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.
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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.
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.
As of 2019, the number of devices connected to the internet of things was estimated to be approximately 5.5 billion.
The total IT services spending in 2021 was valued at approximately USD 1200 billion.
For instance, more than 450 data centers were found to be located solely in Germany in 2021.
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.
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.
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:
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
FREQUENTLY ASKED QUESTIONS
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 – 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.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, deployment, services, end-user, by region.
The energy & utilities segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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