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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Product Life Cycle Management (PLM) Market Share
Reduced product damage, on-time orders, increased productivity, improved alignment with customer expectations, and full regulatory compliance are the benefits of adopting PLM. These elements are projected to encourage the incumbents in the automotive and transportation industries to adopt product life cycle management.
The market during the forecast period, is expected to be dominated by the automotive and transportation segment. The two main trends anticipated to propel product life cycle management (PLM) market development in the automotive industry are the rising use of digital manufacturing and the increasing incorporation of IoT in the creation of smart automobiles.
Over the forecast period, the aerospace and defence segment is expected to experience considerable growth. Budget cuts, increased global competition, and a growing backlog in the manufacture and delivery of commercial aircraft contribute to the need for product life cycle management systems in the defence and aerospace industries. Aerospace and defence industries' increasing demand for life cycle management is bolstered by their rising need for cutting-edge technical solutions that can streamline their fundamental processes.
Product Life Cycle Management (PLM) Market Report Snapshots
Product Life Cycle Management (PLM) Market Size
Product Life Cycle Management (PLM) Market Growth
Product Life Cycle Management (PLM) Market Trends
Product Life Cycle Management (PLM) Market Share
Product Life Cycle Management (PLM) Companies
Product Life Cycle Management (PLM) Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market for product life cycle management attained a value of nearly USD 32.7 billion.
The market is projected to grow at a CAGR of 7.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 63.1 billion by 2032.
The major drivers of the product life cycle management (PLM) market include the increasing demand for product life cycle management in small and medium enterprises, technological trends such as additive manufacturing and Augmented Reality (AR), increasing focus on building product innovation platforms, rising integration of IoT in producing smart automobiles, and rapid digitalisation.
The rising focus on developing smart products and factories and the increasing demand for cloud-based product life cycle management (PLM) solutions are the key industry trends propelling the growth of the market.
The major players in the industry are Aras Corporation, PTC Inc., Oracle Corporation, Siemens Aktiengesellschaft, and SAP SE, among others.
The five phases that make up a product’s life cycle are development, introduction, growth, maturity, and decline.
While ERP enables supply chain management, covering inventory, logistics, pricing, and payment, PLM assists in managing entire product development stages and procedures.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124