Product Lifecycle Management Market Propelled by Adoption of Cloud-Based Product Lifecycle Management Solutions
Product lifecycle management (PLM) refers to a system that helps organizations in coordinating various product-related and documentation information. PLM solutions help optimize product designs, manage changes to designs, track regulatory requirements, and ensure compliance throughout a product’s lifecycle. The growing digitalization trend across industries has accelerated the adoption of cloud-based PLM solutions which provide centralized access to product data from any location.
The global Product Lifecycle Management market is estimated to be valued at US$ 27,321 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of cloud-based PLM solutions has been a major trend in the product lifecycle management market. Cloud-based PLM offers multiple advantages such as easy accessibility, centralized data storage, lower upfront costs, and scalability. It allows effective collaboration between teams located across different geographical regions. With cloud deployment, organizations can leverage PLM tools without incurring expenses on hardware, servers, and support infrastructure. This has boosted the adoption of Software-as-a-Service (SaaS) based PLM solutions among small and medium enterprises.
SWOT Analysis
Strength: Product lifecycle management solutions help companies improve profitability by streamlining product development processes and reducing costs. They allow collaboration between cross-functional teams.
Weakness: High upfront investment and long implementation time. Lack of training can limit effective use of PLM capabilities.
Opportunity: Growth in industries such as automotive, aerospace and industrial machinery drives demand for PLM. Adoption of cloud-based PLM offers opportunities for mid-sized businesses.
Threats: Competition from open-source PLM vendors and custom developed solutions. Reluctance to adopt new technology hampers growth.
Key players operating in the product lifecycle management market are Dassault Systems, Hewlett-Packard Company, PTC, Inc., Atos SE, Siemens AG, Accenture plc, Autodesk, Inc., IBM Corporation, SAP SE, and Aras Corporation. The major players are focusing on enhancing capabilities of their PLM platforms through continuous innovation and integration of newer technologies like IoT and AI to gain competitive advantage.
Regional analysis: North America dominates the global market currently due to rapid adoption of PLM solutions among industrial sectors. Growing electronics and automotive industries will drive growth in Asia Pacific region.
Key Takeaways
The global Product Lifecycle Management market is expected to witness high growth. Advancements in technologies such as artificial intelligence and internet of things are expanding use cases of PLM software.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
