During the forecast period of 2022-2031, the global product lifecycle management (PLM) market is expected to reach an estimated value of ~USD 65.0 billion by 2031, by expanding at a CAGR of ~9%. The market further generated a revenue of ~USD 50.0 billion in the year 2022. Major key factors propelling the growth of product lifecycle management (PLM) market worldwide are the higher adoption of the integrated internet of things, and growing internet penetration across the globe.
Market Definition of Product Lifecycle Management (PLM)
Product lifecycle management (PLM) refers to an information system used to manage and optimize products as they progress through development, growth, maturity, and decline stages. The term "product lifetime" describes each stage a product experiences, from conception through retirement. Ideation, design, prototyping, manufacturing, service, and end-of-life management are all included in this. Additionally, PLM software is a solution that controls all the data and procedures throughout the whole lifespan of a good or service in a network of global supply chains. Data from things, parts, products, documentation, specifications, engineering change orders, and quality procedures is included.
Global Product Lifecycle Management (PLM) Market: Growth Drivers
The growth of the global product lifecycle management (PLM) market can majorly be attributed to the increasing IT services spending followed by the surge in the number of IT organizations. For instance, the total IT spending has increased to USD 4.5 trillion in the year 2022 from approximately USD 4 trillion in the year 2021. On the other hand, the rising growth of smart factories and products that need solutions for the complexity faced in terms of security compliances, connectivity, and others is further projected to drive the growth of the market. More than 60 percent of the manufacturers around the globe have an ongoing smart factory initiative or are working on formulating it.
The global product lifecycle management (PLM) market is also estimated to grow majorly on account of the following:
· Skyrocketing IT spending over enterprise software across the globe
· Spike in the number of connected devices to the internet
· Surging demand for product lifecycle management solutions
· Significant growth in the number of data centers worldwide
Global Product Lifecycle Management (PLM) Market: Restraining Factor
There is a requirement for a higher initial investment, and the possibility of a data breach in the market. Hence, these factors are expected to be the major hindrance to the growth of the global product lifecycle management (PLM) market during the forecast period.
By End-User (Aerospace & Defense, Energy & Utilities, Pharmaceutical, and Others)
The energy & utilities segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the constant development in the energy & utility industries across the globe. Additionally, there have been increasing installations of solar panels, wind turbines, and others that are anticipated to further surge the segment’s growth. Furthermore, as of 2021, the electric generated in the USA were more than 4,000 terawatt hours.
· By Services (Consulting, Integration, Maintenance, and Operation)
· By Deployment (On-Premise, and Cloud)
· By Type (Architecture & Engineering, Electronic Design & Automation, Simulation & Analysis, Numerical Control, and Construction)
· By Region
The North America product lifecycle management (PLM) market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. Increasing investment in advanced solutions such as connected devices, augmented reality, IOT, & others, and rising demand for product lifecycle management in the aerospace & defense industries in the region are some of the major factors anticipated to drive the growth of the market in North America during the forecast period. For instance, the United States became the highest aerospace exporter in 2021. The aerospace contribution in exports in the USA was valued at approximately USD 80 billion.
The market research report on global product lifecycle management (PLM) also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Product Lifecycle Management (PLM) Market
Some of the key players of the global product lifecycle management (PLM) market are Autodesk Inc., Inflectra Corporation, Oracle Corporation, BAMBOO ROSE LLC, Propel Industries Pvt. Ltd., SAP SE, Ansys, Inc., The Hewlett-Packard Company, and others.