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Product Lifecycle Management (PLM) Market Size & Share, by Type (Architecture & Engineering, Electronic Design & Automation, Simulation & Analysis, Numerical Control, Construction); Deployment (On-Premise, Cloud); Services (Consulting, Integration, Maintenance, Operation); End-user (Aerospace & Defense, Energy & Utilities, Pharmaceutical) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 98
  • Published Date: Sep 30, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Product Lifecycle Management (PLM) Market size was valued at USD 30.35 billion in 2023 and is likely to reach USD 94.16 billion by 2036, registering around 9.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of product lifecycle management is estimated at USD 32.56 billion.

The growth of the market can primarily be attributed to the higher adoption of the integrated internet of things (IoT). The total spending on the internet of things (IoT) was estimated to be approximately USD 700 billion in 2020.

Product lifecycle management (PLM) is a system that is utilized by organizations to manage the lifecycle of a product or service. A product’s lifecycle includes designing, manufacturing, sales, services, and retirement. Hence, PLM technology becomes a vital part of the designing stage to the launch of a product. market trends such as, rising number of IT companies and spiking IT spending worldwide are projected to influence the growth of the market positively over the forecast period. For instance, the total IT spending was anticipated to reach around USD 4.5 trillion in 2022, up from around 4 trillion in 2021.

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Product Lifecycle Management (PLM) Sector: Growth Drivers and Challenges

Growth Drivers

  • Skyrocketing IT Spending Over Enterprise Software - The information technology industry is constantly investing a significant amount of money in enterprise software. In the modern times, organizations and companies are more inclined to include computerized systems in their workspaces to monitor their daily task. Hence such a higher demand is projected to propel the market growth over the forecast period.  For instance, the total amount spent by the IT sector on enterprise software amounted to around USD 650 billion in 2022.

  • Growing number of Connected Devices to the Internet - As of 2019, the number of devices connected to the internet of things was estimated to be approximately 5.5 billion.

  • Rising IT Services Spending across the Globe - The total IT services spending in 2021 was valued at approximately USD 1200 billion.
  • Significant Growth in the Data Center Number - For instance, more than 450 data centers were found to be located solely in Germany in 2021.

Challenges

  • Requirement for Higher Initial Investment
  • Possibility of Data Breach
  • Lack of Skilled Professionals to Maintain the System

Product Lifecycle Management (PLM) Market: Key Insights

Base Year

2023

Forecast Year

2024–2036

CAGR

9.1%

Base Year Market Size (2023)

USD 30.35 billion

Forecast Year Market Size (2036)

USD 94.16 billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Product Lifecycle Management (PLM) Segmentation

The product lifecycle management (PLM) market is segmented and analyzed for demand and supply by end-user into aerospace & defense, energy & utilities, pharmaceutical, and others, out of which, the energy & utilities segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the constant development in the energy & utility industry across the globe. As of 2021, the electric utilities in the USA were estimated to reach around 2000 terawatt hours.

Our in-depth analysis of the global market includes the following segments:

          By Type
  • Architecture & Engineering
  • Electronic Design & Automation
  • Simulation & Analysis
  • Numerical Control
  • Construction

          By Deployment
  • On-Premise
  • Cloud

          By Services
  • Consulting
  • Integration
  • Maintenance
  • Operation

          By End-User
  • Aerospace & Defense
  • Energy & Utilities
  • Pharmaceutical
  • Others

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Product Lifecycle Management (PLM) Industry - Regional Synopsis

Regionally, the product lifecycle management (PLM) market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is expected to account for largest revenue share by 2036, attributed to rising demand for product lifecycle management in the aerospace & defense industry For instance, the United States became the highest aerospace exporter in 2020. The aerospace exports in the USA was valued at approximately USD 80 billion. Such factors are estimated to hike the growth of the market over the forecast period.

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Companies Dominating the Product Lifecycle Management (PLM) Landscape

    • Tata Consultancy Services
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Autodesk Inc.
    • Inflectra Corporation
    • Oracle Corporation
    • BAMBOO ROSE LLC
    • Propel Industries Pvt. Ltd.
    • SAP SE
    • Ansys, Inc.
    • The Hewlett-Packard Company
    • Accenture PLC

In the News

  • Autodesk Inc. to complete the acquisition Upchain, a product lifecycle management (PLM). The acquisition is done to facilitate product manufacturing fit to consumers.
  • Inflectra Corporation merges its path with Infiwave Solution, a software testing and quality assurance services provider, located in the UK, U.S., India, and France. Both companies are determined to assist customers to enhance their testing practices to acquire transition into their digital future.

Author Credits:  Abhishek Verma


  • Report ID: 98
  • Published Date: Sep 30, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Higher adoption of the integrated internet of things (IoT) and rising demand for product lifecycle management in the aerospace & defense industry are estimated to majorly boost the market growth.

The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031.

The requirement for higher initial investment and the possibility of data breach is estimated to challenge the market growth.

The market in North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

The major players in the market are Autodesk Inc., Inflectra Corporation, Oracle Corporation, BAMBOO ROSE LLC, Propel Industries Pvt. Ltd., SAP SE, Ansys, Inc., The Hewlett-Packard Company, and others.
Product Lifecycle Management Market Report Scope

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