Product Lifecycle Management Global Market To Reach Value Of About $70 Billion In 2025
15 Sep, 2021
The product lifecycle management (PLM) market consists of sales of product lifecycle management software and services by entities (organizations, sole traders, and partnerships) that are engaged in providing a better strategic process for managing the complete journey of a product from initial ideation, development, service, and disposal. PLM refers to managing every step of the process involved with a product from raw material to finished product. The PLM process is inclusive of the manufacturing and marketing of the goods. From pricing and advertising to expansion or cost-cutting, the concept of product life cycle assists organizations in making smart business decisions.
Global Product Lifecycle Management Market Size And Drivers:
The global product lifecycle management market is expected to grow from $44.38 billion in 2020 to $49.52 billion in 2021 at a compound annual growth rate (CAGR) of 11.6%. The growth in the product lifecycle management (PLM) market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The PLM market is expected to reach $70.37 billion in 2025 at a CAGR of 9.2%. The growing adoption of product lifecycle management (PLM) from end-use industries is expected to propel market growth in the coming years.
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Trends In The Global Product Lifecycle Management Market
Augmented Reality (AR) and Virtual Reality (VR) are increasing the demand for the product lifecycle management (PLM) market. Major companies operating in the PLM sector are focused on integrating new technology such as augmented reality and virtual reality to strengthen their position. For instance, in February 2021, Siemens had launched AssistAR 3.0, AssistAR supports assembly, inspection, and maintenance procedures with a new generation of accurate and robust AR technologies. AssistAR connects to the company's product lifecycle management system and uses regular PCs and displays to guide company operators through complex operations without the use of glasses or a headset.
Global Product Lifecycle Management Market Segments:
The global product lifecycle management market is further segmented –
By Component: Software, Services
By Deployment: On-Premise, On-Cloud
By End-User: Automotive And Transportation, Industrial Machinery, Electronics And Semiconductors, Retail, Energy And Utilities, Aerospace And Defense, Pharmaceuticals, It And Telecomm, Others
By Geography: The global product lifecycle management market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American product lifecycle management market accounts for the largest share in the global product lifecycle management market.
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https://www.thebusinessresearchcompany.com/report/product-lifecycle-managementProduct Lifecycle Management Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides product lifecycle management market overviews, analyzes and forecasts market size and growth for the global product lifecycle management market, product lifecycle management market share, product lifecycle management market players, product lifecycle management market segments and geographies, product lifecycle management market’s leading competitors’ revenues, profiles and market shares. The product lifecycle management market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.