Digital Transformation Boost The Product Lifecycle Management (PLM) IT Market: Transformative Forces Shaping the Product Life-Cycle Management (PLM) IT Market Landscape in 2025

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How Large Will the Product Life-Cycle Management (PLM) IT Market Size By 2025?
The market size of product life-cycle management (PLM) IT has seen considerable growth in the recent past. The forecast indicates an increase from $24.6 billion in 2024 to $26.34 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. The historical growth can be credited to factors like speed in product operations, data production and handling, regulatory adherence and safety, the emphasis on intelligent products, and the necessity for comprehensive platforms.

How Big Is the Product Life-Cycle Management (PLM) IT Market Size Expected to Grow by 2029?
The size of the product life-cycle management (PLM) IT market is projected to witness significant expansion in the forthcoming years, escalating to a value of $33.56 billion by 2029 at a compound annual growth rate (CAGR) of 6.2%. Factors contributing to the growth in the forecast period include an escalating demand for autonomous vehicles, increased acceptance of the industrial Internet of Things (IIoT), a surge in need for cloud-based solutions, a rising demand for mechanical computer-aided design (MCAD) and electronic computer-aided design (ECAD), and an increasing demand for product-user integration. The outlook for the forecast period envisages key trends such as technological evolution, the integration of IoT with PLM solutions, the emergence of increasingly sophisticated technological solutions, digital transformation drives, and the growing integration of IoT in the production of intelligent automobiles.

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Which Key Market Drivers Powering Product Life-Cycle Management (PLM) IT Market Expansion and Growth?
The growth of the product lifecycle management (PLM) IT market is anticipated to be fuelled by the increasing utilization of digital transformation. This term embodies the all-encompassing amalgamation of digital technologies, processes, and strategies within a business. Numerous reasons, primarily technological advancements and an awareness of its advantages to diverse industries, are accelerating digital transformation's adoption. It fortifies product lifecycle management (PLM) IT by cohesively merging design, production, and maintenance processes for efficient and teamwork-based product development throughout all stages. For example, Whatfix, an Indian SaaS-based digital adoption platform, stated that worldwide IT expenditure in 2024 is projected to attain $5 trillion, reflecting an 8.6% increase from 2023. This trend underscores the escalating importance businesses are assigning to digital technologies to enhance operations and adjust to shifting market requirements. Hence, the surging employment of digital manufacturing is fuelling the expansion of the product lifecycle management (PLM) IT market.

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Which Fast-Growing Trends Are Poised to Disrupt the Product Life-Cycle Management (PLM) IT Market?
Leading firms in the product lifecycle management (PLM) IT sector are concentrating on the creation and development of distinctive solutions, including Fusion 360. This solution merges capabilities of Computer-Aided Design (CAD), Computer-Aided Manufacturing (CAM), and Computer-Aided Engineering (CAE). For instance, Autodesk, Inc., a software corporation based in the United States, unveiled Fusion 360 in December 2023. It's a cloud-based platform which effortlessly integrates CAD, CAM, and CAE capabilities. Through this integrated function, users get the power to design, simulate, and manufacture products within one consolidated platform, which makes the product development process simpler.

What Are the Emerging Segments in the Product Life-Cycle Management (PLM) IT Market?
The product life-cycle management (plm) itmarket 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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Product Life-Cycle Management (PLM) IT Industry?
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.

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