Global Product Lifecycle Management (PLM) Market To Reach $ 60.5 Billion By 2026
FACTS AT A GLANCE
Editing: 16; Posted: May 2021
Executive pool: 30108
Companies: 99 – Players covered include Accenture; Aras Company; Arena Solutions, Inc .; Autodesk, Inc .; Centric Software, Inc .; Dassault Systèmes SA; DXC Technology Co.; Gerber technology; Lectra SA; Oracle Corporation; CTP; SAP PLM Alliance; Selerant Company; Siemens PLM Software, Inc .; Tata Technologies Ltd. ; T-Systems International GmbH and others.
Blanket: All major geographies and key segments
Segments: Component (Software, Services); Deployment (on-premise, cloud); Verticals (Aerospace & Defense, Automotive & Transportation, Semiconductors & Electronics, Retail & Consumer Goods, Healthcare & Life Sciences, Other Verticals)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
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Global Product Lifecycle Management (PLM) Market To Reach $ 60.5 billion by 2026
Product Lifecycle Management (PLM) is an advanced, people-centric technology that enables companies to configure, manage and integrate design data, workflows and processes from the initial stages of product development, such as concept, design, simulation and validation, through production, launch, use and disposal. PLM helps organizations set up efficient workflows, data management systems, process configurations, and system validation. In addition to automating workflows for an efficient and controlled product development cycle, the approach brings the entire product development concept together under one roof for increased efficiency. Additionally, PLM integrates consistent, self-monitoring product development workflows and links all components within the development cycle to enable a highly streamlined product development process. PLM integrates data processes, people and business systems, and provides a base of product information to businesses. PLM includes the linking of different processes and technologies for product design, including 3D computer aided design, technical communication, simulation and product data management, with processes and technologies for operations used for the development, manufacture, support and sale of products. Product design processes and technologies automate engineering and design, while operational processes and technologies automate the management of business infrastructure, which includes enterprise resource planning (ERP) systems, customer relationship management (CRM) and material requirements planning (MRP).
The global product lifecycle management (PLM) market is expected to register moderate growth in the short and long term. The market, estimated at US $ 44.1 billion in 2020 should reach US $ 60.5 billion by 2026, registering a compound annual growth rate (CAGR) of 5.5% over the analysis period. United States represents the largest regional product lifecycle management (PLM) market, accounting for an estimated 40.5% share of the global total in 2020. The market, estimated at US $ 17.9 billion in 2020 should reach US $ 25.3 billion before the end of the analysis period. China is expected to spearhead the growth and become the fastest growing regional market with a CAGR of 8.2% during the analysis period. The market is expected to grow steadily to become a major regional market for Product Lifecycle Management (PLM) supported by various factors conducive to healthy growth.
PLM is expected to be influenced by emerging technologies including big data, IoT, mobility, industry 4.0 and the growing adoption of manufacturing and automation software. These recent trends and developments in PLM are poised to help organizations innovate and streamline product processes and accelerate time to market. Other major drivers of market growth include increasing product complexity; expand product portfolios / product line extensions; emergence of smart factories; migration to 3D from 2D CAD systems, demand for economical and personalized PLM solutions; need for simulation and collaboration tools; shift from traditional end-use industries to unconventional end-use industries; focus on reducing time to market; compliance requirements; increased focus on product innovations; and the recovery in manufacturing and industry around the world. The adoption of PLM continues to grow in traditional end-use sectors such as transportation, aerospace and defense, and automotive, in addition to non-traditional end-use sectors such as retail, life sciences, medical devices, consumer packaged goods, electricity, energy, pharmaceuticals, architecture, construction, engineering and shipbuilding. The growing demand for product lifecycle management software and services from small and medium-sized enterprises (SMEs) in the consumer goods, life sciences, transportation and healthcare industries also offers opportunities. growth opportunities to product lifecycle management vendors.
Service segment to be reached $ 35.1 billion by 2026
The global market for the service segment is estimated at US $ 24.5 billion in 2020, and is expected to reach US $ 35.1 billion by 2026, reflecting a compound annual growth rate of 6.3% over the analysis period. United States is the largest regional market in the Services segment, accounting for 39.9% of global sales in 2020. China is on track to record the fastest compound annual growth rate of 9.5% during the analysis period, reaching US $ 1.9 billion at the end of the analysis period. Following
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