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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Product Life Cycle Management (PLM) Market Regional Analysis
The market demand is anticipated to be dominated by North America. The region has a competitive advantage in the market due to its strong financial position, which allows it to invest substantially in cutting-edge technologies like augmented reality, the Internet of Things (IoT), connected industries, 5G and LTE telecommunications, and additive manufacturing. Additionally, in order to support the development of products that are centred on the needs of the consumer, significant businesses are improving their product life cycle management in accordance with the changing technological trends in their respective industries.
Over the forecast period, the Asia Pacific region is anticipated to have a significant growth rate. The demand for product life cycle management market in the region would rise as a result of the growing industrialisation and digitalisation of developing countries like China and India. Numerous large businesses operating in a variety of sectors, including electronics, automotive, and telecommunications, are located in the region. As part of their growth strategies, these businesses are focusing on modernising their engineering and product development functions as well as their respective 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