The global Product Lifecycle Management Market size is expected to reach USD 43.64 billion by 2028, registering a CAGR of 7.2% from 2021 to 2028, according to a new study by Grand View Research, Inc. The growing need to support complex functionalities, the unabated establishment of smart factories and rollout of smart value chains, and the continued integration of the Internet of Things (IoT) with PLM solutions are some of the main drivers that are expected to drive the growth of the market over the forecast period. Advances in the latest technologies, such as cloud computing and IoT, and the continued rollout of high-speed data networks are expected to contribute to the growth of the market. The aggressive investments being made by the market players in product innovation to deliver the next generation of interoperability and integration capabilities also bode well for the growth of the market.
The PLM market has been witnessing several new developments, over the past few years, particularly in the form of enhanced software capabilities. One of the major developments includes the introduction of IoT-enabled PLM solutions. The integration of IoT with product lifecycle management solutions has helped in enhancing the capabilities of PLM solutions, thereby allowing to obtain the data related to product development and delivery process in real-time and to focus on quality management during the post-manufacturing phase. IoT-compatible PLM software can help in generating large volumes of actionable data, which can be utilized to gain deeper insights into the product development process and identify any early signs of failure of a particular part of the product. Incumbents of several industries and industry verticals are increasingly realizing the benefits of leveraging IoT data for enhancing the lifecycle management of products and services and are hence looking forward to adopting PLM systems with improved capabilities. As such, the growing demand for PLM solutions capable of leveraging IoT data is expected to drive the growth of the market over the forecast period.
Continued advances in the latest IT technologies, such as cloud computing, Artificial Intelligence (AI), and big data, and communication technologies, such as 5G, are expected to open new opportunities for the adoption of PLM solutions in various end-use industries. Several large enterprises are already pursuing a cloud-first strategy for deploying their enterprise software and other systems. At this juncture, market players are also investing aggressively in enhancing the capabilities of their respective PLM software for private, hybrid, and multi-tenant deployments. The PLM cloud deployments are mostly focused on non-conventional industries and SMEs. However, the outbreak of the COVID-19 pandemic is expected to restraint the growth of the market in the short term.
Related Press Release@ Product Lifecycle Management Market Report
Product Lifecycle Management (PLM) Market Report Highlights
- The design and engineering management segment accounted for a significant market share of over 30% in 2020.PLM software is extensively used by manufacturing units to manage the designing, development, and engineering processes in the wake of the continued industrial digitization, rollout of connected value chains, and adoption of Industry 4.0
- The cloud segment is expected to register the highest growth rate over the forecast period. Cloud deployment offers several benefits, such as improved scalability, flexibility, and security, which are expected to encourage the incumbents of various end-use industries to opt for cloud-based deployment in the long run
- The automotive and transportation segment is expected to register a promising growth rate from 2021 to 2028. Deployment of PLM solutions is no longer limited to discrete industries as PLM vendors are enhancing the capabilities of their respective PLM software aiming at diverse end-use industries and industry verticals
- North America accounted for a significant revenue share of over 35% in 2020. The regional market is expected to continue dominating the market over the forecast period in line with the aggressive adoption of next-generation technologies, such as IoT, additive manufacturing, and augmented reality, and telecommunications technologies, such as LTE and 5G