Product Lifecycle Management Market Trends

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)

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 â€“ 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 Trends