Product Lifecycle Management (PLM) Market Is Projected To Reach 98 US Billion Dollars, Registering a Noteworthy CAGR of 8%
Increasing emphasis on creating innovative smart products & factories and rising demand for cloud-based PLM solutions are expected to drive market growth.
Rockville, Maryland, United States, 19th Jan 2023 – Fact.MR, a market research and competitive intelligence provider, reveals that the global product lifecycle management (PLM) market is expected to garner US$ 98 billion by 2033, expanding at 8% CAGR from 2023 to 2033.
Product lifecycle management is the management of data and processes used in the design, engineering, production, sales, and service of a product over the course of its entire lifecycle and supply chain. PLM has a longstanding experience in the manufacturing industry, although the term now often refers to a software solution and a wider use case that extends beyond the production process.
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Key Takeaways from Market Stud
- The global product lifecycle management market is valued at US$ 45 billion in 2023.
- The PLM market is predicted to reach US$ 98 billion by 2033.
- The market is anticipated to evolve at a CAGR of 8% from 2023 to 2033 (forecast period).
- North America accounted for 39% share of the global market in 2022.
- The cloud segment held 70% share of the global market in 2022.
Major market players are concentrating on developing innovative products to expand their market presence.
- Dassault Systems released Sustainable Innovation Intelligence, a lifecycle assessment tool, in February 2022 to help businesses reduce the environmental effect of the materials, processes, and products they develop. The one-of-a-kind cloud-based solution incorporates the eco-invent database of over 18,000 industrial and agricultural processes’ effects into the virtual design, production engineering, product creation, and operations and logistics. This solution is completely integrated into the Dassault Systèmes 3DEXPERIENCE platform and spans the entire value chain.
- Centric Software released an upgraded PLM solution, Centric 8 PLM, version 7.3, in July 2021. Centric 8 PLM is designed with advanced capabilities to meet the needs of end users in food and beverage, consumer goods, personal care and household, cosmetics, and other industries.
- InnovMetric introduced PolyWorks Data Loop PLM Connectors in April 2021. PLM connectors were created to connect PLM systems to the PolyWorks smart 3D metrology digital network. These connectors are widely used in the manufacturing industry.
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The global PLM market is extremely competitive due to the existence of several global companies. Key players in the product lifecycle management market are implementing growth tactics such as collaborations, technological developments, investments, and acquisitions to gain market share.
- In June 2022, Infor joined forces with Everstream Analytics, a worldwide supply chain insights and risk analytics provider, to help businesses predict supply chain disruptions. By giving data on external occurrences such as labor strikes, weather, cybersecurity, and port congestion, Evertsream’s solution will boost inventory and shipment capabilities throughout the supply chain and order visibility. As part of the collaboration, Infor will incorporate its end-to-end supply chain risk assessment with the Infor Nexus multi-enterprise business network platform.
- PTC and ITC Infotech decided in April 2022 to extend their 20-year collaboration and boost customer digital transformation activities by using PTC’s Windchill PLM software as a service (SaaS). ITC Infotech would buy a portion of PTC’s PLM implementation services business, forming a new business unit called DxP Services. This would bring together PLM professionals from both companies.
- Simple Energy, an electric vehicle (EV) start-up, formed a collaboration with worldwide technology leader Siemens in January 2022 to increase EV mobility solutions with cutting-edge technologies. According to the agreement, Simple Energy will use Siemens’ Teamcenter X, a cloud-based PLM platform that will assist the company in establishing a solid digital base for its e-mobility products. Together with Siemens, Simple Energy has enlisted Prolim, Siemens’ Technology Partner, to provide world-class technology to support India’s aspiration to become the world’s EV capital.
- Accenture, an Ireland-based professional services firm, acquired DI Square’s consulting capabilities for application lifecycle management and product lifecycle management systems integration in June 2021. Accenture’s engineering capabilities for automotive and other manufacturing clients in Japan and other regions will be expanded as a result of the acquisition.
- Arena Solutions, Inc
- Aras Corporation
- Autodesk, Inc
- Dassault Systemes SA
- Centric Software, Inc
- Oracle Corporation
- Siemens PLM Software, Inc
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Key Segments of PLM Industry Research
· By Component :
· By Deployment :
· By End Use :
Aerospace & Defense
Automotive & Transportation
Semiconductors & Electronics
Retail & Consumer Goods
Industrial Equipment & Heavy Machinery
· By Region :
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global product lifecycle management (PLM) market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of component (software, services), deployment (on-premise, cloud), and end use (aerospace & defense, automotive & transportation, semiconductors & electronics, retail & consumer goods, industrial equipment & heavy machinery, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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