Product Lifecycle Management Market Growth Analysis | 2021-2026

Market Insights

The product lifecycle management market was estimated at USD 26.1 billion in 2020 and is likely to grow at a CAGR of 7.5% during 2021-2026 to reach USD 40.0 billion in 2026.

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Market Dynamics

Introduction

Product lifecycle management (PLM) is referred to as an information system which can integrate data, business systems, processes, and eventually people in an extended enterprise. PLM software enables a company to manage information throughout the complete lifecycle of a product cost-effectively and efficiently. It consists of processes from design, ideation, and manufacture & disposal of the product.

COVID-19 Impact

The COVID-19 pandemic has positively influenced the product lifecycle management sector. The pandemic has compelled businesses to opt for cloud technology to facilitate remote working & help to ensure business continuity, thereby bolstering the adoption of cloud-based services. PLM software providers are expecting their customers to opt for cloud migration, further augments market growth.

Market Drivers

Increasing demand for software solutions for bills of materials, change management, compliance management, cost management, data management, and governance management are likely to spur the demand for the PLM software over the review period. The continued integration of the latest technologies, such as virtual reality, Industrial Internet of Things (IIoT), augmented reality, and additive manufacturing, with PLM solutions, is further expected to bolster the market growth.

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Segment Analysis

By Software Type

"The design & engineering management segment held the highest market share."

Based on software, the product lifecycle management market has been classified into portfolio management, design & engineering management, quality & compliance management, simulation, testing, & change management, manufacturing operations management, and others. Under these, the design & engineering management segment held a significant market share of around 30% in 2020. PLM software is increasingly being used by production units to manage the development, designing, and engineering processes in light of the continued industrial digitization and rollout of connected value chains, thereby boosts the segment growth in the coming years.

Regional Insights

"The North American market held the highest market share."

By region, the North American market held the highest market share of more than 30% in 2020 and is projected to grow at a healthy CAGR in the coming years. Presence of key market players in the region is a key driving factor. Moreover, large enterprises in the region are especially upgrading their PLM solutions in line with the improving technology trends to help customer-centric product development, further bolsters regional market growth during the review period.

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Key Players

The key players operating in the market are:

• SAP (Germany)
• Dassault System (France)
• PTC (US)
• Siemens (Germany)
• Autodesk (US)
• IBM (US)
• Oracle (US)
• HP (US)
• Atos (France)
• Accenture (Ireland).

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s product lifecycle management market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our product lifecycle management market report from the industry stakeholders, we have tried to further accentuate our research scope to the product lifecycle management market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The product lifecycle management market is segmented into the following categories:

By Software Type

• Portfolio Management
• Design & Engineering Management
• Quality & Compliance Management
• Simulation
• Testing, & Change Management
• Manufacturing Operations Management
• Others

By Deployment Type

• On-premise
• Cloud

By End-Use Type

• Aerospace & Defense
• Automotive & Transportation
• Healthcare
• IT & Telecom
• Industrial Equipment & Heavy Machinery
• Retail
• Semiconductor & Electronics
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].