Apr 1, 2022   SOURCE: BusinessWire

Global Product Lifecycle Management Market to 2030 - Featuring Accenture, Oracle and SAP Among Others - ResearchAndMarkets.com

The "Product Lifecycle Management Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global product lifecycle management market.

The global product lifecycle management market is expected to grow from $44.38 billion in 2020 to $49.52 billion in 2021 at a compound annual growth rate (CAGR) of 11.6%.

The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $70.37 billion in 2025 at a CAGR of 9.2%.

Companies Mentioned

  • ANSYS Inc.
  • Accenture
  • Oracle Corporation
  • SAP SE
  • Autodesk Inc.
  • Siemens AG
  • PTC Inc.
  • Dassault Systemes SE
  • Aras Corporation
  • IBM
  • Atos

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The product lifecycle management (PLM) market consists of sales of product lifecycle management software and services by entities (organizations, sole traders, and partnerships) that are engaged in providing a better strategic process for managing the complete journey of a product from initial ideation, development, service, and disposal. PLM refers to managing every step of the process involved with a product from raw material to finished product. The PLM process is inclusive of the manufacturing and marketing of the goods. From pricing and advertising to expansion or cost-cutting, the concept of product life cycle assists organizations in making smart business decisions.

The main components of the product lifecycle management market include software and services. PLM software enables businesses to strategically collaborate with partners and customers using trusted, up-to-date product information. PLM can be deployed either on-premise or on-cloud. The end-users of PLM include the automotive and transportation industry, industrial machinery, electronics and semiconductors, retail, energy and utilities, aerospace and defense, pharmaceuticals, IT and telecom, and others.

North America was the largest region in the product lifecycle management market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Augmented Reality (AR) and Virtual Reality (VR) are increasing the demand for the product lifecycle management (PLM) market. Major companies operating in the product lifecycle management (PLM) sector are focused on integrating new technology such as augmented reality (AR) and virtual reality (VR) to strengthen their position. For instance, in February 2021, Siemens had launched AssistAR 3.0, AssistAR supports assembly, inspection, and maintenance procedures with a new generation of accurate and robust augmented reality (AR) technologies. AssistAR connects to the company's product lifecycle management (PLM) system and uses regular PCs and displays to guide company operators through complex operations without the use of glasses or a headset.

The growing adoption of product lifecycle management (PLM) from end-use industries is expected to propel market growth in the coming years. PLM has the potential to offer improved supply chain accuracy, enhanced regulatory compliance, lower lead times, and an increase in sales growth. Product lifecycle management (PLM) software is being used by end-use sectors to increase transparency in supply chains & manufacturing processes and speed the development of innovative goods.

The countries covered in the product lifecycle management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

For more information about this report visit https://www.researchandmarkets.com/r/mosa66