Pune, India, Sept. 12, 2022 (GLOBE NEWSWIRE) -- According to a published report by Fortune Business Insights, titled, “Product Life Cycle Management Market Size, Share & Industry Analysis, By Deployment, By Industry Vertical, and Regional Forecast, 2022-2026,” the global Product Lifecycle Management Market is expected to reach USD 26.73 Billion by 2026, thereby exhibiting a CAGR of 6.3 % during the forecast period. The report further states that the global market size was valued at USD 17.87 Billion in 2018. A rise in the flexibility of scale-up and scale-down infrastructure will also contribute to the growth of the global PLM market.
Industry Development:
- In July 2021, Centric Software launched an updated version of product lifecycle management (PLM) solution, as “Centric 8 PLM, version 7.3”. Centric 8 PLM is developed with advanced features to cater to end-users across sectors such as consumer goods, food & beverage, personal care and household, cosmetics, and other products.
- In April 2021, InnovMetric launched “PolyWorks Data Loop PLM Connectors”. The PLM connectors are developed to connect product lifecycle management systems with PolyWorks smart 3D metrology digital network. These connectors are deployed across the manufacturing industry.
Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/product-life-cycle-management-market-100370
| Report Coverage | Details |
| Forecast Period | 2022 to 2026 |
| Forecast Period 2022 to 2026 CAGR | 6.3 % |
| 2026 Value Projection | USD 26.73 Billion |
| Base Year | 2018 |
| Product Lifecycle Management Market Size in 2018 | USD 17.87 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 120 |
| Segments covered | By Deployment; Industry and Geogrphy |
| PLM Market Growth Drivers | Increasing Usage of Cloud-based Solutions to Boost Market Growth |
| Evolution of connected devices and smart factories | |
| Market leaders such as Dassault Systemes and Siemens AG would focus on strengthening the market position with respect to providing PLM solutions. |
Driving Factor:
Increasing Usage of Cloud-based Solutions to Boost Market Growth
Several core technologies are under evolution in today’s world. Such technologies include machine learning, artificial intelligence, and blockchain. It is projected to fuel the global Product Life Cycle Management Market. Moreover, there is a rise in the implementation of cloud-based solutions in the PLM system, which is likely to boost market growth. Siemens AG, for instance, announced in August 2017, that it successfully acquired TASS International B. V., a software company, based in Netherlands.
The main of this acquisition was to add automated driving solutions to the company’s portfolio. As per Siemens, its PLM software portfolio provides a notable opportunity to TASS and its loyal consumers to propel the research and development of safety-critical operations in the field of connected and automated driving. The company’s test and engineering services are meant to reach a much larger audience through its extended chains.
Dassault Systèmes Renews Contract with Rockwell Collins to Strengthen its Position in the Market
Dassault Systèmes, a software company, based in France, has announced that it has successfully renewed an agreement in June 2017 with Rockwell Collins, a multinational corporation company headquartered in Iowa. Rockwell is deploying Exalead and Enovia applications from Dassault to develop a PLM-friendly environment for its technology and engineering sectors across the globe. Rockwell is investing a huge sum in Dassault’s technologies to enhance the partnership across manufacturing, research, and development processes, aid in managing its internal costs for critical systems, and streamline workflows.
Browse Complete Report Details with Table of Content and Figures:
https://www.fortunebusinessinsights.com/industry-reports/product-life-cycle-management-market-100370
Regional Insights:
· According to the report, North America emerged dominant in the global market in 2017. Furthermore, the region is expected to progress at a promising CAGR through the course of the forecast period. Nations such as the U. S. and Canada are exhibiting high demand for electronic computer-aided design (ECAD) and mechanical computer-aided design (MCAD). This is expected to boost the North America product lifecycle management market. The Asia Pacific market is likely to witness impressive growth. The aerospace and defense sectors in the region are likely to offer lucrative growth opportunities, exhibiting a rising in the adoption of product lifecycle software. This would further fuel the demand in the global market.
· Furthermore, the market is expected to gain from the introduction of cloud-based product lifecycle management software. Besides this, the rising demand from India and China will bode well for the overall market. Besides this, in Latin America and the Middle East and Africa market, organizations are updating their product lifecycle management systems to integrate new cloud-based software. This in response will facilitate the adoption of cloud-based product lifecycle management software and enable growth in the market.
PLM Market Segmentation:
| Segmentation | By Deployment
|
By Industry
| |
By Geography
|
Competitive Landscape-
Market Players Adopt Innovative Strategies to Gain Competitive Advantage
The global product lifecycle management market is likely to gain from the advent of industrial internet of things. Therefore, as per Victoria’s state government, the global IIoT industry is foreseen to expand between 20 and 40% every year. The industry is further expected to value US$ 1 Bn by 2020. This is likely to enable growth in the global product lifecycle management market.
The global product lifecycle management market is expanding at a promising CAGR. The competition among the market players in increasing owing to the prevailing opportunities
Companies Profiled in Product Life Cycle Management Market Report:
- Hewlett-Packard Company
- BigLever Software
- PTC Inc.
- IBM Corporation
- Siemens AG
- Accenture PLC
- Dassault Systems
- Autodesk, Inc.
- Oracle Corporation
- IFS
- SAP SE
Have Any Query? Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/product-life-cycle-management-market-100370
Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis for Key Players
- PESTLE Analysis
- Global Product Lifecycle Management (PLM) Market Analysis, Insights and Forecast, 2016-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts – By Deployment (US$ Mn)
- On-Premise
- Cloud
- Market Size Estimates and Forecasts – By End-User (US$ Mn)
- Discrete Industry
- Automotive
- Electronics
- Heavy Manufacturing
- Others (Aerospace and Defense, High Tech and Others)
- Process Industry
- Oil & Gas
- Chemicals
- Healthcare
- Others (Pharmaceuticals, Petroleum and Others)
- Discrete Industry
- Market Size Estimates and Forecasts – By Geography (US$ Mn)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- North America Product Lifecycle Management (PLM) Market Analysis, Insights and Forecast, 2016-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts – By Deployment (US$ Mn)
- On-Premise
- Cloud
- Market Size Estimates and Forecasts – By End-User (US$ Mn)
- Discrete Industry
- Automotive
- Electronics
- Heavy Manufacturing
- Others (Aerospace and Defense, High Tech and Others)
- Process Industry
- Oil & Gas
- Chemicals
- Healthcare
- Others (Pharmaceuticals, Petroleum and Others)
- Discrete Industry
- Market Size Estimates and Forecasts – By Country (US$ Mn)
- United States
- Canada
- Europe Product Lifecycle Management (PLM) Market Analysis, Insights and Forecast, 2016-2026
FAQs:
- How big is the PLM industry?
Product Life Cycle Management Market size stood at USD 16.76 Billion in 2018 is expected to reach USD 26.73 Billion by 2026, exhibiting a CAGR of 6.3% during 2019-2026.
- How much will the global product life cycle management market be worth in the future?
The product life cycle market is estimated to reach US$ 26.73 Bn by the end of 2026.
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