The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Product Lifecycle Management Market Growth & Trends
The global product lifecycle management market size is expected to reach USD 36.09 billion by 2025, expanding at a CAGR of 6.2% from 2020 to 2025, according to a new study conducted by Grand View Research, Inc. The increasing demand of Product Lifecycle Management (PLM) solutions to support complex functionalities, rise in smart factories and smart value chains, and increasing integration with Internet of Things (IoT) platforms are the main drivers fostering the growth. Moreover, various other emerging technologies such as cloud computing, internet of things, high speed internet connectivity are also expected drive the market growth. In addition, the vendors are also instrumental in making significant investments in developing product innovation platform coupled with next generation of interoperability and integration capabilities.
With the increasing use of IoT technologies in industrial manufacturing, retail, energy and utilities, transportation industries, and healthcare,vendors are adopting analytics capabilities coupled with Artificial intelligence (AI) and machine learning into their product lifecycle management solutions. Moreover, vendors are now integrating PLM with IoT platforms that will enable enterprises to link real-time operational data into PLM platforms to obtain insights. The insights derived from the integration will help in optimizing product’s usability, quality, maintenance, and service performance. Moreover, with advancements in next generation technologies, IoT capabilities have become a vital differentiator for selection in the era of Industry 4.0 and smart manufacturing.
Advancements in IT technologies such as adoption of cloud, artificial intelligence, big data, and communication technologies such as 5G is anticipated to propel the demand for PLM solutions in various industries.Many large enterprises are shifting towards cloud-first strategy for deploying their enterprise software and other systems. Moreover, vendors are making significant investment in enhancing PLM capabilities for hybrid, private and multi-tenant deployments. However, most of the PLM cloud deployments are focused on SMEs and non-tradition industries. However, recent outbreak of COVID-19 disease across the world is likely to slow down the growth rate of the market temporarily.
Product Lifecycle Management Market Report Highlights
- Simulation, testing, and change management segment is anticipated to register highest CAGR owing to increasing production capacities vis-?-vis industrial development in developing countries across world. Moreover, the need to reduce product’s time-to-market, and eliminate redundant operational processes will also boost the segment growth in the coming years
- Consultancy segment is anticipated to expand at faster CAGR owing to growing awareness of advantages of PLM solutions worldwide. Moreover, with digital transformation of industries, professional consultancy services will grow rapidly to advice the required PLM solutions as per the enterprises’ needs
- SaaS deployment is likely to register highest CAGR during the forecast period owing to benefits such as improved scalability, flexibility, and security aspects of the model. The growing shift of industries towards cloud PLM deployment will also increase the utility of SaaS solutions in the long run
- The SMEs segment is projected to register the highest CAGR of over 6.5% over the forecast period owing to rising demand for software integration capabilities by SMEs
- Healthcare end use segment is anticipated to be the fastest growing segment over the forecast period. Increasing compliance of regulatory mandates in medical device manufacturing and pharmaceutical companies will act as the prime driver to boost the growth of PLM solutions
- Asia Pacific is expected to witness remarkable growth owing to increasing industrial manufacturing activities undertaken in the region. Moreover, the increasing public and private investment in the wake of Industry 4.0 and smart and connected industry initiatives, the region is likely to witness significant growth of PLM market over the forecast period