Product Lifecycle Management (PLM) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2610
Product Lifecycle Management (PLM) Market size is predicted to witness high CAGR to 2024 led by growing need for product innovations, demand for low manufacturing cost, and increasing adoption of cloud-based PLM solutions among Small and Medium Enterprises (SMEs). As the software provides a collaborative platform for the development and management of products, business activities can be streamlined resulting in better-quality products and a more optimized global product network.
PLM software allows enterprises to automate the management of product-related data with increased visibility and control over the lifecycle of the product. To consolidate various applications for operational excellence, organizations make use of Service-Oriented Architecture (SOA) approach, which enables them to revisit their PLM roadmaps. The software suite helps in engineering change management, in managing products, bills of material, and provides a seamless omnichannel experience.
Manufacturers’ PLM portfolio includes tools such as Product and Portfolio Management (PPM), CAD, Manufacturing Process Management (MPM), and Product Data Management (PDM). Various organizations provide these tools to bring together the product, tooling, and the production line along a single database.
The emergence of smart factories providing low-cost solutions and adoption of Internet of Things (IoT) solutions is likely to contribute to the market growth over the forecast period. IoT spurs product innovations, resulting in more informed product insights and the advanced product development process. For instance, IBM’s Aras Innovator solution helps to manage the configuration of IoT products throughout their life cycle. Similarly, Infor’s PLM Solutions merged with the enterprise ERP System to provide a real-time data, reduce regulatory risks, and bring high-quality products to the market.
One of the biggest challenges in the industry is the cross-platform migration of data or version upgrades during the PLM implementation. The other factors such as inaccurate product information, internal and external process complexities, and economic uncertainty are hampering the market growth.
The software solutions are used in a diverse set of the end-use sectors such as pharmaceutical, retail, manufacturing, and food & beverages. Pharma-specific businesses incorporate PLM management technologies for efficient drug development, manufacturing, and commercialization. The solution also helps consumer packaged goods companies to reduce the project cycle time, increase the material usage, and deliver high-quality products.
North America holds a significant market share of the global PLM market due to the presence of improved IT infrastructure, high investments in the technology, and the presence of a large number of prominent players in the region. The Asia Pacific region is likely to show a significant market growth during the forecast timeline due to the increasing adoption of cloud-based solutions and improved IT infrastructure. The automotive, aerospace, and defense sectors are among the major sectors adopting PLM solutions in the region. Countries in the Asia Pacific region are focusing on reducing the cost of PLM adoption and implementing the technology in the cloud. Moreover, the increasing need for manufacturing products with more functionalities and lower cost is also expected to contribute to the market growth during the forecast timeline.
Some of the key players in the PLM market are Siemens, Oracle, SAP, Infor, Infosys, HCL, Arena, Autodesk, PTC, Accenture, ANSYS, Salesforce, Dassault, Aras, and Wipro. The key companies are focusing on new product developments, strategic acquisitions, and partnerships to expand their presence in the market. For instance, in February 2018, Siemens acquired Sarokal Test Systems a provider of test solutions for electronic components. This acquisition will help in expanding its presence in the electronic design automation and integration circuit industry. Similarly, in July 2017, Boeing expanded its deployment of Dassault Systems products, which include 3D experience software across its aerospace and defense verticals to deepen its end-to-end digital collaboration, design, manufacturing planning, and shop floor execution capabilities throughout the enterprise. Also, in May 2017, Whelen Engineering Company partnered with Infor to support digital transformation by using its CloudSuite Industrial solution. Infor CloudSuite Industrial provides a unique platform to drive operational proficiencies for people, process, and technology. Such strategic initiatives are expected to accelerate the growth of the PLM market over the forecast period.
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