Product Lifecycle Management (PLM) Software Market Size To Worth USD 40.25 Billion By 2030 With A 7.1% CAGR

Product Lifecycle Management (PLM) Software Market

Product Lifecycle Management (PLM) Software market include Autodesk Inc., ANSYS Inc., Aras Corporation, Coats Digital, Dassault Systèmes SE (Dassault Group)

LUTON, BEDFORDSHIRE, UNITED KINGDOM, August 23, 2024 /EINPresswire / -- Software for managing a product's lifecycle from conception to retirement is known as product lifecycle management, or PLM software. Idea generation, design and development, manufacturing, distribution, and end-of-life management are some of the aspects it involves. PLM facilitates communication across several departments, including engineering, marketing, and production, with the goal of streamlining the product development process, cutting time-to-market, and improving product quality. It provides a single source of truth for all product-related data through centralized data management. Organizations can gain a competitive edge, increased productivity, and cost savings by implementing PLM technologies and processes.

Product lifecycle management (PLM) software market is expected to grow at 7.1% CAGR from 2022 to 2029. It was valued 21.71 billion at 2020. It is expected to reach above USD 40.25 billion by 2029.

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The Major Players Covered in this Report:

Autodesk Inc., ANSYS Inc., Aras Corporation, Coats Digital, Dassault Systèmes SE (Dassault Group), Infor (Koch Industries Inc.), Oracle Corporation, PROCAD GmbH & Co. KG, PTC Inc., Pulse Technology Solutions Ltd., SAP SE, Siemens Aktiengesellschaft.

Recent Developments:

In September 2023, Ansys Speos GPU was recognized among the best by the 2023 Laser Focus World Innovators Awards.

In September 2023, Aras Corporation announced that with the launch of Aras Innovator® 28, they are now delivering a new Platform Component, Reporting, which allows for an increase in collaboration and traceability throughout the platform.

In April 2023, Siemens Digital Industries Software and IBM (NYSE:IBM) announced that they are expanding their long-term partnership by collaborating to develop a combined software solution integrating their respective offerings for systems engineering, service lifecycle management and asset management.

Detailed analysis of Product Lifecycle Management (PLM) Software market segments:

Product Lifecycle Management (PLM) Software Market By Software Type, 2020-2029, (USD Billion)

Portfolio Management

Design And Engineering Management

Quality And Compliance Management

Simulation, Testing And Change Management

Manufacturing Operations Management

Others

Product Lifecycle Management (PLM) Software Market By Deployment Type, 2020-2029, (USD Billion)

On-Premises

Cloud Based

Product Lifecycle Management (PLM) Software Market By End User, 2020-2029, (USD Billion)

Aerospace And Defense

Automotive And Transportation

Healthcare

It And Telecom

Industrial Equipment And Heavy Machinery

Retail

Semiconductor And Electronics

Others

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Cloud-based hold the largest share in the market

The market has been thoroughly segmented and analyzed by the study according to the deployment type. Cloud-based and on-premises are included in this. The report stated that cloud-based accounted for the largest portion.

Cloud-based PLM solutions are appropriate for both small and large businesses since they provide the flexibility to scale operations up or down in accordance with business requirements. Cloud-based solutions shift costs to a more affordable subscription model by doing away with the necessity for a sizable upfront investment in hardware and software. Cloud solutions enable effective worldwide operations by facilitating smooth collaboration between geographically distributed teams and offering real-time access to consolidated data and tools. Cloud-based PLM solutions with advanced encryption and compliance features guarantee data protection while adhering to industry-specific laws. The deployment speed of cloud-based solutions is far faster than that of on-premises systems, which lowers time-to-value and facilitates quicker reactions to changes in the market. Because cloud-based PLM providers usually guarantee high levels of availability, users can access data and apps without interruption. In general, cloud-based systems are simpler to interface with other business software programs, such CRM and ERP, resulting in a more

Product Lifecycle Management (PLM) Software Market Trends

Product development and management now need incorporating elements like the Internet of Things (IoT), artificial intelligence (AI), and big data analytics since technology is developing at an unprecedented rate. PLM systems are becoming more complex as a result of this technological integration, including cutting-edge features like smart automation, real-time analytics, and predictive maintenance. Companies are realizing that implementing PLM systems with cutting-edge technology can provide them a competitive advantage. Through improved data collection, management, and utilization across the product lifecycle, these technologies help businesses make better decisions, streamline operations, and ultimately produce more successful goods.

Product Lifecycle Management Software Market Regional Analysis

North America

North America will lead the market during the projected time. The US is investing heavily in cutting-edge manufacturing technologies, which is driving PLM software usage. The National Institute of Standards and Technology (NIST) reports that the US government has committed over $1 billion to projects related to advanced manufacturing. With the help of its 16 institutes, the Manufacturing USA network has increased the competitiveness of US manufacturing for over 2,000 member businesses and brought in $3 billion in industry-matched investment.

Europe

It is anticipated that the Europe region will increase significantly during the projected period. The automotive and aerospace industries, which are big users of PLM software, are heavily represented in Europe. The European Automobile Manufacturers' Association, for instance, projected that by 2022, the EU automotive sector would have invested over €58 billion in research and development, making it the continent's largest private R&D investment. This level of spending is often linked to the increasing usage of PLM systems to manage intricate procedures involved in product development.

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