Product Lifecycle Management Market Is Estimated To Expand At A CAGR Of 8% Through 2033
The global product lifecycle management (PLM) market is valued at US$ 45 billion in 2023 and is projected to reach US$ 98 billion by 2033, registering a noteworthy CAGR of 8% from 2023 to 2033 (forecast period).
Product Lifecycle
Management (PLM) encompasses the comprehensive spectrum of activities involved
in conceiving, strategizing, manufacturing, disseminating, marketing, vending,
and maintaining products. This integral business practice scrutinizes products
and services throughout their entire journey, commencing with their inception
and persisting until they are retired from the market. By implementing PLM,
enterprises can effectively manage costs, expedite product development, and
accelerate the introduction of their offerings to the market.
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The readability score of the Product Lifecycle Management
(PLM) Market Demand report is good as it offers chapter-wise layout with each
section divided into a smaller sections.
The report encompasses graphs and tables to show the entire
assembling. Pictorial demonstration of the definite and estimated values of key
segments is visually appealing to readers.
This Product Lifecycle Management (PLM) market outlook
report explicates on vital dynamics such as the drivers, restraints and
opportunities for key players and competitive analysis of Product Lifecycle
Management (PLM) along with key stakeholders as well as emerging players
associated with the manufacturing of product.
Competitive
landscape:
The global PLM market is extremely competitive due to the
existence of several global companies. Key players in the product lifecycle
management market are implementing growth tactics such as collaborations,
technological developments, investments, and acquisitions to gain market share.
- In
June 2022, Infor joined forces with Everstream Analytics, a worldwide
supply chain insights and risk analytics provider, to help businesses
predict supply chain disruptions. By giving data on external occurrences
such as labor strikes, weather, cybersecurity, and port congestion,
Evertsream's solution will boost inventory and shipment capabilities
throughout the supply chain and order visibility. As part of the
collaboration, Infor will incorporate its end-to-end supply chain risk
assessment with the Infor Nexus multi-enterprise business network platform.
- PTC
and ITC Infotech decided in April 2022 to extend their 20-year
collaboration and boost customer digital transformation activities by
using PTC's Windchill PLM software as a service (SaaS). ITC Infotech would
buy a portion of PTC's PLM implementation services business, forming a new
business unit called DxP Services. This would bring together PLM
professionals from both companies.
- Simple
Energy, an electric vehicle (EV) start-up, formed a collaboration with
worldwide technology leader Siemens in January 2022 to increase EV
mobility solutions with cutting-edge technologies. According to the
agreement, Simple Energy will use Siemens' Teamcenter X, a cloud-based PLM
platform that will assist the company in establishing a solid digital base
for its e-mobility products. Together with Siemens, Simple Energy has
enlisted Prolim, Siemens' Technology Partner, to provide world-class
technology to support India's aspiration to become the world's EV capital.
- Accenture,
an Ireland-based professional services firm, acquired DI Square's
consulting capabilities for application lifecycle management and product
lifecycle management systems integration in June 2021. Accenture's
engineering capabilities for automotive and other manufacturing clients in
Japan and other regions will be expanded as a result of the acquisition.
Key Companies
Profiled:
- Accenture
- Arena Solutions, Inc
- Aras Corporation
- Autodesk, Inc
- Dassault Systemes SA
- Centric Software, Inc
- Oracle Corporation
- PTC
- Siemens PLM Software, Inc
Key Segments of PLM Industry
Research:
- By Component :
- Software
- Services
- By Deployment :
- On-premise
- Cloud
- By End Use :
- Aerospace
& Defense
- Automotive
& Transportation
- Semiconductors
& Electronics
- Retail
& Consumer Goods
- Industrial
Equipment & Heavy Machinery
- Others
- By Region :
- North
America
- Latin
America
- Europe
- APAC
- MEA
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Questionnaire
answered in the Market outlook Report of Product Lifecycle Management (PLM)
include:
- What is the key strategy
deployed by large players to maximize Product Lifecycle Management (PLM) Market growth?
- What are the main
challenges faced by players in the Product Lifecycle Management (PLM)
market Demand?
- With the advent of
technological advancement, how will the Product Lifecycle Management (PLM)
market landscape change over the forecast period?
- What does player bring to
the table which is unique as a strategy, and is easy to emulate for new
investors in the Product Lifecycle Management (PLM) market size?
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