DUBLIN--(BUSINESS WIRE)--The "Product Lifecycle Management (PLM) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Product Lifecycle Management (PLM) Market to Reach US$59.7 Billion by the Year 2026
PLM is slated to be influenced by emerging technologies including big data, IoT, mobility, Industry 4.0 and rising adoption of manufacturing software and automation. These trends and recent developments in the field of PLM are poised to help organizations in innovating and streamlining product-related processes and accelerating time-to-market.
Other major factors driving growth in the market include rising product complexity; expanding product portfolios/product line extensions; emergence of smart factories; migration to 3D from 2D CAD systems, demand for low-cost and customized PLM solutions; need for simulation & collaborative tools; shift from traditional to non-conventional end-use industries; focus on reduction in time-to-market; compliance requirements; increased focus on product innovations; and recovery in the manufacturing & industrial sectors worldwide.
Amid the COVID-19 crisis, the global market for Product Lifecycle Management (PLM) estimated at US$40.5 Billion in the year 2020, is projected to reach a revised size of US$59.7 Billion by 2026, growing at a CAGR of 6.8% over the analysis period. Software, one of the segments analyzed in the report, is projected to grow at a 5.8% CAGR to reach US$26.1 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 7.5% CAGR for the next 7-year period. This segment currently accounts for a 56.8% share of the global Product Lifecycle Management (PLM) market. Various enterprises are adopting PLM solutions across different application areas, which increases the demand for the services segment. Services are essential for easy installation, integration and for the software to function properly.
The U.S. Market is Estimated at $17.1 Billion in 2021, While China is Forecast to Reach $3.3 Billion by 2026
The Product Lifecycle Management (PLM) market in the U.S. is estimated at US$17.1 Billion in the year 2021. The country currently accounts for a 40.88% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$3.3 Billion in the year 2026 trailing a CAGR of 9.7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.8% and 6.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.4% CAGR while Rest of European market (as defined in the study) will reach US$3.2 Billion by the end of the analysis period.
Rapidly rising levels of industrialization, economic growth, rising GDP, continued shifting of manufacturing/production bases to low cost Asian countries across industrial sectors bodes well for the growth of PLM in developing countries. The growing trend of outsourcing research and design activities to third party service providers is helping generate robust demand for PLM in the Asia-Pacific region, led by countries such as China and India, which are a growing hub for design outsourcing. Continued developments in the industrial sector are also driving the adoption of PLM solutions in the region.
Select Competitors (Total 136 Featured)
- Aras Corporation
- Arena Solutions, Inc.
- Autodesk, Inc.
- Centric Software, Inc.
- Dassault Systemes SA
- DXC Technology Co.
- Gerber Technology
- Lectra SA
- Oracle Corporation
- SAP PLM Alliance
- Selerant Corporation
- Siemens PLM Software, Inc.
- Tata Technologies Ltd.
- T-Systems International GmbH
Key Topics Covered
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- How the IT Industry Has Been Impacted by the Pandemic & What's the New Normal?
- Cloud Services Emerges as the Lone Bright Spot amidst the Crisis
- Digital Engineering Push in the Post COVID-19 Period to Revive Opportunities for PLM
- An Introduction to Product Lifecycle Management
- Evolution of PLM
- Product's Lifecycle and its Corresponding Technologies
- Phases of Product Lifecycle
- Benefits of PLM
- The Future of PLM
- Organizations Invest in PLM Software to Expedite Time-to-Market and Improve ROI
- Rising Value and Role of PLM in Shaping Product and Business Landscape: Global Market Prospects & Outlook
- Analysis by Segment
- Developed Regions: Prime Revenue Contributors
- Developing Countries: Hot Spots for Future Growth
- Competitive Scenario
- Recent Market Activity
- Select Global Brands
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- PLM Market Driven by Sophisticated Software Solutions and Integration of IIoT, AM, AR & VR with PLM Solutions
- Notable PLM Trends Influencing the Market
- PLM Facilitates Creation of Digital Thread and Modeling of Digital Twin for Increased Productivity of Businesses
- Digital Twins Present Compelling Use Cases to Support Smart Manufacturing
- PLM Software Adapts to Product Data Analytics and Artificial Intelligence
- Big Data PLM and PDaaS Provide Real-Time Data for Faster Decision Making
- Microservices Architecture Infuses Agility into PLM-based Operations
- Organizations Eye on Blockchain to Manage Product Data for PLM
- PLM to Play Instrumental Role in Enabling Digital Factories of the Future
- Closed Loop PLM Solutions (C-L PLM) to Benefit from the Emerging Era of Digital Manufacturing, Smart Factories & IIoT
- Increasing Demand for Integrated PLM Platforms to Augment Growth of Cloud-Based PLM Market
- Product Innovation Platforms Emerge as Efficient Options to Support Multiple Users and Disciplines through Product Lifecycle
- Focus on Collaborative Product Development to Benefit Adoption of Integrated PLM Solutions
- Escalating Regulatory Compliance Requirements & Ensuing Need to Reduce Product Risk Throws the Focus on PLM
- Open Source PLM Makes its Disruptive Appearance in the Market
- Emerging Role of OEMs as Assemblers Amplifies the Need for PLM
- Enterprise Mobility Wave Drives Emergence of Mobile PLM
- Key Factors Encouraging BYOD Trend among Enterprises Ranked by Importance Attached by Enterprises
- Cloud Extends PLM Access to Startups and Mid-Sized Businesses
- Growing Interest in Autonomous Vehicles to Support Growth
- Recovery in Automotive Industry Post COVID-19 to Steer Demand
- Pharma PLM Set to Make Gains
- PLM to Witness Improved Adoption in the Aerospace & Defense Sector
- Rise in Demand for PLM in the Consumer Products & Retail Sector
- Application of PLM in the Semiconductor Industry
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Total Companies Profiled: 136
For more information about this report visit https://www.researchandmarkets.com/r/q7yuz4
Laura Wood, Senior Press Manager
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