"The global product lifecycle management market is projected to grow from USD 26.1 billion in 2020 to USD 40.0 billion by 2026 at a CAGR of over 7.5% during the forecast period."
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.
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.
The COVID-19 pandemic has positively influenced the Product Lifecycle Management [PLM] 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.
Product Lifecycle ManagementMarketReport Overview
Market Size in 2026
USD 40.0 billion
Market Size in 2020
USD 26.1billion
CAGR (2021-2026)
7.5%
Base Year of Study
2020
Trend Period
2016-2019
Forecast Period
2021-2026
Key Players
The key players operating in the product lifecycle management market are:
"Thedesign & 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 around30% 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 questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Product Lifecycle Management Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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10% free customization
Research Methodology
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 1,000 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 market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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Detailed profiling of additional market players (up to three players)
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Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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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 complete lifecycle of product cost-effectively and efficiently. It consists of processes from design, ideation, and manufacture & disposal of the product.
The key players operating in the product lifecycle management market are SAP (Germany), Dassault System (France), PTC (US), Siemens (Germany), Autodesk (US), IBM (US), Oracle (US), HP (US), Atos (France), and Accenture (Ireland).
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 product lifecycle management market is projected to grow from USD 26.1 billion in 2020 to USD 40.0 billion by 2026 at a CAGR of over 7.5% during the forecast period.