MarketsandMarkets projects the Product Lifecycle Management Market to grow from USD 50.7 billion in 2019 to USD 73.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period. Major factors expected to drive the growth of the product lifecycle management market include growing focus on developing groundbreaking smart products and factories, increasing need to build product innovation platform would support product lifecycle management-enabled applications, and growing demand for cloud-based product lifecycle management solutions for scalability and secure IT infrastructure.
Product lifecycle management (PLM) is the process of managing complex product information, engineering and manufacturing workflows, and collaboration. With a PLM system in place, organizations can manage key product decisions like real-time product changes. The system also helps to consolidate, organize, and track complete product data. By capturing the product data in a PLM system, manufacturers have access to the single and the correct version of their product record at any point in time.
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The Asia Pacific (APAC) region is expected to grow at the highest CAGR in the global product lifecycle management market during the forecast period. The region comprises key economies, such as China, India, Japan, Singapore, Malaysia, and Australia. APAC is projected to witness the highest adoption rate of product lifecycle management, owing to the presence of a large number of Small and Medium-sized Enterprises (SMEs) which are inclined toward the adoption of cloud-based product lifecycle management. The increasing adoption of cloud technologies and the presence of a broad customer base are driving the adoption of product lifecycle management across enterprises in APAC.
The healthcare and life sciences vertical is expected to be the fastest-growing in terms of the adoption of product lifecycle management during the forecast period. PLM in healthcare and life sciences also helps in automation and rationalization of development processes, providing flexibility to customers. Also, accessing and monitoring healthcare-related information across the regions would become more comfortable with the help of PLM based solutions. Moreover, PLM systems provide drug development portfolio management, secured record management, collaboration, and transfer technology, global product registration, supply chain management, and enterprise governance.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period Companies are deploying PLM solutions in the cloud to improve the mobility and decentralize the data storage and computing. Security remains to be a critical issue that restricts its adoption rate; however, this issue is gradually being eradicated through rigorous security tests conducted with the highest standards by third parties. Due to these advantages, many vendors are switching from the on-premises deployment model to the Software-as-a-Service (SaaS)-based solutions.
The SMEs segment is expected to grow at a higher CAGR during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. SMEs face some specific challenges, such as the requirement of domain-specific personnel and skilled workforce, budget constraints, and limited economies of scale. The increased competitive market scenario and brand marketing have encouraged the SMEs to invest in the product lifecycle management and services to reach out to more prospects and participants, and effectively host events for their business growth. The increasing usage of cloud-based offerings among various organizations has led to the implementation of product lifecycle management among SMEs as well to reduce their IT infrastructure cost and focus on their core activities.
North America is expected to hold the largest market size during the forecast period. The US has emerged as the largest market for Product lifecycle management owing to the large-scale implementation of Product lifecycle management solutions by organizations and enterprises in the country. The high pace of development of infrastructure in the US, along with the high growth of Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing has attributed to the fast growth of the Product lifecycle management market in the US.
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Key and emerging market players include SAP (Germany), Dassault System (France), PTC (US), Siemens (Germany), Autodesk (US), IBM (US), Oracle (US), HP (US), Atos (France), Accenturs (Ireland), Arena (US), Ansys (US), Aras (US), Infor (US), Propel (US), Kalypso (US), FusePLM (US), Bamboo Rose (US), Inflectra (US), TCS (India). These players have adopted various strategies to grow in the product lifecycle management market.
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