Product Life Cycle Management Market To Expand At A Noteworthy CAGR Of 7.20% During 2023-2032

Market Research Future Published a Half-Cooked Research Report on Intelligent Airways Transportation System Market Research Report.

Market Synopsis:

Product lifecycle management is a process that supports in coordinating and managing the complexities of cross-functional practices in order to deliver high-quality product. Market Research Future (MRFR) has published a report stating that the global product lifecycle management market is anticipated to expand at a noteworthy CAGR of 7.20% during the forecast period of 2023-2032 and reach the valuation of USD 78.33 Bn by the end of 2032.

Product lifecycle management system is a cost-effective solution that aids in development process of small to medium scale organizations. Increasing adoption of cloud-based solutions for process optimization in various industrial sectors is one of the major factors that are propelling the growth of the global product lifecycle management market. The integration of PLM software with various integrated applications such as enterprise resource planning (ERP), customer relationship management (CRM), application lifecycle management (ALM) and others is fueling the growth of the global product lifecycle management market.

Market Segmentation:

The global product lifecycle management market has been segmented on the basis of components, deployment, functions and end user. Based on components, the product lifecycle management market has been segmented into software and service. The software segment has been sub-segmented into numerical control (NC), electronic design and automation (EDA), architecture and engineering and construction (AEC) and simulation and analysis (S&A). The service segment has been sub-segmented into integration, consulting, maintenance and operation. Based on deployment, the product lifecycle management market has been segmented into on-cloud and on-premises. Based on functions, the product lifecycle management market has been segmented into system engineering, product portfolio management, product design, manufacturing process management and others. Based on end user, the product lifecycle management market has been segmented into automotive and transportation, industrial machinery, electronics and semiconductors, retail¸ energy and utilities, aerospace and defense, pharmaceutical, IT and telecom, and others.

Regional Analysis:

Geographically, the global product lifecycle market has been segmented into four major regions such as Asia Pacific, Europe, North America and the rest of the world. Rising utilization of cloud-based product lifecycle management solutions and high demand for electronic computer-aided design of PLM are propelling the growth of the product lifecycle management market in the North America region. Increasing demand for product lifecycle management solutions in small to large scale enterprises is leading to the significant growth of the product lifecycle management market in the Asia Pacific region. Rapid innovation in product design is complimenting the growth of product lifecycle management market in the Europe region.

Industry Updates:

In October 2018, New Generation Computing (NGC), a developer of new computational paradigm, has announced that Rubie's Costume Company, one of the largest designers, manufacturer and distributor of Halloween costumes, has implemented NGC's fashion and apparel product lifecycle management solution.

In October 2018, Centric Software, a leading PLM solution provider for fashion, retail, footwear, luxury, outdoor and consumer goods companies, has announced that it is entering Indian market by introducing market-leading product lifecycle management (PLM) solutions to local fashion, retail and consumer goods companies.

In October 2018, Citizens of Humanity, a leading merchandise brand, has announced that it has selected Gerber's YuniquePLM solution for speed to market and data centralization.

In October 2018, Poca Rabanne, the cutting-edge French fashion house, has announced that it has selected Centric Software to provide product lifecycle management (PLM) solution.

Key players:

The prominent players profiled by MRFR that are operating in the global product lifecycle management market are Dassault Systèmes (France), Autodesk, Inc. (the U.S.), PTC (the U.S.), Siemens PLM Software (the U.S.), Apparel magic (the U.S.), Oracle Corporation (the U.S.), SAP SE (Germany), Infor, Inc. (the U.S.), Aras Corporation (the U.S.), Arena Technologies (the U.S.), Omnify software (the U.S.), Infor Company (the U.S.), Accenture PLC (the U.S.) and others.