With a CAGR of 6.3%, the global product lifecycle management market

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Pune, India, Sept. 12, 2022 (GLOBE NEWSWIRE) — According to a report published by Fortune Business Insights, titled “Product Lifecycle Management Market Size, Share & Industry Analysis, By Deployment, By Vertical & Regional Forecast, 2022-2026, Global Product Lifecycle Management Market is Expected to Reach USD 26.73 Billion by 2026, thus showing a CAGR of 6.3% during the forecast period. . The report further states that the global market size was valued at USD 17.87 billion in 2018. An increase in the flexibility of scaling up and downscaling infrastructure will also contribute to the growth of the global PLM market.

Industry development:

  • In July 2021, Centric Software has released an updated version of the Product Lifecycle Management (PLM) solution, under the name “Centric 8 PLM, version 7.3”. Centric 8 PLM is developed with advanced functionality to meet the needs of end users in industries such as consumer goods, food and beverage, personal and household care, cosmetics and other products.
  • In April 2021, InnovMetric launched “PolyWorks Data Loop PLM Connectors”. PLM connectors are developed to connect product lifecycle management systems to the PolyWorks intelligent 3D metrology digital network. These connectors are deployed throughout the manufacturing industry.

Sample Copy of Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/product-life-cycle-management-market-100370

Report cover Details
Forecast period 2022 to 2026
Forecast Period 2022 to 2026 CAGR 6.3%
2026 value projection $26.73 billion
base year 2018
Product lifecycle management market size in 2018 $17.87 billion
Historical data for 2015 to 2017
Number of pages 120
Segments Covered Per Deployment; Industry and Geography
PLM Market Growth Drivers Growing use of cloud-based solutions to drive market growth
Evolution of connected devices and smart factories
Market leaders such as Dassault Systemes and Siemens AG would focus on strengthening market position in providing PLM solutions.

Driving factor:

Growing use of cloud-based solutions to drive market growth

Several basic technologies are evolving in today’s world. These technologies include machine learning, artificial intelligence, and blockchain. It is expected to fuel the global product lifecycle management market. Additionally, there is an increase in the implementation of cloud-based solutions in the PLM system, which is likely to drive the growth of the market. Siemens AG, for example, announced in August 2017 that it had successfully acquired TASS International BV, a software company based in the Netherlands.

The essence of this acquisition was to add automated driving solutions to the company’s portfolio. According to Siemens, its PLM software portfolio provides a significant opportunity for TASS and its loyal consumers to propel the research and development of safety-critical operations in the area of ​​connected and automated driving. The company’s testing and engineering services are intended to reach a much wider audience through its extended channels.

Dassault Systèmes renews its contract with Rockwell Collins to strengthen its market position

Dassault Systèmes, a software company based in France, announced that it successfully renewed an agreement in June 2017 with Rockwell Collins, a multinational headquartered in Iowa. Rockwell is deploying Dassault’s Exalead and Enovia applications to develop a user-friendly PLM environment for its technology and engineering industries around the world. Rockwell invests heavily in Dassault technologies to improve the partnership between manufacturing, research and development processes, help manage its internal costs for critical systems and streamline workflows.

Browse full report details with table of contents and figures:

https://www.fortunebusinessinsights.com/industry-reports/product-life-cycle-management-market-100370

Regional outlook:

· According to the report, North America emerged dominant in the global market in 2017. Furthermore, the region is expected to grow at a promising CAGR during the forecast period. Countries like the United States and Canada are showing high demand for Electronic Computer Aided Design (ECAD) and Mechanical Computer Aided Design (MCAD). This is expected to boost the North American product lifecycle management market. The Asia-Pacific market is expected to experience impressive growth. The region’s aerospace and defense sectors are likely to offer lucrative growth opportunities, showing an increase in the adoption of product lifecycle software. This would further fuel the demand in the global market.

Additionally, the market is expected to benefit from the introduction of cloud-based product lifecycle management software. Also, the growing demand from India and China bodes well for the overall market. Additionally, in Latin America and the Middle East and Africa market, organizations are updating their product lifecycle management systems to incorporate new cloud-based software. This response will facilitate the adoption of cloud-based product lifecycle management software and enable market growth.

Segmentation of the PLM market:

Segmentation

Per deployment
By industry
  • Discreet industry
    • Automotive
    • Electronic
    • Heavy manufacturing
    • Others (Aeronautics and Defense, High Tech and Others)
  • Process industry
    • petroleum gas
    • Chemical products
    • Health care
    • Others (Pharmaceutical, Petroleum and Others)
By geography
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

Competitive landscape-

Market players are adopting innovative strategies to gain competitive advantage

The global product lifecycle management market is expected to benefit from the advent of the Industrial Internet of Things. Therefore, according to the Victorian government, the global IIoT industry is expected to grow between 20-40% every year. The industry is further expected to value US$1 billion by 2020. This is expected to enable the growth of the global product lifecycle management market.

The global product lifecycle management market is growing at a promising CAGR. The competition among the market players is intensifying due to the emerging opportunities

Companies Featured in the Product Lifecycle Management Market Report:

  • Hewlett-Packard Company
  • BigLever software
  • PTC Inc.
  • IBM Corporation
  • Siemens AG
  • Accenture PLC
  • Dassault Systems
  • Autodesk, Inc.
  • Oracle Corporation
  • IFS
  • SAP SE

You have a question ? Talk to the analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/product-life-cycle-management-market-100370

Main points of the table of contents:

  • Introduction
    • Definition, by segment
    • Research approach
    • Sources
  • Summary
  • Market dynamics
    • Drivers, constraints and opportunities
    • Emerging trends
  • key ideas
    • Macro and micro economic indicators
    • Consolidated SWOT analysis for key players
    • PESTLE analysis
  • Global Product Lifecycle Management (PLM) Market Analysis, Outlook and Forecast, 2016 – 2026
    • Main results/summary
    • Market Size Estimates & Forecasts – By Deployment (USD Million)
    • Market Size Estimates & Forecasts – By End User (US$ Million)
      • Discreet industry
        • Automotive
        • Electronic
        • Heavy manufacturing
        • Others (Aeronautics and Defense, High Tech and Others)
      • Process industry
        • petroleum gas
        • Chemical products
        • Health care
        • Others (Pharmaceutical, Petroleum and Others)
    • Market Size Estimates & Forecasts – By Geography (USD Million)
      • North America
      • Europe
      • Asia Pacific
      • Middle East and Africa
      • Latin America
  • North America Product Lifecycle Management (PLM) Market Analysis, Outlook and Forecast, 2016 – 2026
    • Main results/summary
    • Market Size Estimates & Forecasts – By Deployment (USD Million)
    • Market Size Estimates & Forecasts – By End User (US$ Million)
      • Discreet industry
        • Automotive
        • Electronic
        • Heavy manufacturing
        • Others (Aeronautics and Defense, High Tech and Others)
      • Process industry
        • petroleum gas
        • Chemical products
        • Health care
        • Others (Pharmaceutical, Petroleum and Others)
    • Market Size Estimates & Forecasts – By Country (USD Million)
  • Europe Product Lifecycle Management (PLM) Market Analysis, Outlook and Forecast, 2016 – 2026

TOC Continued…!

FAQs:

  1. How big is the PLM industry?

The Product Lifecycle Management market size was USD 16.76 Billion in 2018 and is projected to reach USD 26.73 Billion by 2026, growing at a CAGR of 6.3% during the period 2019-2026.

  1. How much will the global product lifecycle management market be worth in the future?

The product lifecycle market is expected to reach $26.73 billion by the end of 2026.

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