February 18, 2025
Ict

Powering the Digital Transformation Era, Product Lifecycle Management Market Driven by Growing Need for Connected Product Design

Product Lifecycle Management (PLM) is a process used by enterprises to manage the life cycle of a product from its conception through design and manufacture to service and disposal. PLM software supports integration of people, data, processes and business systems and provides a product information backup throughout its lifecycle. It allows efficiency gains in development, engineering, sourcing and production aimed at delivering innovative products to market faster and more economically.

The global PLM Market is estimated to be valued at US$ 27,321 Mn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

PLM software enables design, development, sourcing and production alike with simulation, visualization and analytics tools for digital product development and testing. It streamlines collaboration across the organization and manages changes efficiently to accelerate product innovation and address customer needs quickly. The software provides a centralized platform to store, track, and share product-related data and documentation throughout its lifecycle. This ensures increased visibility, reduced errors and reworks in go-to-market processes. The global PLM Market is driven by growing need for connected product design and development in industries to enable innovation at a rapid pace as consumer preferences evolve quicker.

Market key trends: One of the key trends in the PLM market is the growing adoption of cloud-based PLM solutions. Cloud-based PLM provides flexible access to product data from anywhere and supports real-time collaboration. It eliminates upfront infrastructure costs and provides scalability. This is driving several organizations, especially small and medium enterprises to adopt cloud-based PLM solutions to manage their product design and development process efficiently. Some major players offering cloud-based PLM suites include Dassault Systemes, PTC, and Siemens PLM Software.

Porter’s Analysis
Threat of new entrants: High upfront costs involved in setting up operations poses entry barriers for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives in the market. Bargaining power of suppliers: Dependence on few software and service providers results in higher bargaining power of suppliers. Threat of new substitutes: Substitutes like supply chain management provides alternative options to customers. Competitive rivalry: Fierce competition exists among existing players to gain maximum market share.

Key players operating in the Product Lifecycle Management market are Dassault Systems, Hewlett-Packard Company, PTC, Inc., Atos SE, Siemens AG, Accenture plc, Autodesk, Inc., IBM Corporation, SAP SE, and Aras Corporation. Dassault Systems and PTC Inc captured over 30% of total market share in 2023. Dassault Systems is expanding its PLM business by frequent mergers and acquisitions.

Regional analysis: North America dominated the market with highest market share in 2023 owing to presence of major players and rapid adoption of advanced technologies across various industries in the region. Asia Pacific is projected to grow at fastest CAGR during the forecast period propelled by growing industrial sector and increasing investments by major players in developing countries of China and India.

Key Takeaways

The global Product Lifecycle Management market is expected to witness high growth.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it
Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →