Specialised smart products and factories, product innovation platforms that might support product lifecycle management-enabled applications, and cloud-based product lifecycle management solutions drive the market for Product Lifecycle Management (PLM) solutions to grow at a CAGR of 6.7% from 2021 to 2028.
According to the latest report by Verified Market Research - Product Lifecycle Management Market by deployment, enterprise, end-user, and geography, the market size was valued at $ 45.08 billion in 2020 and is projected to reach $ 75.65 billion by 2028.
The increasing demand for PLM solutions in small and medium enterprises across various industry verticals to optimise manufacturing costs fosters market growth. Some products such as change management, bills of fabric, cost management, compliance, data management, and governance management are estimated to realise traction over the forecast period. Moreover, digital transformation in several industries and the growing use of Industrial Internet of Things (IIoT) devices is expected to drive the utility of PLM solutions across various industries.
Some of the major players in the market are Accenture, ANSYS, Arena, Autodesk, HCL, Infosys, Oracle, PTC, SAP, and Siemens.
According to Verified Market Research, various factors such as commercialisation, R&D, internal and external process complexity, and inaccurate product information are expected to influence the profitability and growth of the market.
Electronic Design Automation
Electronic Design Automation (EDA) utilised in designing electronic systems such as computer circuit boards, and integrated circuits will probably foster the utility of PLM software within the electronics and automotive industries. Moreover, technological trends such as additive manufacturing and engineering Augmented Reality (AR), and computer game (VR) is predicted to drive the market during the forecast period. These technologies are expected to encourage companies to enable their PLM solutions with new capabilities, which is projected to extend the demand.
Companies across various industries and industry verticals are gradually comprehending the benefits of IoT data for upscaling the lifecycle management of products and services and hence have focused on adopting PLM systems. As a result, the rapidly increasing demand for PLM solutions capable of leveraging IoT data positively impacts the PLM market over the forecast period.
Key Developments
In June 2019, PTC Inc. announced enhancements to its WINDCHILL PLM platform with integrated systems engineering and software management capabilities. The upgrades would allow customers to leverage a combined, up-to-date digital thread of product information comprising requirements and system design.
In June 2020, SAP SE and Siemens AG entered into a partnership alliance. The partnership enables players to leverage their expertise, bring together complementary solutions for supply chain, product lifecycle, and asset management, and deliver a new, innovative, and collaborative business model fostering industrial transformation, the global research and consulting firm noted.
Courtesy: Verified Market Research. NB: Photo is representational; courtesy: PTC.