According to the latest report by IMARC Group, titled “Product Lifecycle Management (PLM) Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global product lifecycle management (PLM) software market size reached US$ 24.9 Billion in 2022. Product lifecycle management (PLM) software refers to a technological solution that manages the complete journey of a product from initial ideation to development, service, and disposal. It allows organizations to track project milestones, timelines, and budgets and manage various product-related data, such as bills, design files, and specifications. PLM software is widely used to develop new products, optimize the supply chain, ensure regulatory compliance, increase collaboration with stakeholders, and manage production, maintenance, repair, quality, and workflow processes. It is a highly efficient and cost-effective solution that provides a unified platform to enhance performance, reduce time-to-market (TTM), and increase customer satisfaction. PLM also accelerates the development process, enhances product quality, and improves project outcomes.
Product Lifecycle Management (PLM) Software Market Trends:
The emerging digitalization and automation trend across the globe is one of the primary factors driving the market growth. PLM software is widely used to manage digital product data, automate workflow, enable communication between geographically dispersed teams, enhance multi-disciplinary collaboration, and allow product simulation, testing, and optimization, which, in turn, streamlines processes, reduces errors, saves time, minimizes risks and improves overall efficiency. In addition to this, the widespread utilization of PLM software by organizations to make informed decisions and manage the growing complexity of sophisticated products and the global supply chain is acting as another growth-inducing factor. Furthermore, the increasing inclination toward cloud-based PLM software that reduces capital expenditure, improves scalability, lowers maintenance cost, enhances security, offers automatic updates, and provides real-time access to data is providing an impetus to the market growth. Additionally, the integration of machine learning (ML), artificial intelligence (AI), and natural language processing (NLP) to analyze customer feedback, monitor product quality, identify defects during manufacturing, and optimize product design based on real-time data is positively influencing the market growth. Other factors, including rapid industrialization, increasing investment in the research and development (R&D) of new PLM software, and widespread adoption of the Internet of Things (IoT) devices, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 38.2 Billion by 2028, exhibiting a CAGR of 7.10% during 2023-2028.
- On the basis of software type, the market has been divided into portfolio management, design and engineering management, quality and compliance management, simulation, testing and change management, manufacturing operations management, and others.
- Based on the deployment type, the market has been bifurcated into on-premises and cloud-based.
- On the basis of end user, the market has been classified into aerospace and defense, automotive and transportation, healthcare, IT and telecom, industrial equipment and heavy machinery, retail, semiconductor and electronics, and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being ANSYS Inc., Aras Corporation, Autodesk Inc., Coats Digital, Dassault Systèmes SE (Dassault Group), Infor (Koch Industries Inc.), Oracle Corporation, PROCAD GmbH & Co. KG, Ptc Inc., Pulse Technology Systems Ltd., SAP SE and Siemens Aktiengesellschaft. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Software Type, Deployment Type, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ANSYS Inc., Aras Corporation, Autodesk Inc., Coats Digital, Dassault Systèmes SE (Dassault Group), Infor (Koch Industries Inc.), Oracle Corporation, PROCAD GmbH & Co. KG, Ptc Inc., Pulse Technology Systems Ltd., SAP SE and Siemens Aktiengesellschaft.
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