Product Lifecycle Management (PLM) Market Is Projected To Reach 98 US Billion Dollars, Registering a Noteworthy CAGR of 8%

Increasing emphasis on creating innovative smart products & factories and rising demand for cloud-based PLM solutions are expected to drive market growth.

Rockville, Maryland, United States, 19th Jan 2023 – Fact.MR, a market research and competitive intelligence provider, reveals that the global product lifecycle management (PLM) market is expected to garner US$ 98 billion by 2033, expanding at 8% CAGR from 2023 to 2033.

Product lifecycle management is the management of data and processes used in the design, engineering, production, sales, and service of a product over the course of its entire lifecycle and supply chain. PLM has a longstanding experience in the manufacturing industry, although the term now often refers to a software solution and a wider use case that extends beyond the production process.

Download Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=8245

Key Takeaways from Market Stud

• The global product lifecycle management market is valued at US$ 45 billion in 2023.
• The PLM market is predicted to reach US$ 98 billion by 2033.
• The market is anticipated to evolve at a CAGR of 8% from 2023 to 2033 (forecast period).
• North America accounted for 39% share of the global market in 2022.
• The cloud segment held 70% share of the global market in 2022.

Winning Strategy 

Major market players are concentrating on developing innovative products to expand their market presence. 

• Dassault Systems released Sustainable Innovation Intelligence, a lifecycle assessment tool, in February 2022 to help businesses reduce the environmental effect of the materials, processes, and products they develop. The one-of-a-kind cloud-based solution incorporates the eco-invent database of over 18,000 industrial and agricultural processes’ effects into the virtual design, production engineering, product creation, and operations and logistics. This solution is completely integrated into the Dassault Systèmes 3DEXPERIENCE platform and spans the entire value chain.
• Centric Software released an upgraded PLM solution, Centric 8 PLM, version 7.3, in July 2021. Centric 8 PLM is designed with advanced capabilities to meet the needs of end users in food and beverage, consumer goods, personal care and household, cosmetics, and other industries.
• InnovMetric introduced PolyWorks Data Loop PLM Connectors in April 2021. PLM connectors were created to connect PLM systems to the PolyWorks smart 3D metrology digital network. These connectors are widely used in the manufacturing industry.

Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=8245

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.

Prominent Stakeholders

• Accenture
• Arena Solutions, Inc
• Aras Corporation
• Autodesk, Inc
• Dassault Systemes SA
• Centric Software, Inc
• Oracle Corporation
• PTC
• Siemens PLM Software, Inc

Get Full Access of Complete Report: https://www.factmr.com/checkout/8245

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

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global product lifecycle management (PLM) market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.

The study divulges essential insights on the market on the basis of component (software, services), deployment (on-premise, cloud), and end use (aerospace & defense, automotive & transportation, semiconductors & electronics, retail & consumer goods, industrial equipment & heavy machinery, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).

Check out more related studies published by Fact.MR Research: 

Data Protection Software Market: The global data protection software market is estimated at USD 1,195 Million in 2022 and is projected to reach USD 18,500 Million by 2032, growing at an exciting CAGR of 31.5% during 2022-2032.

Big Data Technology and Services Market: According to Fact.MR, the global big data technology and services market is expected to represent a value of over US$ 183,900 Mn by the end of 2026.

Data Extraction Software Market: The data extraction software market is witnessing rapid growth, owing to the growing demand for artificial intelligence and machine learning technologies

Clientless Remote Support Software Market: The global clientless remote support software market is estimated at USD 1.7 Billion in 2022 and is forecast to surpass USD 6.7 Billion by 2032, growing at a CAGR of 14.5% from 2022 to 2032.

About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.

Contact: 
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
E: sales@factmr.com

Media Contact

Organization: Fact.MR

Contact Person: Anup Kumar

Email: anup@factmr.com

Phone: 6282511583

Website: https://www.factmr.com

Address 1: US Sales Office:

Address 2: 11140 Rockville Pike

City: Rockville

State: Maryland

Country: United States

Release Id: 1901232248

The post Product Lifecycle Management (PLM) Market Is Projected To Reach 98 US Billion Dollars, Registering a Noteworthy CAGR of 8% appeared first on %BLOGLINK%%.