Product Lifecycle Management (PLM) Software Market - Growth, Trends, and Forecast (2022 - 2030)
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Market Overview
The product lifecycle management (PLM) software market was valued at USD 46 billion in 2018 and is expected to reach USD 67.3 billion by 2024, registering a CAGR of 6.52% during the forecast period 2019 - 2024. A great demand for robust data analytics software platforms in the industry is increasing and these trends have been augmented by the increasing adoption of IoT across the manufacturing industry. PTC’s Windchill is an instance of the PLM software embedded with analytics for discrete manufacturers looking for IoT capabilities, that can get their PLM solution up and running quickly with flexibility.
- Digitalization is transforming products from physical goods and tangible services into digital twins, which is exact replica of the physical product. Industry 4.0 is an important focus aiming at increasing competitiveness by targeting the reduction of production costs while improving product quality and production scalability by means of digitalization of product. SAP company is exploring digital supply chain scenarios where different suppliers submit offers directly to a blockchain platform to improve effectiveness across their business networks.
- The introduction of the cloud has had a significant impact on the PLM market. PLM in the cloud is a helpful tool for product data management because it allows manufacturers to consolidate information about product development, streamline change orders and requests and improve communication with suppliers. SaaS solution for companies are looking to increase collaboration, manage product data and improve workflows without heavy IT overhead or hardware commitments.
- PLM software, however, is too slow as no proper planning for the network bandwidth, server configurations, system configuration, etc. are done. Also, lack of interoperability among dissimilar product versions coupled with low acceptance of PLM services by SMEs (small and medium-sized enterprises) is expected to hinder the market growth.
Scope of the Report
The product lifecycle management (PLM) software market is growing which is helping in managing the lifecycle for complex products. The report profiles the on-cloud and on-premise providers of product life cycle management software and service for various industries. PLM software allows a company to manage information throughout entire lifecycle of product efficiently and cost-effectively. It includes processes from ideation, design and manufacture and disposal of the product in various applications such as retail, automotive, etc.
Key Market Trends
Increasing Production of Autonomous Vehicles to Drive the Market Growth
- Due to future autonomous vehicle penetration, developers working on autonomous vehicles have to face various and increasingly complex challenges, and consequently need to reevaluate their current processes and toolsets.
- Fully-functional autonomous driving systems will require some of the most complex software implementations that carmakers have ever faced combining a variety of data feeds (e.g. information from sensors, traffic data from the cloud, data coming from other vehicles or infrastructure), and tying it all into the vehicle's electronic and mechanical components to create a network of onboard systems that all work together reliably without user input or correction.
- Integrated ALM (Application Lifecycle Management) and product development platforms such as codeBeamer ALM will be instrumental in modernizing development processes in order to tackle the challenges introduced by increasing product complexity, and the growing reliance of products on sophisticated software applications in autonomous vehicle sector.
- The increasing use of digital manufacturing and rising integration of IoT in producing autonomous cars is one of the key trends that is expected to drive PLM software market in the automotive sector, during the forecast period. Tesla has integrated ENOVIA (cPDM software) and CATIA (CAD software) with DELMIA to simulate the manufacturing facility and process in the manufacturing of its model.
- Siemens PLM Software offers a full set of autonomous vehicle solutions for all key technical domains from chip design to full vehicle validation. NX is one of the company’s strongest CAD tools, helping clients run their product designing activities on the software.
North America to Account for a Significant Share
- North America’s strong financial position enables it to invest heavily in advanced solutions and technologies which have provided a competitive edge in the market. Moreover, the region has the presence of several major product lifecycle management software vendors, such as IBM Corp. (United States), PTC Inc. (United States), Oracle Corporation (United States), and hence, there is a strong competition among the players.
- The automotive sector is growing at a significant rate in North America. As the economic growth of the region has a direct impact on the sales of passenger cars and commercial vehicles, PLM software is mainly used in the product development stage, which starts long before manufacturing begins in the automotive industry. It ensures advanced safety features, electronics, and embedded software content in vehicles.
- For instance, America Makes (a leading and collaborative partner in additive manufacturing (AM)/3D printing (3DP) technology and workforce development) chose to migrate to AWS and use the Siemens PLM Teamcenter solution for its digital storefront. America Makes has saved around USD 30 million compared to building an in-house solution, which has helped in creating new solution, by which it is helping in growing the PLM software market.
Competitive Landscape
The product lifecycle management (PLM) software market is highly competitive and fragmented due to the presence of numerous global players. Various global players are moving in R&D with latest software techniques which is making a high rivalry in the market. Key players are Siemens, Dassault Systemes Deutschland GmbH, Autodesk Inc., etc. Some of the prominent recent developments in the market includes:
- May 2019 - Shenzhen Huijie Group (Huijie), a leading intimates company in China, has successfully implemented Centric Software’s Product Lifecycle Management (PLM) solution. Centric Software provides the most innovative enterprise solutions to fashion, retail, footwear, outdoor, luxury and consumer goods companies to help them achieve their strategic and operational digital transformation goals.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The product lifecycle management (PLM) software market was valued at USD 46 billion in 2018 and is expected to reach USD 67.3 billion by 2024, registering a CAGR of 6.52% during the forecast period 2019 - 2024. A great demand for robust data analytics software platforms in the industry is increasing and these trends have been augmented by the increasing adoption of IoT across the manufacturing industry. PTC’s Windchill is an instance of the PLM software embedded with analytics for discrete manufacturers looking for IoT capabilities, that can get their PLM solution up and running quickly with flexibility.
