Global Product Lifecycle Management (PLM) Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global product lifecycle management (PLM) market is estimated to garner robust revenue by the end of 2031 by growing at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. Further, the market generated impressive revenue in the year 2021. 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.
Get more information on this report: Download Sample PDF
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. Global product lifecycle management (PLM) 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.
Global Product Lifecycle Management (PLM) Market: Growth Drivers and Challenges
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.
- Requirement for Higher Initial Investment
- Possibility of Data Breach
- Lack of Skilled Professionals to Maintain the System
The global product lifecycle management (PLM) market is segmented and analyzed for demand and supply by end-user into aerospace & defense, energy & utilities, pharmaceutical, and others, out of which, the energy & utilities segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the constant development in the energy & utility industry across the globe. As of 2021, the electric utilities in the USA were estimated to reach around 2000 terawatt hours.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in the ICT sector has significantly contributed to GDP growth, labour productivity, and R&D spending among other transformations of economies in different nations around the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Product Lifecycle Management (PLM) Market Regional Synopsis
Regionally, the global product lifecycle management (PLM) market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2031. The growth of the market in the region is attributed to the rising demand for product lifecycle management in the aerospace & defense industry. For instance, the United States became the highest aerospace exporter in 2020. The aerospace exports in the USA was valued at approximately USD 80 billion. Such factors are estimated to hike the growth of the market over the forecast period.
The global product lifecycle management (PLM) market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global product lifecycle management (PLM) market includes the following segments:
Top Featured Companies Dominating the Global Product Lifecycle Management (PLM) Market
- Tata Consultancy Services
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Autodesk Inc.
- Inflectra Corporation
- Oracle Corporation
- BAMBOO ROSE LLC
- Propel Industries Pvt. Ltd.
- SAP SE
- Ansys, Inc.
- The Hewlett-Packard Company
- Accenture PLC