Product Lifecycle Management (PLM) Market Projected to Hit USD 42.8 Billion by 2028 growing at 8.4% CAGR - Report by Vantage Market Research

WASHINGTON, June 08, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Product Lifecycle Management Market finds that increasing acceptance of integrated IoT solutions in PLM applications and development of connected devices and smart factories, are factors that influence the growth of Product Lifecycle Management Market.

The Global Product Lifecycle Management Market revenue is expected to reach a value USD 42.8 Billion in the year 2028.

The Global Market revenue stood at a value USD 26.4 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.4% during the forecast period; states Vantage Market Research, in a report, titled “Product Lifecycle Management Market Size, Share & Trends Analysis Report by Software (Portfolio Management, Design & Engineering Management, Quality & Compliance Management, Simulation, Testing, & Change Management), by Deployment (On-Premise, Cloud Based), by End Use (Aerospace & Defense, Automotive & Transportation, Healthcare, IT & Telecom), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Market Dynamics:

Drivers:

Increasing Acceptance of Integrated IoT Solutions in PLM Applications

The introduction of integrated Internet of Things (IoT) solutions and flexible scale-up or scale-down infrastructure is expected to boost the market, supported by increasing use of cloud-based solutions in PLM systems. IoT sensors embedded in smart devices and systems produce a wide set of actionable data, such as insights regarding the early cue for breakdown of a particular part of the device. Key players in this market are focused on integrating their applications into their PLM product portfolio. For example, in January 2019, PTC successfully combined product lifecycle capabilities with the IoT technology ‘Thing Worx’ to allow manufacturers to connect product operational data directly to the PLM platform. Other factors, such as the development of core technologies such as blockchain, Al and machine learning, are expected to drive the market growth over the forecast period.

Development of Connected Devices and Smart Factories

Digital transformation trends are driving companies in industries such as heavy industry and automation to focus on developing and launching next-generation intelligent products and factories. These smart products and factories are extremely complex to develop in terms of connectivity, security compliance, functionality and more. To efficiently build these connected products, manufacturers need solutions that cover mechanical, electrical, and software features. To develop these connected products, software vendors are focused on developing PLM software with advanced features: 3D design, simulation, and certification of the complex behaviour of intelligent products and production systems. Therefore, increasing demand for connected devices is expected to drive the growth of the Product Lifecycle Management Market over the forecast period.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Product Lifecycle Management market is predicted to grow at a CAGR of roughly 8.4% during the forecast period.
• The Product Lifecycle Management market was estimated to be worth roughly USD 26.4 Billion in 2021 and is expected to reach USD 42.8 Billion by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide Product Lifecycle Management market.
  

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Segmentation of the Global Product Lifecycle Management Market:

• Software
  • Portfolio Management
  • Design & Engineering Management
  • Quality & Compliance Management
  • Simulation, Testing, & Change Management
  • Manufacturing Operations Management
  • Others
• Deployment
  • On-Premise
  • Cloud Based
• End Use
  • Aerospace & Defense
  • Automotive & Transportation
  • Healthcare
  • IT & Telecom
  • Industrial Equipment & Heavy Machinery
  • Retail
  • Semiconductor & Electronics
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

The Report on Product Lifecycle Management Market Highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics
  

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Regional Analysis:

North America Holds Maximum Market Share

North America is expected to dominate the growth of Product Lifecycle Management Market in 2021. This advantage is primarily due to the demand for mechanical computer-aided design (MCAD) and electronic computer-aided design (ECAD) systems in developed countries such as the United States and Canada. Leading manufacturers in the region will also use PLM solutions to acquire and upgrade business units to establish long-term technology trends for business units to support marketing and customer-centric product development. Hence, anticipated to drive the market growth over the forecast period.

List of Prominent Players in the Product Lifecycle Management Market:

• ANSYS Inc
• Aras Corporation
• Arena Solutions Inc.
• Oracle Corporation
• SAP SE
• AUTODESK INC.
• Siemens AG
• PTC Inc.
• Dassault Systèmes
• Synopsys Inc.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Product Lifecycle Management Market Size, Share & Trends Analysis Report by Software (Portfolio Management, Design & Engineering Management, Quality & Compliance Management, Simulation, Testing, & Change Management), by Deployment (On-Premise, Cloud Based), by End Use (Aerospace & Defense, Automotive & Transportation, Healthcare, IT & Telecom), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/product-lifecycle-management-market-944696

Recent Developments:

August 2020: NEC Corporation (NEC) has introduced a product life cycle management (PLM) system in collaboration with Sanden Holdings Corporation (Sanden) and Argo Graphics Co., Ltd. (Argo Graphics). The PLM system was developed to control the design and manufacturing processes of companies around the world.

December 2020: PTC has completed the acquisition of Arena Solutions, a provider of SaaS platforms. The acquisition was completed to develop an advanced CAD + PLM solution based on the SaaS platform.

April 2021: Innov Metric has released the Poly Works Data Loop PLM Connector. The PLM connector is designed to connect your Product Lifecycle Management system to your Poly Works intelligent 3D digital measurement network. These connectors are used throughout the manufacturing industry.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Product Lifecycle Management Market?
• How will the Product Lifecycle Management Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Product Lifecycle Management Market?
• What is the Product Lifecycle Management market drivers and restrictions?
• What will be the CAGR and size of the Product Lifecycle Management Market throughout the forecast period?

This market titled “Product Lifecycle Management Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:  

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