6.4%. The growth during this projected period can be contributed to a number of key factors including - a surge in demand for autonomous vehicles, heightened acceptance of industrial IoT (IIoT), growing necessity for cloud-based services, a drive for mechanical and electronic computer-aided design (MCAD and ECAD), and an increase in the demand for product-user integration. Noteworthy developments in the forecast period include technological advancements, addition of IoT within PLM solutions, the rise of technologically advanced solutions, initiatives towards digital transformation, and the expanding inclusion of IoT in the creation of intelligent, connected vehicles.

View the full report here:
https://www.thebusinessresearchcompany.com/report/product-life-cycle-management-plm-it-global-market-report

What Are the Key Growth Drivers Fueling the Product Life-Cycle Management (PLM) IT Market Expansion?
The surge in digital transformation implementation is anticipated to drive the growth of the product lifecycle management (PLM) IT market in the near future. Digital transformation signifies the extensive incorporation of digital technology, methodologies, and agendas in each sector of an enterprise. There are multiple causes for the widespread acceptance of digital transformation that hinge on technology enhancements and a rising awareness of its contributions to various sectors. Digital transformation optimizes product lifecycle management (PLM) IT through the consistent integration of design, manufacture, and servicing operations. This results in a highly cooperative and effective product creation strategy throughout all product development stages. For example, Whatfix, an Indian digital adoption platform operating on SaaS, indicated in October 2023 that global IT expense is likely to hit $5 trillion in 2024, an 8.6% rise from 2023. This surge accentuates the escalating acknowledgement by businesses of the significance of digital technologies in enhancing operations and adapting to changing market needs. Therefore, it's clear the growing implementation of digital manufacturing is invigorating the expansion of the product lifecycle management (PLM) IT market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=14462&type=smp

What Are the Key Trends Driving Product Life-Cycle Management (PLM) IT Market Growth?
Leading businesses within the Product Lifecycle Management (PLM) IT sector are dedicating efforts towards the creation of inventive solutions like Fusion 360. This particular service blends together features of computer-aided design (CAD), computer-aided manufacturing (CAM), and computer-aided engineering (CAE). To illustrate, in December 2023, American software enterprise, Autodesk, Inc., introduced Fusion 360. This is a cloud-based platform that smoothly integrates CAD, CAM, and CAE capabilities. Such a collaborative platform enables users to create, simulate, and manufacture products within a single platform, thus streamlining the process of product development.

How Is the Product Life-Cycle Management (PLM) IT Market Segmented?
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

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=14462&type=smp

Which Companies Are Leading the Charge in Product Life-Cycle Management (PLM) IT Market Innovation?
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

Which Regions Are Leading the Global Product Life-Cycle Management (PLM) IT Market in Revenue?
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.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=14462

"This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work."

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 7882 955267,
Asia: +91 88972 63534,
Americas: +1 310-496-7795 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.