by 
Product Lifecycle Management (PLM) refers to processes and software application that support the information flow required to get a product from conceptualization, design, manufacturing to support and disposal. PLM systems effectively integrate people, processes, and business systems for better collaboration and information sharing across extended enterprises worldwide. PLM solutions facilitate teams across departments to efficiently manage product documentation and critical data throughout the entire lifecycle of complex products. The global PLM market enables users in the automotive, aerospace and defense, industrial machinery, electronics, and high tech industries to develop products using concurrent/simultaneous engineering practices.
The global Product Lifecycle Management Market is estimated to be valued at US$ 27,321 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Integration of IoT with PLM is one of the key trends seen in the market. IoT is enabling product designers and engineers to have real-time visibility into product performance data gathered from connected products in the field. This is helping organizations make their PLM processes more data-driven by incorporating feedback loops at every stage. IoT integration with PLM solutions allows users to gain valuable insights for continuous product improvement and better address customer needs.
Porter’s Analysis
Threat of new entrants: The Product Lifecycle Management market faces moderate threat from new entrants due to the high capital requirements for R&D and technology.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitute products in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many players in the market.
Threat of new substitutes: The threat of new substitutes is moderate as alternative solutions with distinct functionality are available.
Competitive rivalry: The competitive rivalry in the Product Lifecycle Management market is high due to the presence of major players competing on portfolio extension and technology.
Key players: Key players operating in the Product Lifecycle Management market are Dassault Systems, Hewlett-Packard Company, PTC, Inc., Atos SE, Siemens AG, Accenture plc, Autodesk, Inc., IBM Corporation, SAP SE, and Aras Corporation. The major players are focusing on implementing innovative solutions to gain a competitive advantage in the market.
Regional analysis: North America is expected to dominate the market during the forecast period primarily due to the high adoption of PLM solutions by automotive and aerospace industries in the region. Asia Pacific is anticipated to witness the fastest growth rate over the forecast period attributed to growing industrial sectors in developing economies like China and India.
Key Takeaways
The global Product Lifecycle Management Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 27,321 Mn.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
