Integrating advanced technologies such as AI, IoT and digital twins into PLM systems promotes product innovation and enables companies to bring products to market faster while reducing costs, say SNS researchers.

Pune, August 12, 2024 (GLOBE NEWSWIRE) — Product Lifecycle Management (PLM) Market Size Analysis:

“According to SNS insiders, the Product Lifecycle Management (PLM) Market Its size was estimated at USD 29.46 billion in 2023. It is expected to reach USD 65.58 billion by 2032, growing significantly at a CAGR of 9.3% during the forecast period 2024-2032.”

Market overview

The growth of the Product Lifecycle Management (PLM) software market is driven by a number of transformative factors. Intelligent manufacturing and connected products are gaining popularity as companies move towards Industry 4.0. This shift is driving the adoption of next-generation PLM solutions that address the complexities and challenges of today’s product lifecycles. In addition, the adoption of cloud PLM solutions with enhanced IT security and adaptability is another major factor driving market growth. Cloud computing is changing the landscape in lifecycle management with scalable and cost-effective solutions that help streamline operations.

The PLM market is witnessing significant advancements, especially with the integration of new technologies. This collaboration between IoT and PLM combines a broader range of capabilities with greater visibility for real-time performance service management as well as for establishing improved quality control. Additive manufacturing and augmented reality (AR) are also increasing the need for PLM solutions. Major players like PTC Inc., Siemens, etc. have a vested interest in investing in robotics and AI/ML technology to expand into new SaaS-centric PLM opportunities. In 2023, PTC made an even bigger push to strengthen PLM capabilities with the acquisition of Pure-Systems for around USD 300 million. New ELM 7.0 launched with live engineering data from Siemens, including advanced technologies that enable real-time access and insights into engineering data. Furthermore, the increasing adoption of the Internet of Things (IoT) is expected to boost the market growth during the forecast period, as are various advancements and new product launches in PLM solutions, including blockchain.

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The key players listed in this report are:

• Dassault Systèmes

• Siemens AG

• Hewlett-Packard Company

• Aras Corporation

• Arena Solutions, Inc.

• ANSYS Inc.

• SAP SE

• Oracle Corporation

• AUTODESK, INC.

• PTC Inc.

• Synopsys Inc.

• BigLever Software Inc.

• Other players

The story continues

Scope of the Product Lifecycle Management (PLM) Market Report:

Recent developments

In February 2023, Bricsysa division of Hexagon specializing in design and collaboration solutions, has partnered with MechWorks, part of ITI Technegroup, to develop an integration between BricsCAD and Siemens’ Teamcenter software. The goal of this collaboration is to improve the design workflow and simplify product development by providing BricsCAD users with advanced features that increase productivity and efficiency.

In February 2023, Siemens and IBM Partnership to accelerate sustainable product development and operations. Their collaboration will create a novel software platform that combines systems engineering with asset management to support traceability and sustainability across the entire product lifecycle.

In September 2023The ALDI SÜD Group announced that Centric Software® has partnered with them to digitally revolutionize their business. The new collaboration is designed to strengthen global synergy in data-driven decisions and leverage Centric Software’s capabilities to accelerate growth and optimize operations across a variety of product-related processes.

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In 2023, the automotive and transportation segment dominated the market, accounting for about 23% of the revenue share.

The dominance is due to the industry’s increasing dependence on digital manufacturing and incorporation of advanced technologies, mostly Internet of Things (IoT), in the production of smart vehicles. PLM is the software technology required to manage complex automobile designs, optimize production processes, and comply with stringent regulations. For example, PLM software manages all vehicle components from design to assembly, thus avoiding defects and reducing product damage. Furthermore, the expansion of this segment is due to the efficient management required for extensive product data and lifecycle information to ensure the performance and on-time delivery of automobiles. All of this focuses on improving productivity and hence higher product quality, enabling it to serve all types of automobiles and transportation as the major contributor to the PLM market.

Key market segmentation for Product Lifecycle Management (PLM):

By component

• software

  • Portfolio management

  • Design and construction management

  • Quality and compliance management

  • Simulation, testing and change management

  • Manufacturing Operations Management

  • Miscellaneous

• Services

  • Advice

  • Integration and deployment

  • Support and maintenance

  • Quality assurance

After deployment

• On site

• Software as a Service

After end use

• Aerospace & Defense

• Automotive and Transport

• Healthcare

• IT and telecommunications

• Industrial plants and heavy machinery

• retail

• Semiconductors and Electronics

• Miscellaneous

North America was the dominant region in 2023, accounting for over 34% of the Product Life Cycle Management (PLM) market.

This dominance is driven by the strong financial base that allows companies based there to make significant investments in IoT, additive manufacturing and augmented reality (AR). The region’s large investments in PLM training and support services increase productivity and improve the development process. A US company based in Texas has expanded its use of PTC’s Windchill PLM to cover product development between states or even countries, as well as some large companies. On the other hand, companies in states such as California and Michigan are using PLM solutions to develop new manufacturing methods. The investments, the significantly high level of technological development and the adoption in North America make the region a frontrunner in driving the growth and transformation of the PLM market.

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Key findings

• The growth of the Product Life Cycle Management (PLM) market is due to advances in intelligent technology and cloud integration.

• PLM solutions are increasingly integrating AI, ML and IoT tools to increase their functionality, driving market demand.

• Current partnerships and collaborations, such as those between Bricsys and MechWorks, Siemens and IBM, and Centric Software with ALDI SÜD, are shaping the future of PLM solutions.

• The largest market for these systems is North America, and Asia-Pacific is expected to see the highest growth as these regions experience strong industrialization that supports greater adoption of digital security and surveillance across all industries.

Table of Contents – Important Points

1. Introduction

2. Summary

3. Research methodology

4. Analysis of the impact of market dynamics

5. Statistical insights and trend reports

6. Competitive landscape

7. Product life cycle management Market segmentation by components

8. Product life cycle management market segmentation, by use

9. Product lifecycle management Market segmentation by end use

10. Regional analysis

11. Company profiles

12. Use cases and best practices

13. Conclusion

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