PRODUCT LIFECYCLE MANAGEMENT MARKET ANALYSIS

Product Lifecycle Management Market, By Component (Software (On-premise (Cax, NC, S&A, AEC, CPDM, Digital Manufacturing, EDA, Others), Cloud Based (Cax, NC, S&A, AEC, CPDM, Digital Manufacturing, EDA, Others)), and Services (Consulting, Integration, and 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, and Others (Marine, Chemical)), And By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Apr 2023
Code : CMI4360
Pages :130
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Challenges And Opportunities

Product lifecycle Management Market Drivers:

Increasing product innovation and reduction in operational cost

Production innovation and development are some of the key strategies for the revenue growth of the market. Similarly, companies of PLC market have to collaborate both internally and with partners and suppliers worldwide. Moreover, companies need to manage increasing complexities in the product and the manufacturing processes due to the significant growth of environmental and regulatory requirements. A PLM solution can increase the productivity of a system significantly by providing various sets of tools and methodologies to reduce redundancies. It provides knowledge and support for sharing data within an organization by reducing both risks and product development time. It can reduce the design cycle and tooling preparation time considerably. Therefore, these factors are expected to drive the growth of the global product lifecycle management (PLM) market during the forecast period.

Rapid growth of End use sectors such as pharmaceutical and retail is expected to propel the global product lifecycle management (PLM) market growth over the forecast period

PLM has witnessed massive growth from various End use industries such as aerospace and automotive in the recent past. This growth is prevalent in developed countries such as Germany, Japan, and the U.S. Therefore, these factors are expected to propel the global product lifecycle management (PLM) market growth in the near future.

Product lifecycle management Market Opportunities:

Emergence of smart factories can present lucrative growth opportunities in the global product lifecycle management (PLM) market

Smart factories ...

Product Lifecycle Management Market Market: Key Developments

Key companies are focused on product launches, in order to enhance their product portfolio. For instance, in June 2020, PTC Inc. is an American computer software and services company founded in 1985 and headquartered in Boston, Massachusetts. CAD, PLM, IoT, and AR echnologies launched Windchill product lifecycle management (PLM) software.
Major market players are involved in partnerships and collaborations...\