With Market Size Valued at $59.7 Billion by 2026, it`s a Healthy Outlook for the Global Product Lifecycle Management (PLM) Market
SAN FRANCISCO, March 1, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Product Lifecycle Management (PLM) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
What's New for 2022?
- Global competitiveness and key competitor percentage market shares
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Edition: 18; Released: February 2022
Executive Pool: 30121
Companies: 136 - Players covered include Accenture; Aras Corporation; Arena Solutions, Inc.; Autodesk, Inc.; Centric Software, Inc.; Dassault Systemes SA; DXC Technology Co.; Gerber Technology; Lectra SA; Oracle Corporation; PTC; SAP PLM Alliance; Selerant Corporation; Siemens PLM Software, Inc.; Tata Technologies Ltd.; T-Systems International GmbH and Others.
Coverage: All major geographies and key segments
Segments: Component (Software, Services); Deployment (On-Premise, Cloud); Vertical (Aerospace & Defense, Automotive & Transportation, Semiconductor & Electronics, Retail & Consumer Goods, Industrial Equipment & Heavy Machinery, Other Verticals)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Product Lifecycle Management (PLM) Market to Reach US$59.7 Billion by the Year 2026
Product Lifecycle Management (PLM) is an advanced people-centric technology that allows enterprises to configure, manage and integrate design data, workflows and processes from initial phases of product development, such as concept, design, simulation, and validation, through to production, launch, use and disposal. PLM helps companies in setting up efficient workflows, data management systems, process configurations and system validation. 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$44.2 Billion in the year 2022, 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 $18 Billion in 2022, 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$18 Billion in the year 2022. 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.
Rise in Demand for PLM in the Consumer Products & Retail Sector
Growing shift in PLM demand towards non-conventional sectors such as consumer products & retail and packaged goods from traditional end-use sectors is driving growth in the market. Rise in the number of modern grocery retail stores, particularly in developing countries, is also benefiting the demand for PLM solutions in the consumer products & retail sector. The adoption of PLM solutions in the consumer products & retail sector continues to grow significantly due to increased focus of retail companies on improving brand equity and increasing profitability. PLM software, in the retail sector, is used for brining order to the collection-development process, and is designed to align designers, merchandisers, suppliers, buyers, and product developers and managers in order to reduce the cost and time for developing a new product. Growing demand for product data management, process automation, and integration with emerging tools including analytics software is also fuelling growth of PLM in the sector. The tier-I retail companies are the early adopters of PLM. More
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