Product Lifecycle Management (PLM) Market size was over USD 33.11 billion in 2024 and is anticipated to cross USD 102.73 billion by 2037, growing at more than 9.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of product lifecycle management is assessed at USD 35.67 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.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
9.1% |
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Base Year Market Size (2024) |
USD 33.11 billion |
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Forecast Year Market Size (2037) |
USD 102.73 billion |
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Regional Scope |
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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:
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By Type |
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By Deployment |
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By Services |
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By End-User |
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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 2037, 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.
Author Credits: Abhishek Verma
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