Product Life Cycle Management Market Worth USD 835 Million by 2022: Industry Application and Forecast

Market Overview

In this rapidly changing environment, companies are expanding their scale of operations by expanding their product portfolio to sustain in the market. Management of ideas for the implementation of new product is very important and can play very crucial role in the overall development of any company. PLC management software’s are designed in such manner which allows the user to make a deep analysis about the life cycle of any product. As the functionality of the products are becoming more complex, their development and support are giving huge pressure on the company and to overcome from this problem, PLC management plays very vital role by giving the option of analyzing the status of the products and providing notification to user if any re-development is required.

Market Highlights

The Global Product Life Cycle Management Market is growing rapidly over 8% of CAGR and is expected to reach at USD ~835 million by the end of forecast period. Cost reduction, high efficiency in the process and ability to provide the overall information and initiate early stage development for the products are the major driving factors of this market.

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Key Players:

The prominent players in the product life cycle management market are- Dassault Systèmes (France), Autodesk, Inc. (U.S.), PTC (U.S.), Siemens PLM Software (U.S.), Apparel magic (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Infor, Inc. (U.S.), Aras Corporation (U.S.), Arena Technologies (U.S.), Omnify software (U.S.), Infor Company (U.S.), and Accenture PLC (U.S.) among others.

Product Life Cycle Management Market Segmentation

The Global Product Life Cycle Management Market has been segmented on the basis of components, deployment, functions, and end user. The components include software and service were software is sub segmented as NC, EDA, AEC and Simulation and Analysis S&A. The services are sub segmented as integration, consulting, maintenance and operation. By deployment the market includes- on-cloud and on-premises whereas the functions include system engineering, product portfolio management, product design, manufacturing process management and others. End users for this market has been identified as automotive and transportation, industrial machinery, electronics and semiconductors, retail¸ energy & utilities, aerospace and defense, pharmaceutical, it& telecom and others.

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Market Research Analysis:

Market Research Future Analysis shows that with arrival of cloud computing in industrial process the on-cloud deployment segment will grow rapidly. Cloud based PLC solution offers unique features and can be helpful to company as the information stored on cloud has no geographical boundaries and a designated person can access it from any place on the earth. On cloud PLC solution also helps in collaborating, tracking and regulating all changes and brings the data from various processes.

By Geography, North America is expected to dominate the market. Presence of global players such as Autodesk, Inc., Parametric Technology Corporation, Arena Technologies and Accenture PLC gives this region a competitive advantage over other countries. Furthermore, Asia-Pacific region has emerged as fastest growing market owing to factors such as high focus on the collaborative product development, rapid expansion of manufacturing sector and steady migration towards intelligent manufacturing. The Europe region is also showing positive growth towards PLC management market due to growth of cloud computing and increasing adoption for efficient manufacturing processes.

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This release was published on openPR.