Product Lifecycle Management (PLM) Market to Hit USD 46.81 Billion by 2032; Essig PLM Introduced New PLM Solution to Help Companies Manage Complex Processes & Products

The Product Lifecycle Management (PLM) market size was valued at USD 24.82 billion in 2023 and is expected to be worth USD 26.24 billion in 2024. The market is projected to reach USD 46.81 billion by 2032, recording a CAGR of 7.5% during the forecast period.

Fortune Business Insights™ presents this information in its report titled, “Product Lifecycle Management (PLM) Market Size, Share & Industry Analysis, By Deployment (Cloud and On-Premises), By Enterprise Type (Small and Mid-Sized Enterprises (SMEs) and Large Enterprises), By Industry (Automotive, Aerospace and Defense, Manufacturing, Healthcare, Retail, and Others), and Regional Forecast, 2024-2032”

Product Lifecycle Management (PLM) refers to a software that enables teams from different disciplines and locations to carry out effective collaborations with their partners and customers with the help of the latest product information. This software combines business data, systems, processes, and employees that are involved with the product development process. The growing adoption of IoT and 3D printing/modeling has boosted the demand for smart manufacturing, further propelling the adoption of PLM software.

The COVID-19 pandemic had a positive impact on the market’s progress due to the increased use of cloud solutions to support the remote work culture and virtual collaborations, which bolstered the use of PLM solutions.

PTC Strengthens PLM Offerings with USD 1.46 Billion Acquisition of ServiceMax

PTC acquired ServiceMax, a leading provider of cloud-native field service management software, in a transaction valued at USD 1.46 billion in November 2022. This strategic acquisition enhances PTC’s closed-loop Product Lifecycle Management (PLM) capabilities by integrating digital threads into enterprise asset management, thereby offering a more comprehensive view of products throughout their entire lifecycle.

Increasing Use of Digital Twin Technology to Improve Analytics of PLM Software

Digital twin technology helps users create virtual representations of physical products and assets that can be integrated into PLM systems seamlessly. This technology allows manufacturers to create virtual duplicates of physical products, helping them understand their performance and efficacy. PLM software can help them create simulations of their products to gain valuable insights and make prompt decisions to improve their quality and reduce the risk of failure.

However, there are several challenges and complexities associated with the use of this software, which can hinder its adoption and impede the Product Lifecycle Management (PLM) market growth.

Key Market Players to Collaborate With Competitors to Enhance Their Product Range

Some of the key companies operating in this market include Rockwell Automation, Autodesk, Aegis Software, Siemens, and many others. These firms are engaging in collaborations with their competitors to create cutting-edge solutions by integrating futuristic software, such as PLM. This move will help them enhance their current product range and give them strong competitive edge.

Notable Industry Development:

• March 2022 – Essig PLM introduced a novel PLM product called ProductCenter Nexa. It is a CAD-agnostic solution that helps companies manage complicated processes and products. It also used AI to improve decision-making and automate tasks.

To get a detailed report summary and research scope of this market, click here:

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

List of Key Players Profiled in the Report:

• PTC (U.S.)
• Siemens AG (Germany)
• Dassault Systèmes SE (France)
• Autodesk Inc. (U.S.)
• SAP SE (Germany)
• Oracle Corporation (U.S.)
• Aras Corporation (U.S.)
• Centric Software Inc. (U.S.)
• HCL Technologies Limited (India)
• Infor Inc. (U.S.)

Further Report Findings:

• North America dominated the global Product Lifecycle Management (PLM) market share in 2023 as the region’s automotive industry is witnessing tremendous growth every year. This sector is increasing the use of PLM to create virtual representations of the vehicle before the actual production starts. This will help them get better insights, which will improve their product’s performance.
• Europe’s market for Product Lifecycle Management (PLM) is positively impacted by the increasing adoption of Industry 4.0 and IoT.
• The cloud deployment segment held the largest market share in 2023 as several regions across the world are witnessing a robust penetration of the internet and mobile devices. Cloud-based solutions can make virtual interactions seamless and faster, which will ultimately boost the use of Product Lifecycle Management (PLM) software.

Table of Segmentation