Product Lifecycle Management Market Size

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.