Product Lifecycle Management Market Sales - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022

The global market for product lifecycle management (PLM) demonstrates a high degree of competition, thanks to the presence of a large pool of multinational and local players, finds a report by Transparency Market Research (TMR). Hitherto, most of the PLM solution vendors were offering both on-premise and cloud-based solutions. However, in the recent times, many of them have shifted to cloud-only PLM solutions. The competitive landscape of the worldwide PLM market includes two main segments, PLM software developers and PLM service providers. PTC Inc., Dassault Systemes, and Siemens AG are the key PLM software developers and IBM Corp., Accenture Plc., and Hewlett-Packard are the leading vendors of PLM services across the world.

Of late, these companies have aggressively been focusing on business acquisition to expand their presence in the global market. Recently, PTC acquired Atego, a U.K.-based developer of model-based system and software engineering. Siemens has also been actively engaged in the acquisition of prominent companies, such as LMS International NV and Camstar Systems Inc. In order to expand its portfolio. Going forward, the leading players are likely to adopt similar strategies to strengthen their positions. Besides, product development will also gain prominence in the coming years, states the report.

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According to TMR, the global market for PLM, which presented an opportunity worth US$44 bn in 2015, will grow significantly during the period from 2015 to 2022 at a CAGR of 8.10% and reach US$75.8 bn by the end of the forecast period. The aerospace and defense sector has emerged as the key end user of PLM solutions in the recent years. It registered a strong demand for PLM solutions in 2014 with a share of 23.2% in the overall market.

Asia Pacific to Surpass North America in Terms of Revenue

Europe, Latin America, North America, Asia Pacific, and the Middle East and America have been identified as the key regional markets for PLM in this report. In 2014, North America held the leading position in the global market with a share of 33.5%. However, Asia Pacific is likely to surpass North America over the next few years, in terms of revenue generation.

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The growing industrialization and the increasing shift of manufacturing companies to emerging countries in Asia such as China and India, is expected to boost the market for PLM in Asia Pacific in the coming years, notes the research study.

High Efficiency of PLM Solutions to Boost their Popularity, Leading to Increased Usage

“The demand for PLM solutions has increased significantly in the non-traditional end-use sectors over the last few years,” states the author of this report. PLM solutions, traditionally, find widespread application in the automotive and aerospace industries. Though their demand is reporting a remarkable surge in industries such as retail, consumer goods, and pharmaceuticals also.

As these solutions efficiently address a number of issues, such as the product time-to-market and operational costs, their demand is likely to remain increasing in traditional as well as nontraditional end-use industries over the next few years. The considerable rise in industrial activities across the world is also anticipated to boost this market substantially in the near future.

Low Adoption of PLM Solutions among SMEs to Create Severe Challenge for Market’s Growth

Although the growth prospects of the global PLM market are bright, it may face a challenge from the low adoption rate of PLM solutions among small- and medium-sized enterprises (SMEs). A large section of SMEs considers PLM solutions as rigid and expensive procedures. Although medium-sized enterprises recognize the importance of PLM, they have apprehensions regarding the implementation PLM solutions due to the unknown nature of total costs and the possibility of disturbance to users, states the report.

The study presented here is based on a report by Transparency Market Research (TMR) titled “Product Lifecycle Management (PLM) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022.”

The global product lifecycle management (PLM) market is segmented into:

By Component Type

Software
On-Premise
CAD/CAM/CAE (CAx)
Numerical Control (NC)
Simulation and Analysis (S&A)
Electronic Design and Automation (EDA)
Architecture, Engineering and Construction (AEC)
Collaborative Product Definition Management (CPDM)
Digital Manufacturing
Others
Cloud-based
CAD/CAM/CAE (CAx)
Numerical Control (NC)
Simulation and Analysis (S&A)
Electronic Design and Automation (EDA)
Architecture, Engineering and Construction (AEC)
Collaborative Product Definition Management (CPDM)
Digital Manufacturing
Others
Services
Consulting
Integration
Operation and Maintenance
By End-use

Automotive and Transportation
Aerospace and Defense
Industrial Machinery and Heavy Equipment
Electronics and Semiconductor
Energy and Utilities
Consumer Products and Retail
Medical Devices and Pharmaceutical
IT and Telecom
Others
By Geography

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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This release was published on openPR.