The product lifecycle management (PLM) software allows companies to systematically manage the lifecycle of the products. It has become an important part of the industry as it facilitates multi-disciplinary and geographically dispersed teams to collaborate strategically with the customers and partners using up-to-date information of the product.
Increase in the use of Industrial IoT devices with growing adoption of industrial 4.0 is spurring the growth of the global product lifecycle management software market. In addition to this, growing necessity of collaborative and robust software systems with rise in remote employees & evolving workforce is accelerating the growth of the market. Further, an increase in integration of cloud with PLM software is witnessed to track data & processes and improve product development. Additionally, also there is increase in adoption of PLM software by the industries to lower product costs, accelerate time to market, and increase productivity. All these factors are fostering the growth of the global market. Moreover, the growing demand for autonomous vehicles has led to an increase in demand for their production. This requires a continuous process of re-evaluation of their current toolsets and processes. In such cases, PLM software plays a critical role to combine a variety of data feeds thereby contributing to the growth of the global market. Furthermore, advancement in the technologies to launch next-gen PLM software with additional benefits may provide several opportunities for the growth of the global market. For instance, in June 2020, Siemens announced the launch of Teamcenter X product lifecycle management software that will connect processes and people across functional disciplines.
The global product lifecycle management software market is divided based on deployment type, end-user, and region. The deployment type segment is divided into professional services, cloud, and on-premise. Based on the end-user, the global market is categorized into electronics, industrial equipment, and high-tech, architecture, engineering, & construction (AEC), automotive, aerospace & defense, and other end-users.
Regionally, North America is projected to hold a maximum share in the global product lifecycle management software market during the forecast period. Heavy investments for advanced technologies & solutions, the presence of key participants, and rapidly growing automotive sector are some of the prime aspects that are boosting the market in this region. Europe is estimated to grow at a healthy rate owing to the increase in the use of digital manufacturing and the rise in the integration of IoT for the process of autonomous car production.
Some of the major players that are operating in the global product lifecycle management software market include Siemens AG, ANSYS Germany GmbH, SAP SE, PTC Inc., Autodesk Inc., Dassault Systems Deutschland GmbH, Infor Inc., Arena Solutions, Aras Corporation, Oracle Corporation, and ANSYS Germany GmbH, among others.
