DUBLIN, April 4, 2022 /PRNewswire/ — The “Product Lifecycle Management Global Market Report 2021: COVID-19 Growth and Change” has been added to from ResearchAndMarkets.com offer.
This report provides strategists, marketers, and senior management with the essential information they need to assess the global Product Lifecycle Management market.
This report focuses on the high growth Product Lifecycle Management market. The report gives a guide to the Product Lifecycle Management market that will shape and change our lives over the next decade and beyond, including the market response to the challenge of the global pandemic.
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The major players in the product lifecycle management market are ANSYS Inc., Accenture, Oracle Corporation, SAP SE, Autodesk Inc., Siemens AG, PTC Inc., Dassault Systemes SE, Aras Corporation, IBM, and Atos.
The Global Product Lifecycle Management Market is Expected to Grow from $44.38 billion in 2020 for $49.52 billion in 2021 at a compound annual growth rate (CAGR) of 11.6%. The growth is primarily due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote work and the closure of business activities that have resulted in operational challenges. The market should reach $70.37 billion in 2025 at a CAGR of 9.2%.
The product lifecycle management (PLM) market includes sales of product lifecycle management software and services by entities (organizations, sole traders, and partnerships) that are committed to providing a better process strategy to manage the complete journey of a product from initial ideation, development, service and disposal. PLM refers to the management of every step of the process involved in a product, from raw material to finished product. The PLM process includes the manufacturing and marketing of goods. From pricing and advertising to expanding or reducing costs, the product lifecycle concept helps organizations make smart business decisions.
Major components of the product lifecycle management market include software and services. PLM software enables companies to strategically collaborate with partners and customers using reliable, up-to-date product information. PLM can be deployed on-premises or in the cloud. PLM end users include automotive and transportation, industrial machinery, electronics and semiconductors, retail, energy and utilities, aerospace and defense, pharmaceuticals , IT and telecommunications, etc.
North America was the largest region in the Product Lifecycle Management market in 2020. Regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle Eastand Africa.
Augmented reality (AR) and virtual reality (VR) are increasing the demand in the product lifecycle management (PLM) market. Major companies operating in the Product Lifecycle Management (PLM) industry are focusing on integrating new technologies such as Augmented Reality (AR) and Virtual Reality (VR) to strengthen their position. For example, 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 a company’s Product Lifecycle Management (PLM) system and uses ordinary PCs and displays to guide company operators through complex operations without the use of glasses or headsets.
In May 2020Accenture, a Ireland, a company specializing in the provision of consulting and professional services, acquired PLM systems for an undisclosed amount. The acquisition of PLM Systems would allow Accenture to advance in the digitalization of engineering services; Accenture intends to combine their capabilities, methodology, technology and solutions for PLM systems. This acquisition is in line with Accenture’s expansion plans to improve its industrial product development process and provide more efficient and sustainable solutions to its clients. PLM systems is an Italian company specializing in the design and development of information systems for product life cycle management.
The increasing adoption of product lifecycle management (PLM) by end-use industries is expected to propel the market growth in the coming years. PLM has the potential to deliver better supply chain accuracy, better regulatory compliance, faster delivery times, and increased sales growth. Product lifecycle management (PLM) software is used by end-use industries to increase transparency in supply chains and manufacturing processes and accelerate the development of innovative products. For example, in June 2021Accenture, a Ireland-based company that provided agreed professional services with DI Square, a JapanAn IT company specializing in data analytics software acquired the company’s consulting capabilities for the integration of product lifecycle management (PLM) and application lifecycle management (ALM) systems ). The acquisition of DI Square will increase Accenture’s engineering expertise for automotive clients and other manufacturers in Japan and other markets.
The countries covered in the Product Lifecycle Management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South KoreaUK, United States.
Main topics covered:
2. Characteristics of Product Lifecycle Management Market
3. Product Lifecycle Management Market Trends and Strategies
4. Impact of COVID-19 on product lifecycle management
5. Product Lifecycle Management Market Size and Growth
5.1. Global Product Lifecycle Management Historic Market, 2015-2020, USD Billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Product Lifecycle Management Forecast Market, 2020-2025F, 2030F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Product Lifecycle Management Market Segmentation
6.1. Global Product Lifecycle Management Market, Segmentation by Component, History & Forecast, 2015-2020, 2020-2025F, 2030F, USD Billion
6.2. Global Product Lifecycle Management Market, Segmentation by Deployment, History & Forecast, 2015-2020, 2020-2025F, 2030F, USD Billion
6.3. Global Product Lifecycle Management Market, Segmentation by End User, History & Forecast, 2015-2020, 2020-2025F, 2030F, USD Billion
7. Regional and Country Analysis of Product Lifecycle Management Market
7.1. Global Product Lifecycle Management Market, Split by Region, Historical & Forecast, 2015-2020, 2020-2025F, 2030F, USD Billion
7.2. Global Product Lifecycle Management Market, Split by Country, Historical & Forecast, 2015-2020, 2020-2025F, 2030F, USD Billion
For more information on this report, visit https://www.researchandmarkets.com/r/oa4o2d
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