The growth rate of the product life cycle management market all around the world is rising at a rapid pace. Market growth estimates from 2020 to 2030 are expected to increase to USD 72.5 billion during the year. The cumulative annual growth rate (CAGR) of the Product Life Cycle Management (PLM) market is expected to reach 7.2 percent.
Product life management refers to a structured approach to manage the changes in the process of product placement. It handles the product from the initial design stage up to the final disposal stage. The product life cycle management market enables organizations and industries to process the product-related data in an automated way and with extreme visibility. It provides enterprises the control and command over the product life cycle. The product life management industry includes systems that allow optimization in the process of development to offer cost-saving and competitive solutions with optimum quality.
The product life cycle management (PLM) market potential is increasing day by day due to the greater number of advantages it is providing to the organizations. However, the product life management industry ensures that the product goes through three stages which include the beginning of life, middle of life, and end of the product life cycle. The beginning or initiation of the life cycle consists of the designing and manufacturing of the product, whereas the middle phase includes the post-manufacturing works. After the distribution, utilization, and service process, the end of life cycle phase starts, which comprises of recover, recycle and discard of the product. All these procedures create an extensive demand for the product life cycle management market.
The elevation in the market value and size also depends on the increased adoption and implementation of cloud-based product life management solutions. The product life cycle management market ensures that the management of cloud-based or automated product life cycle will allow easy access, deployment, and configuration of the product anywhere. It provides clarity in the process of better product development and innovation, which in turn increases the profitability and customer base.
The report consists of the market overview of the product life cycle management industry. It describes the impact of COVID19 on market growth and provides details on market dynamics as well as a segment overview. A brief description is given on the regional analysis and important key players of the product life cycle management market.
The outbreak of the COVID19 pandemic has created havoc in the global economy. Several businesses and working sectors all around the world faced the adverse impact of the pandemic. The economic rate has declined to a rate that was never seen in market history. Every industry has seen a downturn in health and financial situations. To overcome the recession period, the global economy may take few more years. The impact of the COVID19 outbreak is also seen in the product life cycle management market. Disruptions and gaps in the supply chain have reduced the product life market growth. The lockdown measures disabled the product manufacturing process, and the balance in working of life cycles got disturbed.
Although the product life cycle management market growth was hampered by the lockdown restriction, it was still able to sustain its demand. The halt of manufacturing units has led enterprises to adopt more and more automated solutions. The cloud-based product life management solutions will optimize the operations automatically without much manual labor. Many industries are adopting and implementing cloud-based product life management solutions during the pandemic and enhancing their quality of product and customer base. The heavy product life cycle management market demand portrays that the market will continue to bloom even in adverse circumstances.
The industrial sector is the primary driving force of the product life cycle management market. With the advent of cloud-based product life cycle management, industries are demanding and accepting the automated way of operations more. The utilization and handling of products through cloud-based systems have shown a significant rise in the product life cycle management market.
The product life cycle management market helps companies to maintain the trust of existing customers and gain new customers. It enables ease of configuration, deployment, and access of product life cycles anywhere and allows clarity in the process of better introduction and product development. The development of new products and introduction helps organizations to provide better quality goods and attain huge profit margins. Another factor that influences the product life cycle management market is the implementation of the internet of things (IoT) in the product life cycle management industry which makes advancements in the process of product development.
The product life cycle management market growth has reached stupendous heights in the past few years. The increased visibility in the new development of products and better introduction allows industries to gain huge profit margins and provides great quality service. The changes in the management of product life cycles and adoption of advanced cloud technologies for working operations create a spurge of demand in the product life cycle management market trends. The implementation of the internet of things allows advancements in the product development process, which generates numerous opportunities for market growth.
Even during the pandemic, the product life cycle management market maintained its growth potential as the majority of the industries opting for cloud-based technologies for operational work. The product life cycle management market opportunities are numerous and proper utilization of it will enhance the market size.
The COVID19 pandemic outbreak was a major restraint in the growth of global product life cycle management market size. The manufacturing units and production centers were put to a halt which increased the demand-supply gap. However, the lockdown measures led industries to shift towards cloud-based product life cycle management solutions for automated operations. The product life management market revenue will still continue to increase in the upcoming years.
The product life cycle management market provides numerous advantages, which led to its increased growth, but it has certain challenges too. The complexity of internal and external processes is one of such challenges. Economic uncertainty is also a major constraint of market growth.
Value Chain Analysis
The value chain analysis of the product lifecycle management market includes a series of processes. The process begins with research and product design that leads to the production of the product. The next phase consists of post-manufacturing works, which eventually progresses to the retrieving, recycling, and disposal of the product.
The demand for the product life cycle management market forecast to grow exponentially at a faster pace. The PLM is used to enhance the output with stagnant resources or to improve the resources with a constant output which increases the efficiency in operations. In 2017, a German company, Siemens, wanted to acquire TASS international company as it developed solutions that can strengthen the PLM software portfolio of Siemens Company.
Some major product life cycle management market key players are:
The product life cycle management market is fragmented into four different parts, which are components, deployment mode, end-user, and region. The components of the product life cycle management market include services and software or applications. The deployment mode part includes on-premise and on-cloud operations, whereas the end-user part comprises different sectors like transportation, electronics, machinery industries, healthcare, energy, IT and telecom industries, and many more. In the region part, the product life cycle management market is divided into North America, Europe, Asia Pacific, and the rest of the world.
The global product life cycle management market study is done in certain areas like North America, Europe, the Asia Pacific region, and the rest of the world. The North American region predominantly rules the product life cycle management market share with increased investments in developing new PLM solutions. The aerospace and automotive industries are heavily utilizing IoT-based PLM solutions in this region. In the Asia Pacific region, there is a heavy demand for IoT and intelligence technologies which shows that it will rapidly grow in the forecast years. Europe will have a moderate growth rate as the automotive industry is demanding PLM solutions in the region.
|Market Size||72.5 Billion 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Component, by Deployment Mode|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.)|
|Key Market Opportunities||The implementation of the internet of things allows advancements in the product development process, which generates numerous opportunities for market growth.|
|Key Market Drivers||
The market growth estimate for 2020-2030 is expected to increase from USD 72.5 billion over the years. The Product Life Cycle Management (PLM) market is expected to grow at a 7.2% CAGR.
IBM Corporation (US), Atos SE (France), Dassault Systemes (France), and Autodesk Inc (US) are some major companies operating in the product life cycle management market.
Automobile, transportation, and semiconductor sectors are some active deployers of product life cycle management.
The global market of product life cycle management valued at USD 40.1 billion in 2017.
A hike in research and developmental budget to launch innovation can promote product life cycle management market growth in North America.