The global product lifecycle management (PLM) software market is anticipated to grow at a CAGR of 6.53% during the forecast period, 2020-2028. The factors augmenting the global PLM software market growth are the incorporation of digitalization to enhance the production, and enabling cloud technology to consolidate the information.
Product lifestyle management (PLM) is a system, which helps organizations to administer the design and development of a product until its final disposal. The complete amount of data generated by the combination of automation and digitization is helping enterprises to optimize processes, due to which manufacturers are showing interest in adopting solutions, such as PLM, ERP, CRM, etc. The industries across the world are increasingly adopting AR, IIoT, automation, and analytics, in order to improve cost savings and efficiency. For example, as per GSMA Intelligence, the number of industrial IoT connected devices was 4.5 billion in 2019, which is expected to increase further.
The interaction between different versions of a product with the arrival of IoT in industries is a challenge faced by PLM vendors. The market is characterized by increasing levels of product penetration, moderate to high product differentiation, and soaring competition. The proper execution of PLM for successful product development requires domain expertise and a wide range of experience, which increases the demand for professional services.
The global product lifecycle management (PLM) software market is further analyzed on the basis of the market growth assessment of North America, Europe, Asia Pacific, and the Rest of the World. The region of Asia Pacific is expected to record the highest CAGR during the forecast period, owing to the continuing industrial and infrastructure expansion activities, especially in India and China.
The vendors are increasingly collaborating with technology providers and suppliers to provide one-stop solutions and gain capabilities further. Some of the players participating in the highly competitive market rivalry are SAP SE, Siemens AG, Accenture Plc, Oracle Corporation, Dassault Systemes SE, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments