Product Lifecycle Management (PLM) Market is growing due to adoption of IoT by 2028
Growing demand for creating smart factories, as well as
a rising need for cloud-based product lifecycle management (PLM) solutions is
expected to drive the market of the Global Product Lifecycle Management Market in
the forecast period of 2024-2028.
According to
TechSci Research report, Product Lifecycle Management Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F, the Global
Product Lifecycle Management Market is anticipated to register a robust growth during the forecast
period, 2024-2028. The growth in the market is attributed to the growing use of smart manufacturing,
particularly by small businesses, and the growth of smart factories would
provide new opportunities for market players. However, throughout the course of
the projection period, growth in the market is anticipated to be constrained by
worries about data security and other aspects including integration and
implementation costs which drive the growth of the Product Lifecycle Management
(PLM) Market.
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The Product Lifecycle
Management Market is segmented based on type, component, deployment mode,
service type, and end user industry. Based on type, the market is segmented
into CAX, discrete PLM, and process PLM. Based on component, the market is
divided into Multi-CAD solution, product data management, and digital
manufacturing. Based on deployment mode, it is categorized into on-premise and
cloud. Based on service type, the market is segmented into maintenance/support,
implementation, consulting, and others. Based on end user industry the
market is segmented into retail, aerospace and defense, automotive,
electronics, medical devices, and pharmaceutical & biotech.
Based on
deployment mode, the market is divided into cloud and on-premises. In 2022, the cloud segment had the largest
share of the market. Cloud-based PLM systems facilitate customization,
upgrades, and implementation. Furthermore, according to IT professionals,
hosted cloud services are used to run around 60% of workloads.
Over
the projected period, it is anticipated that the on-premises category will rise
steadily. With the use of cutting-edge technologies like the Internet of Things
(IoT) and big data, on-premises solutions to deploy the PLM software , give businesses the ability to gain a thorough grasp of industry
trends, difficulties, and advancements as well as make effective marketing and
production decisions. These technologies also give companies the option of
reducing their reliance on internet infrastructure while also protecting their
data from potential losses and online crime. These benefits are anticipated to
influence enterprises, especially large businesses, to choose on-premises
solutions.
The
automotive segment had the largest market share when it came to revenue in
2022, according to the end user industry. The automotive industry is projected
to experience global growth due to rising adoption of digital manufacturing
techniques and rising IoT integration in the creation of smart cars. As an
illustration, Siemens PLM software offers a whole range of smart automobile
solutions that cover crucial technological disciplines, from chip design to
complete vehicle certification. Moreover, in the retail sector the reduced shipment errors lead to less
product damage, on-time deliveries, enhanced productivity, better alignment
with customer expectations, and flawless regulatory compliance when PLM is
implemented. These factors are anticipated to encourage current PLM users in the
automotive and transportation sectors.
The
aerospace and defence sector is expected to increase moderately. Budget cuts
are driving demand for PLM systems, rising global competitiveness, and a
growing backlog in the construction and delivery of commercial aircraft. The
demand for lifecycle management solutions from military aerospace and defence
companies can be attributed to rising needs for technologically cutting-edge
solutions that could streamline core operations. These technologies include
IoT, AI-based solutions, and other automation choices to handle important jobs.
Small and major military aerospace and defence firms can choose from a variety
of technological solutions provided by some of the leading lifecycle management
solution providers, like Siemens.
Key market
players in the Product Lifecycle Management market:
- Hewlett Packard
Enterprise Development LP
- Biglever
Software Inc
- PTC Inc.
- IBM Corporation
- Siemens AG
- Accenture PLC
- Dassault
Systèmes SE
- Autodesk, Inc.
- Oracle
Corporation
- SAP SE.
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“North American region held
the largest share of market in 2022.Big businesses are gradually upgrading
their PLM solutions in line with developing technological trends in their
organizations to promote customer-centric product development. For instance,
IBM updated its Engineering Lifecycle Management solution, ELM 7.0, in March
2020 to assist engineers in expanding their operations and managing projects
that are getting more complex.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Product
Lifecycle Management (PLM) Market Segmented By Type
(CAX, Discrete PLM, Process PLM), By Component (Multi-CAD Solution, Product
Data Management, Digital Manufacturing), By Deployment Mode (On-Premise,
Cloud), By Service Type (Maintenance/Support, Implementation, Consulting,
Others), By End User Industry (Retail, Aerospace and Defense, Automotive,
Electronics, Medical Devices, Pharmaceutical & Biotech), By Region, Competition
Forecast & Opportunities, 2018-2028F,” has evaluated the future growth
potential of Global Product Lifecycle Management Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Product Lifecycle Management Market, globally.
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