Product Life Cycle Management Market to Expand at a CAGR of 8.5% Between 2019-2026; Technological Advancements in PLM Software to Boost Growth

The global product life cycle management market is projected to reach USD 26.73 Billion by 2026, thereby exhibiting a CAGR of 6.3% during the forecast period. This information is given in a published report by Fortune Business Insights, titled, “Product Life Cycle Management Market Size, Share & Industry Analysis, By Deployment (Cloud, On-Premises), By Industry Vertical (Discrete, Process), and Regional Forecast, 2019-2026.”

The report further state that the global market size was valued at USD 16.76 Billion in 2018. The ability of product life cycle management to identify sales opportunities and enhance product quality is expected to drive the global market growth in the coming years.

Requirement of PLM Software in a Wide Range of Industries to Propel Global Market

The ongoing trends in the global product life cycle management market are present to evaluate the age or life cycle of a particular product. There is a rise in the popularity of PLM software solution in several industrial applications, namely, additive manufacturing, predictive analytics, model-based engineering, and advanced visualization.

These factors are further supporting the growth of the global market by increasing the adoption of technology. Besides, PLM software solutions are adopted due to their usage in developing and designing smart connected products in artificial intelligence-based factories. These solutions further aid in enhancing the proposition by creating integration capabilities in small and medium companies.  

Increasing Government Initiative to Develop Technologies Related to Smart Industry to Favor Growth in Asia Pacific

The report states that North America is anticipated to dominate the global product life cycle management market by generating the highest revenue during the forecast period. The growth will occur due to the increasing demand for electronic computer-aided design (ECAD) as well as mechanical computer-aided design (MCAD) systems in emerging countries, namely, Canada and the U.S. Moreover, prominent manufacturing companies operating in this region are aiming to upgrade and adapt their business units with advanced PLM solutions in order to include long term trends in their business units. It would aid them in supporting customer-centric product development as well as marketing.

Asia Pacific, on the other hand, holds excellent potential for growth of the product life cycle management market in the forthcoming years due to increasing adoption in aerospace and defense sector. In emerging countries, such as India, Japan, and China, cloud-based PLM software solution is gaining more popularity nowadays. Furthermore, the Indian government started an initiative called ‘Made in India,’ which is aimed to develop numerous technology plans, namely, connected product, factories, and industrial Internet.

In the Middle East and Africa and Latin America, the PLM market is projected to grow at a rapid rate during the forecast period. It is likely to happen due to the recent updation of PLM deployment models and businesses. Also, up-gradation of the cloud-based software solutions and innovations in the same are expected to propel the market sales in these regions. Adoption of cutting edge and digital technologies in industries, such as food and beverages and oil and gas will also skyrocket demand for PLM software solutions in these regions.

Fortune Business Insights profiles a few of the prominent market players operating in the global market. They are Hewlett-Packard Company, Dassault Systèmes, Oracle Corporation, BigLever Software, IFS, PTC, Inc., Siemens AG, Autodesk, Inc., IBM Corporation, Accenture PLC, and other key market players.

Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/product-life-cycle-management-market-100370

The global product life cycle management market is segmented into: