What are the Historical Developments and Current Growth Metrics of the Product Life Cycle Management PLM IT Market?
The product life cycle management plm it market has seen considerable growth due to a variety of factors.
• The IT market for product life-cycle management (PLM) has seen robust growth in recent times. Forecast figures suggest an increase from $24.6 billion in 2024 up to $26.56 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.0%.
This upward trajectory can be attributed to several factors, including enhancements in product operations, a marked rise in data generation and management, adherence to regulatory norms, safety focus, innovation in smart products, and a demand for comprehensive platforms.
What Is The Projected Growth Of The Product Life Cycle Management PLM IT Template Market?
The product life cycle management plm it market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the PLM IT market is predicted to witness substantial growth, with an expected worth of $34.09 billion by 2029, growing at a CAGR of 6.4%.
This anticipated growth can be ascribed to several factors such as the growing need for self-driving cars, increased use of Industrial Internet of Things (IIoT), an escalated demand for cloud-based solutions, the need for Mechanical Computer Aided Design (MCAD) and Electronic Computer Aided Design (ECAD), along with increasing demand for product-user integration. Future trends that may contribute to growth during the forecast period encompass technological innovations, the incorporation of IoT into PLM solutions, the rise of technologically advanced solutions, initiatives for digital transformation, and the increased usage of IoT in the production of intelligent automobiles.
What Are The Key Drivers Fueling Growth In The Product Life Cycle Management PLM IT Market?
The augmentation in the utilization of digital transformation is likely to fuel the progress of the product lifecycle management (PLM) IT market in the future. Digital transformation involves the thorough assimilation of digital technologies, practices, and plans in every department of a firm. This transformation is gaining popularity due to numerous factors, such as technological progression and a heightened awareness of its advantages across diverse sectors. Digital transformation improves product lifecycle management (PLM) IT by smoothly merging design, production, and maintenance protocols for competent and combined product growth at each phase of product evolution. As an example, Whatfix, an Indian SaaS-based digital adoption platform stated in October 2023 that the global IT expenditure is anticipated to touch $5 trillion in 2024, showing an 8.6% surge from 2023. This expansion underlines the escalating precedence companies are giving to digital technologies to refine operations and adjust to changing market needs. Hence, the surging application of digital manufacturing is pushing the advancement of the product lifecycle management (PLM) IT market.
What Are The Principal Market Segments In The Global Product Life Cycle Management PLM IT Industry?
The product life-cycle management (PLM) IT market covered in this report is segmented –
1) By Component: Software, Services
2) By Functions: System Engineering (SE), Product Portfolio Management (PPM), Product Design, Manufacturing Process Management (MPM)
3) By Application: Information Technology (IT), Telecommunication, Other Applications
Subsegments:
1) By Software: PLM Software Solutions, Product Data Management (PDM) Software, Bill of Materials (BOM) Management Software, Collaboration and Workflow Software, Configuration Management Software, Product Design and Simulation Software, 3D Modeling and Visualization Software, Analytics and Reporting Software
2) By Services: Consulting Services, Integration Services, Training Services, Cloud-based PLM Services, Customization and Development Services
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Which Emerging Market Trends Are Altering The Product Life Cycle Management PLM IT Industry?
Leading enterprises in the product lifecycle management (PLM) IT market are concentrating on the creation of innovative solutions such as Fusion 360, a product that fuses computer-aided design (CAD), computer-aided manufacturing (CAM), and computer-aided engineering (CAE) functionalities. Autodesk, Inc., a software giant based in the U.S., for example, unveiled Fusion 360 in December 2023, a cloud-enabled platform that effortlessly amalgamates CAD, CAM, and CAE aspects. The unison of these features provides users with a streamlined platform to design, simulate, and manufacture products, thereby simplifying the product development process.
Who Are the Key Players In The Product Life Cycle Management PLM IT Market?
Major companies operating in the product life-cycle management (PLM) IT market are:
• Hewlett-Packard Company
• Accenture plc
• Oracle Corporation
• SAP SE
• Tata Consultancy Services Limited
• Atos SE
• Dassault Systèmes SE
• Synopsys Inc.
• Autodesk Inc.
• ANSYS Inc.
• Siemens Product Lifecycle Management Software Inc.
• IFS AB
• PTC Inc.
• Arena Solutions Inc.
• Centric Software Inc.
• Anaplan Inc.
• Bamboo Rose LLC
• Kalypso LP
• Plex Systems Inc.
• Onshape Inc.
• PropelPLM Inc.
• Plex Systems Inc.
• Onshape Inc.
• PropelPLM Inc.
• Aras Corporation
• Inflectra Corporation
• BigLever Software Inc.
• Infor LLC
What Are The Regional Insights Into The Product Life Cycle Management PLM IT Market?
North America was the largest region in the Product life-cycle management (PLM) IT market in 2024. The regions covered in the product life-cycle management (PLM) IT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
