(MENAFN- IMARC Group)
IMARC Group, a leading market research company, has recently releases report titled “Product Lifecycle Management (PLM) Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”
The global product lifecycle management (PLM) software market size reached US$ 26.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 46.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032.
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Factors Affecting the Growth of the Product Lifecycle Management (PLM) Software Industry:
Integration with Emerging Technologies:
The integration of PLM software with emerging technologies such as the Internet of Things (IoT), artificial intelligence (AI), and cloud computing is a significant driver for the PLM software market. These integrations enhance the capabilities of PLM solutions in managing complex product data and processes across the entire lifecycle, from inception to disposal. For instance, IoT connectivity enables real-time data collection from products in use, allowing for better feedback into the design and manufacturing process. Similarly, AI and machine learning algorithms can predict maintenance needs and optimize product designs, while cloud-based PLM solutions offer scalability, flexibility, and collaboration benefits, especially vital for geographically dispersed teams.
Demand for Efficient Product Development Processes:
The increasing complexity of products and the need for faster time-to-market are compelling businesses to adopt PLM software. Companies across industries face pressure to innovate rapidly while maintaining product quality and compliance with regulatory standards. PLM software streamlines product development by providing a centralized platform for managing all aspects of product design, development, and manufacturing. It reduces errors and rework, facilitates compliance management, and enhances collaboration among stakeholders. This efficiency in managing the product lifecycle not only accelerates product development cycles but also reduces costs, driving the adoption of PLM software.
Expansion in Automotive and Aerospace Industries:
The automotive and aerospace industries are among the largest adopters of PLM software, driven by the need to handle the increasing product complexity and regulatory requirements in these sectors. Both industries are characterized by long product lifecycles, extensive supply chains, and a high emphasis on safety and compliance. PLM software helps these industries manage design and manufacturing processes, simulate product performance under various conditions, and ensure compliance with industry standards. Moreover, the shift towards electric vehicles (EVs) and the growing demand for aircraft in emerging economies are prompting companies in these sectors to invest in PLM solutions to manage the lifecycle of increasingly complex products.
Leading Companies Operating in the Global Product Lifecycle Management (PLM) Software Industry:
ANSYS Inc. Aras Corporation, Autodesk Inc. Coats Digital Dassault Systèmes SE (Dassault Group) Infor (Koch Industries Inc.) Oracle Corporation PROCAD GmbH & Co. KG Ptc Inc. Pulse Technology Systems Ltd. SAP SE Siemens Aktiengesellschaft.
Product Lifecycle Management (PLM) Software Market Report Segmentation:
By Software Type:
Portfolio Management Design and Engineering Management Quality and Compliance Management Simulation, Testing and Change Management Manufacturing Operations Management Others
Design & engineering management represented the largest segment as it is fundamental to the development and innovation of products across industries.
By Deployment Type:
Cloud represented the largest segment as it offers scalability, flexibility, and cost-efficiency in managing product data and processes.
By End-user:
Aerospace and Defense Automotive and Transportation Healthcare IT and Telecom Industrial Equipment and Heavy Machinery Retail Semiconductor and Electronics Others
Automotive & transportation represented the largest segment as these industries face complex product development challenges requiring robust PLM solutions.
Regional Insights:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
North America's dominance in the product lifecycle management (PLM) software market is attributed to the region's strong emphasis on innovation and technology adoption across industries.
Global Product Lifecycle Management (PLM) Software Market Trends:
Some of the major trends propelling the PLM software market include the growing emphasis on sustainability and the circular economy, necessitating the management of products from design to disposal to minimize environmental impact.
The rising demand from small and medium-sized enterprises (SMEs) for scalable and affordable PLM solutions is also noteworthy, as these businesses seek to improve their competitiveness. Additionally, the expansion of PLM in sectors like healthcare, consumer goods, and energy highlights its versatility. Regulatory compliance and the need for secure collaboration in product development, especially in a post-pandemic world with an increase in remote work, further drive the demand for advanced PLM software solutions.
Other Key Points Covered in the Report:
COVID-19 Impact Porters Five Forces Analysis Value Chain Analysis Strategic Recommendations
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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