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

Product Lifecycle Management MarketSize and Trends

The Product life cycle Management market size was valued at US$ 27,321 Million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.98% from 2023 to 2030. The demand for newer products within small intervals of time or the need for customization according to customer requirements are key characteristics of industrial operations today.

The global product lifecycle management market is estimated to account for US$ 54,362.4 Mn, in terms of value by the end of 2030.

Figure 1. Global Product Lifecycle Management Market, Revenue Share (%), By Region, 2022

Product lifecycle management Market Trends:

Use of advanced technologies such as IoT

Product development in all industry sectors demands smart and connected products; this includes cars, appliances, consumer products, and mobile devices. There are various opportunities in design as well as manufacturing for approaches based on the Internet of Things (IoT) which enables the connection between the digital and physical worlds. In order to meet the requirements for IoT, PLM designers are now considering the expansion of functions so as to include connectivity and intelligence. New PLM solutions and service strategies that significantly include the collaboration between enterprise IT, smart-product-related technology, and other pillar technologies, are emerging.

Adoption of cloud-based PLM is another trend

PLM vendors are taking steps to shift toward cloud-based PLM implementations as cloud adoption in enterprises matures. Furthermore, in recent years, PLM analytics has experienced increased demand as manufacturers need to leverage product data for more informed decision-making. It is anticipated that offering cloud-based analytics for PLM data would be a key trend in the near future.

Product Lifecycle Management Market Restraints: