Product Lifecycle Management (PLM) solutions is estimated
According to Fact.MR, a leading provider of market research and competitive intelligence, the global Product Lifecycle Management (PLM) Market reached a valuation of US$ 45 billion in 2023. It is anticipated to witness substantial growth, with a projected value of US$ 98 billion by 2033, indicating a noteworthy Compound Annual Growth Rate (CAGR) of 8% from 2023 to 2033.
PLM entails the comprehensive management of products from design and planning through production, distribution, promotion, sales, and service. It is a vital business discipline that scrutinizes products and services across all stages, starting from inception to their eventual exit from the market. By implementing PLM, companies can effectively control expenses, reduce development timelines, and expedite the introduction of products to the market.
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Key Segments of Product Lifecycle Management Industry Research Report
By Component : Software, Services
By Deployment : On-premise, Cloud
By End Use : Aerospace & Defense, Automotive & Transportation, Semiconductors & Electronics, Retail & Consumer Goods, Industrial Equipment & Heavy Machinery, Others
By Region : North America, Latin America, Europe, APAC, MEA
The Impact of COVID-19 on Global Economy and Manufacturing
The global economy faced unprecedented challenges due to the COVID-19 pandemic, causing widespread disruptions, especially in the manufacturing sector. This led to significant disruptions in supply chains and delays, prompting numerous businesses to accelerate the adoption of Industry 4.0 and engage in digital transformation initiatives. Consequently, the demand for product lifecycle management witnessed a surge to support the required growth rates.
The automotive and transportation sectors stand out as the largest end-users of PLM solutions. The increasing utilization of digital manufacturing and the integration of the Internet of Things (IoT) in the production of smart vehicles are identified as primary factors expected to drive the demand for product lifecycle management in the automotive industry.
Increasing Adoption of Integrated IoT Solutions in PLM Applications
The adoption of integrated IoT solutions and flexible scale-up or scale-down infrastructure, supported by increasing cloud-based solution deployment in the PLM system, is likely to drive the global market. Key market players are focusing on integrating IoT applications into their PLM product offerings.
For example, PTC successfully combined product lifecycle features with its ‘ThingWorx’ IoT technology in January 2020 to aid manufacturers in connecting their product operation data straight to the PLM platform.
Development of Smart Factories & Connected Devices
Digital transformation trends are pushing organizations in fields such as heavy manufacturing and automation to concentrate on designing and implementing next-generation smart products and factories. These smart products and factories are relatively complex to design in terms of connectivity, functionality, security compliances, and so on. Manufacturing businesses want a system that integrates electrical, mechanical, and software skills to effectively build these connected products.
To create such connected products, software providers are focusing on developing PLM software with advanced functions, such as 3D design, simulation, and authentication of the complicated behavior of smart products and production systems. As a result, the growing demand for connected devices is predicted to boost the demand for PLM solutions throughout the forecast period.
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Dynamic Competition in the PLM Market
The global landscape of the Product Lifecycle Management (PLM) market is characterized by intense competition, primarily driven by the presence of numerous global corporations. Key players in this market employ diverse growth strategies, including collaborations, technological advancements, investments, and acquisitions, all aimed at securing and expanding their market share.
Key Companies Profiled
Arena Solutions, Inc
Aras Corporation
Autodesk, Inc
Dassault Systemes SA
Centric Software, Inc
Oracle Corporation
PTC
Siemens PLM Software, Inc
Innovative Collaborations for Enhanced Supply Chain Predictions
In June 2022, Infor partnered with Everstream Analytics, a global provider of supply chain insights and risk analytics. This collaboration aims to empower businesses in predicting and mitigating supply chain disruptions. Leveraging Everstream’s capabilities to provide data on external factors such as labor strikes, weather conditions, cybersecurity threats, and port congestion, Infor seeks to enhance inventory and shipment capabilities, along with improving order visibility. As part of this collaboration, Infor plans to integrate its end-to-end supply chain risk assessment into the Infor Nexus multi-enterprise business network platform.
Strengthening Digital Transformation: PTC and ITC Infotech’s Extended Partnership
In April 2022, PTC and ITC Infotech announced the extension of their 20-year collaboration to further boost customer digital transformation initiatives. PTC’s Windchill PLM software is set to be deployed as a service (SaaS) by ITC Infotech. Additionally, ITC Infotech will acquire a segment of PTC’s PLM implementation services business, leading to the creation of a new business unit named DxP Services. This strategic move aims to integrate the expertise of PLM professionals from both companies.
Revolutionizing EV Mobility: Siemens and Simple Energy Collaboration
January 2022 witnessed an impactful collaboration between electric vehicle (EV) start-up Simple Energy and global technology leader Siemens. To advance EV mobility solutions through cutting-edge technologies, Simple Energy will leverage Siemens’ Teamcenter X, a cloud-based PLM platform. This collaboration, supported by Siemens’ Technology Partner, Prolim, is aimed at establishing a robust digital foundation for Simple Energy’s e-mobility products, contributing to India’s vision of becoming a global EV hub.
Read More – https://www.globenewswire.com/news-release/2023/12/19/2798354/0/en/Product-Lifecycle-Management-PLM-Market-Set-to-Cross-US-98-Billion-at-an-8-CAGR-by-2033-Fact-MR-Study.html
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