Product Lifecycle Management Industry Overview
The global product lifecycle management market size was valued at USD 26.86 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2022 to 2030.
The major factors expected to drive the growth include a rising focus on developing smart products and factories and the increasing demand for cloud-based product lifecycle management (PLM) solutions for secure IT infrastructure. The outbreak of the COVID-19 pandemic has prompted businesses to adopt cloud technology to facilitate remote working and ensure business continuity. In addition, several organizations have opted for remote working and deployed cloud-based solutions, which has surged the demand for PLM solutions. The pandemic had a positive impact on the growth of the market due to the high adoption of cloud-based solutions across various organizations.
Product lifecycle management envisages systematic management of information through the entire lifecycle of the product in real-time. The information typically includes production and product design, development, and delivery process. The product lifecycle processes continuously evolve with variables such as functions, time, price, and performance. As a result, product innovation is flexible to match the new market requirements which have become extremely important owing to these continuously changing variables. These product lifecycle management solutions can help achieve low operational costs and time efficiency while encouraging innovations in business operations. These benefits are expected to impact the market growth positively over the forecast period.
Gather more insights about the market drivers, restraints and growth of the Global Product Lifecycle Management Market
The increasing demand for product lifecycle management solutions in small and medium enterprises across various industry verticals to optimize manufacturing costs is fostering the growth of the market. Companies need to find ways to invest to maximize their business profit potential throughout their life cycle. However, concerns over data security and other factors such as integration and costs of implementation are expected to restrain the growth of the market over the forecast period. Technological trends such as additive manufacturing and engineering and Augmented Reality (AR) are predicted to drive the market during the forecast period. These technologies are expected to encourage companies to enable their PLM solutions with new capabilities, which are projected to extend the demand.
Currently, an outsized number of commercial enterprises are instrumental in completing digital transformation initiatives or developing their roadmap towards digitalization. One of the significant developments includes the integration of the Internet of Things (IoT) with PLM solutions. This integration has amplified the capabilities of product lifecycle management solutions, which has enabled real-time performance and quality management post-manufacturing. IoT sensors embedded in smart products and systems generate a vast set of actionable data, such as insights regarding the early signs of failure of a particular part in the product.
Technological advancements such as the Industrial Internet of Things (IIoT), virtual reality, augmented reality, and additive manufacturing, are anticipated to boost the growth of the product lifecycle management market. The key market players, such as PTC Inc. and Siemens are focused on integrating these technologies to strengthen their position in the market. For instance, in February 2021, Siemens launched AssistAR 3.0, which supports assembly, inspection, and maintenance procedures with a new generation of accurate and robust augmented reality (AR) technologies. It connects to the company’s PLM system and uses regular PCs and displays to guide company operators through complex operations without the use of glasses or a headset.
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Product Lifecycle Management Market Segmentation
Grand View Research has segmented the global product lifecycle management market based on software, deployment, end use, and region:
Product Lifecycle Management Software Outlook (Revenue, USD Million, 2017 - 2030)
- Portfolio Management
- Design Engineering Management
- Quality Compliance Management
- Simulation, Testing, Change Management
- Manufacturing Operations Management
- Others
Product Lifecycle Management Deployment Outlook (Revenue, USD Million, 2017 - 2030)
- On-premise
- Cloud
Product Lifecycle Management End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Aerospace Defense
- Automotive Transportation
- Healthcare
- IT Telecom
- Industrial Equipment Heavy Machinery
- Retail
- Semiconductor Electronics
- Others
Product Lifecycle Management Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights:
January 2022: Aras Corporation announced the merger with Minerva Group, a software provider that optimizes business and product processes. With this merger, Minerva brings product lifecycle management functionality that will be built on the Aras platform for medical devices and high-tech electronics companies.
Key Companies profiled:
Some prominent players in the global Product Lifecycle Management market include
- ANSYS, Inc.
- Aras Corporation
- Arena Solutions, Inc.
- Oracle Corporation
- SAP SE
- AUTODESK, INC.
- Siemens AG
- PTC Inc.
- Dassault Systèmes
- Synopsys Inc.
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