- Digitalization is transforming products from physical goods and tangible services into digital twins, which is exact replica of the physical product. Industry 4.0 is an important focus aiming at increasing competitiveness by targeting the reduction of production costs while improving product quality and production scalability by means of digitalization of product. SAP company is exploring digital supply chain scenarios where different suppliers submit offers directly to a blockchain platform to improve effectiveness across their business networks.
- The introduction of the cloud has had a significant impact on the PLM market. PLM in the cloud is a helpful tool for product data management because it allows manufacturers to consolidate information about product development, streamline change orders and requests and improve communication with suppliers. SaaS solution for companies are looking to increase collaboration, manage product data and improve workflows without heavy IT overhead or hardware commitments.
- PLM software, however, is too slow as no proper planning for the network bandwidth, server configurations, system configuration, etc. are done. Also, lack of interoperability among dissimilar product versions coupled with low acceptance of PLM services by SMEs (small and medium-sized enterprises) is expected to hinder the market growth.
Scope of the Report
The product lifecycle management (PLM) software market is growing which is helping in managing the lifecycle for complex products. The report profiles the on-cloud and on-premise providers of product life cycle management software and service for various industries. PLM software allows a company to manage information throughout entire lifecycle of product efficiently and cost-effectively. It includes processes from ideation, design and manufacture and disposal of the product in various applications such as retail, automotive, etc.
Key Market Trends
Increasing Production of Autonomous Vehicles to Drive the Market Growth
- Due to future autonomous vehicle penetration, developers working on autonomous vehicles have to face various and increasingly complex challenges, and consequently need to reevaluate their current processes and toolsets.
- Fully-functional autonomous driving systems will require some of the most complex software implementations that carmakers have ever faced combining a variety of data feeds (e.g. information from sensors, traffic data from the cloud, data coming from other vehicles or infrastructure), and tying it all into the vehicle's electronic and mechanical components to create a network of onboard systems that all work together reliably without user input or correction.
- Integrated ALM (Application Lifecycle Management) and product development platforms such as codeBeamer ALM will be instrumental in modernizing development processes in order to tackle the challenges introduced by increasing product complexity, and the growing reliance of products on sophisticated software applications in autonomous vehicle sector.
- The increasing use of digital manufacturing and rising integration of IoT in producing autonomous cars is one of the key trends that is expected to drive PLM software market in the automotive sector, during the forecast period. Tesla has integrated ENOVIA (cPDM software) and CATIA (CAD software) with DELMIA to simulate the manufacturing facility and process in the manufacturing of its model.
- Siemens PLM Software offers a full set of autonomous vehicle solutions for all key technical domains from chip design to full vehicle validation. NX is one of the company’s strongest CAD tools, helping clients run their product designing activities on the software.
North America to Account for a Significant Share
- North America’s strong financial position enables it to invest heavily in advanced solutions and technologies which have provided a competitive edge in the market. Moreover, the region has the presence of several major product lifecycle management software vendors, such as IBM Corp. (United States), PTC Inc. (United States), Oracle Corporation (United States), and hence, there is a strong competition among the players.
- The automotive sector is growing at a significant rate in North America. As the economic growth of the region has a direct impact on the sales of passenger cars and commercial vehicles, PLM software is mainly used in the product development stage, which starts long before manufacturing begins in the automotive industry. It ensures advanced safety features, electronics, and embedded software content in vehicles.
- For instance, America Makes (a leading and collaborative partner in additive manufacturing (AM)/3D printing (3DP) technology and workforce development) chose to migrate to AWS and use the Siemens PLM Teamcenter solution for its digital storefront. America Makes has saved around USD 30 million compared to building an in-house solution, which has helped in creating new solution, by which it is helping in growing the PLM software market.
Competitive Landscape
The product lifecycle management (PLM) software market is highly competitive and fragmented due to the presence of numerous global players. Various global players are moving in R&D with latest software techniques which is making a high rivalry in the market. Key players are Siemens, Dassault Systemes Deutschland GmbH, Autodesk Inc., etc. Some of the prominent recent developments in the market includes:
- May 2019 - Shenzhen Huijie Group (Huijie), a leading intimates company in China, has successfully implemented Centric Software’s Product Lifecycle Management (PLM) solution. Centric Software provides the most innovative enterprise solutions to fashion, retail, footwear, outdoor, luxury and consumer goods companies to help them achieve their strategic and operational digital transformation goals.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Details
INH-14275386
01-May-2019
120
01-May-2019
120
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