How Has the Product Lifecycle Management Market Evolved Historically and What is its Current Size?
The product lifecycle management market has seen considerable growth due to a variety of factors.
• There has been a significant expansion in the product lifecycle management market size in the past few years. Its size will climb from $38.92 billion in 2024 to $41.28 billion in 2025, representing a compound annual growth rate (CAGR) of 6.0%.
The growth seen in the previous years is due to factors like increased need for cloud-based product lifecycle management solutions, development in emerging markets, greater internet accessibility, demographic changes, advancement in product innovation platforms, and expanded reach of e-commerce.
What Will Be The Product Lifecycle Management Market Size In The Future?
The product lifecycle management market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for substantial expansion in the product lifecycle management market size in the upcoming years, predicted to escalate to $59.31 billion in 2029 with a 9.5% compound annual growth rate (CAGR).
This anticipated enlargement during the forecast period is primarily due to the growing usage of product lifecycle management (PLM) in end-use industries, the complexities involved in smart products and intelligent factories, an increase in mergers and acquisitions, and the burgeoning adoption of integrated IoT solutions in PLM applications. Other predominant tendencies projected for this period include the embrace of cloud deployment, the integration of artificial intelligence (AI) in product lifecycle management, the implementation of secure business platforms for business operations and collaborations, the usage of digital augmented reality and virtual reality, electronic design automation (EDA), additive production, and the acceptance of 5G in the product lifecycle management process.
What Are the Critical Driver Fuelling the Product Lifecycle Management Market's Growth?
The expansion of the product lifecycle management market is expected to be fueled by the rising reliance on digitalization. The uptake of digitalization is driven by the need for superior efficiency, optimized workflows, and bolstered cross-product development cycle collaboration, all of which allow businesses to innovate rapidly and maintain their competitiveness in fluctuating markets. Product Lifecycle Management (PLM) supports digitalization by offering a unified platform that oversees product data, processes, and collective efforts. In turn, this allows entities to incorporate digital technologies, optimize operations, and improve decision-making across all stages of the product's life. For instance, according to the European Central Bank, a Germany-based central bank, the overall count of non-cash transactions in the European zone rose by 8.8% to 65.9 billion in the latter half of 2022 as compared to the prior six months. The cumulative worth of these transactions grew by 2.8%, totaling €118.8 ($128.55) trillion. Hence, the escalating adoption of digitalization is propelling the growth of the product lifecycle management market.
What are the Market Segments in the Product Lifecycle Management Market?
The product lifecycle management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-Premise, On-Cloud
3) By End-User: Automotive And Transportation, Industrial Machinery, Electronics And Semiconductors, Retail, Energy And Utilities, Aerospace And Defense, Pharmaceuticals, IT And Telecomm, Other End Users
Subsegments:
1) By Software: Collaborative Product Development Software, Product Data Management (PDM) Software, Quality Management Software, Configuration Management Software
2) By Services: Consulting Services, Implementation Services, Training Services, Support And Maintenance Services, Integration Services
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What Trends are Shaping the Product Lifecycle Management Market?
Leading companies in the product lifecycle management market are currently emphasizing on innovative development, such as centralized data management. This design enables an integrated platform that improves data transparency and authority over asset management operations. Centralized data management employs a method of gathering, arranging and handling data within a singular, main storage system or program. For instance, in July 2024, Trimble Inc., a software company based in the US, rolled out Trimble Unity. This product was created with the goal of comprehensive asset lifecycle control. The inclusive software suite for asset lifecycle management is intended to amplify asset productivity, cooperation among stakeholders, and budget efficiency. The solution combines cloud-based construction management, asset management centered around GIS at an enterprise level, and proficient permitting abilities. It applies centralized data management to increase visibility and lower asset ownership expenditures by about 40%. This integrated platform brings together various existing tools, simplifying access and collaboration on asset information.
Who Are the Key Players in the Product Lifecycle Management Market?
Major companies operating in the product lifecycle management market include:
• Oracle Corporation
• Siemens AG
• PTC Inc.
• Dassault Systèmes SE
• Autodesk. Inc
• SAP SE
• Arena Solutions
• Infor
• Aras Corporation
• Odoo
• Jama Connect
• Anvyl
• PDXper
• OpenBOM
• Diota
• Masters of Pie
• Sopheon PLC
• Capgemini
• Accenturs
• Lectra SA
• IBM Corporation
• Epicor Software Corporation
• Deloitte Consulting and TCS
• IFS
• Propel
• FusePLM
• Bamboo Rose
• Inflectra
• DXC Technology Co.
• Gerber Technology
• Centric Software. Inc
• Biglever software
• Selerant Corporation
• Metalfor
• ISO Qualitas
• Indish Technologies
• Mckit Systems
• Product one
What are the Regional Insights into the Product Lifecycle Management Market?
North America was the largest region in the product lifecycle management market in 2024. The regions covered in the product lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
