Product Lifecycle Management (PLM) Software Market Overview
The Product Lifecycle Management (PLM) Software Market is expected to register a CAGR of 6.92% during the forecast period of 2022 – 2027. The demand for robust data analytics software platforms in the industry is increasing. These trends have been augmented by the increasing adoption of IoT across the manufacturing industry. PTC’s Windchill is an instance of the PLM software embedded with analytics for discrete manufacturers looking for IoT capabilities. This software can boost the PLM solution to sprint with flexibility.
PLM helps improve approval times and reduce delays by accelerating product introduction to the market, in turn, saving costs for adopters. For example, NEXTracker, a technology development company for solar energy, which develops solar trackers, energy storage solutions, and advanced control software, has recently doubled its global manufacturing capacity to 300 megawatts per week, and with it, the company Arena’s PLM, which helped the company to cut approval and review times by nearly 60%, eliminated time-zone delays and accelerated product introductions by 25%. Such benefits are further augmenting the demand for PLM in the market.
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Advancements of Key Companies’ PLM Software
- PLM has not only proven to improve efficiency but also fuel product innovation. For instance, according to Autodesk, companies with PLM spend 7% less time on nonproductive data management tasks and reduce product development costs by an average of 16%.
- Siemens’ PLM software PROCIM’s CAD solutions enabled Spezialfahrzeugbau Tunger, a designer and developer of promotional vehicles, to deliver quality and unique vehicles on schedule and enabled over 14 employee firms to meet the demands of high-profile customers.
- Tesla has integrated ENOVIA (cPDM software) and CATIA (CAD software) with DELMIA to simulate the manufacturing facility and process in the manufacturing of its model.
PLM Software Market – Geographical Overview
The North American region has the presence of several major product lifecycle management software vendors, such as IBM Corp. (United States), PTC Inc. (United States), and Oracle Corporation (United States). Hence, there is strong competition among the players. The automotive sector is growing at a significant rate in North America. As the economic growth of the region has a direct impact on the sales of passenger cars and commercial vehicles, PLM software is mainly used in the product development stage, which starts long before manufacturing begins in the automotive industry. It ensures advanced safety features, electronics, and embedded software content in vehicles.
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Recent Developments in the PLM Software Market
- June 2022 – Product development processes have evolved at greater speeds in recent years. Autodesk Fusion 360 offers the most significant improvement to any workflow and is constantly changing to meet the needs of engineers, professional designers, and machinists. Fusion 360 includes a new mesh environment that provides a historical timeline for mesh edits and improved conversion options, enabling the users to undo/redo actions as needed.
- June 2022 – Infor partnered with Everstream Analytics, the global supply chain insights and risk analytics company, to help organizations better anticipate and navigate supply chain disruptions. Evertsream’s solution will complement the capabilities like shipments and inventory throughout the supply chain and visibility to orders by providing data on external events such as weather, labor strikes, port congestion, and cybersecurity. Through the partnership, Infor will integrate its end-to-end supply chain risk assessment and monitoring data with Infor Nexus multi-enterprise business network platform.
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List of Key Players in the PLM Software Market
- Siemens AG
- Dassault Systems Deutschland GmbH
- Autodesk Inc.
- PTC Inc.
- SAP SE
- ANSYS Germany GmbH
- Oracle Corporation
- Aras Corporation
- Arena Solutions
- Infor Inc.
*List Not Exhaustive
Mordor Intelligence has segmented the PLM Software Market based on deployment type, end-user, and geography:
- Deployment Type (Market Size & Forecast, 2020-2027)
- Professional Services
- End-user (Market Size & Forecast, 2020-2027)
- Electronics, Industrial Equipment, and High-tech
- Aerospace and Defense
- Architecture, Engineering, and Construction (AEC)
- Other End-user Industries
- Geography (Market Size & Forecast, 2020-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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