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Product Lifecycle Management Market Size Worth $36.09 Billion by 2025: Grand View Research, Inc.
Friday, July 3, 2020
SAN FRANCISCO, June 25, 2020 /PRNewswire/ -- The global product lifecycle management market size is expected to reach USD 36.09 billion by 2025, expanding at a CAGR of 6.2% from 2020 to 2025, according to a new study conducted by Grand View Research, Inc. The increasing demand of Product Lifecycle Management (PLM) solutions to support complex functionalities, rise in smart factories and smart value chains, and increasing integration with Internet of Things (IoT) platforms are the main drivers fostering the growth. Moreover, various other emerging technologies such as cloud computing, internet of things, high speed internet connectivity are also expected drive the market growth. In addition, the vendors are also instrumental in making significant investments in developing product innovation platform coupled with next generation of interoperability and integration capabilities.
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Key suggestions from the report:
-- Simulation, testing, and change management segment is anticipated to
register highest CAGR owing to increasing production capacities
vis-à-vis industrial development in developing countries across world.
Moreover, the need to reduce product's time-to-market, and eliminate
redundant operational processes will also boost the segment growth in
the coming years
-- Consultancy segment is anticipated to expand at faster CAGR owing to
growing awareness of advantages of PLM solutions worldwide. Moreover,
with digital transformation of industries, professional consultancy
services will grow rapidly to advice the required PLM solutions as per
the enterprises' needs
-- SaaS deployment is likely to register highest CAGR during the forecast
period owing to benefits such as improved scalability, flexibility, and
security aspects of the model. The growing shift of industries towards
cloud PLM deployment will also increase the utility of SaaS solutions in
the long run
-- The SMEs segment is projected to register the highest CAGR of over 6.5%
over the forecast period owing to rising demand for software integration
capabilities by SMEs
-- Healthcare end use segment is anticipated to be the fastest growing
segment over the forecast period. Increasing compliance of regulatory
mandates in medical device manufacturing and pharmaceutical companies
will act as the prime driver to boost the growth of PLM solutions
-- Asia Pacific is expected to witness remarkable growth owing to
increasing industrial manufacturing activities undertaken in the
region.Moreover, the increasing public and private investment in the
wake of Industry 4.0 and smart and connected industry initiatives, the
region is likely to witness significant growth of PLM market over the
forecast period
Read 109 page research report with ToC on "Product Lifecycle Management Market Size, Share & Trends Analysis Report By Software, By Service, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2020 - 2025" at: https://www.grandviewresearch.com/industry-analysis/product-lifecycle-management-market
With the increasing use of IoT technologies in industrial manufacturing, retail, energy and utilities, transportation industries, and healthcare vendors are adopting analytics capabilities coupled with Artificial intelligence (AI) and machine learning into their product lifecycle management solutions. Moreover, vendors are now integrating PLM with IoT platforms that will enable enterprises to link real-time operational data into PLM platforms to obtain insights. The insights derived from the integration will help in optimizing product's usability, quality, maintenance, and service performance. Moreover, with advancements in next generation technologies, IoT capabilities have become a vital differentiator for selection in the era of Industry 4.0 and smart manufacturing.
Advancements in IT technologies such as adoption of cloud, artificial intelligence, big data, and communication technologies such as 5G is anticipated to propel the demand for PLM solutions in various industries.Many large enterprises are shifting towards cloud-first strategy for deploying their enterprise software and other systems. Moreover, vendors are making significant investment in enhancing PLM capabilities for hybrid, private and multi-tenant deployments. However, most of the PLM cloud deployments are focused on SMEs and non-tradition industries. However, recent outbreak of COVID-19 disease across the world is likely to slow down the growth rate of the market temporarily.
Grand View Research has segmented the global product lifecycle management market based on software, services, deployment, enterprise size, end use, and region:
-- Product Lifecycle Management Software Size Outlook (Revenue, USD
Million, 2014 - 2025)
-- Portfolio Management
-- Design & Engineering Management
-- Quality & Compliance Management
-- Simulation, Testing, & Change Management
-- Manufacturing Operations Management
-- Others
-- Product Lifecycle Management Services Outlook (Revenue, USD Million,
2014 - 2025)
-- Consulting
-- Integration & Deployment
-- Support & Maintenance
-- Product Lifecycle Management Deployment Outlook (Revenue, USD Million,
2014 - 2025)
-- On-premise
-- Software-as-a-Service
-- Product Lifecycle Management Enterprise Size Outlook (Revenue, USD
Million, 2014 - 2025)
-- Large Enterprises
-- Small & Medium Enterprises (SMEs)
-- Product Lifecycle Management End-use Outlook (Revenue, USD Million, 2014
- 2025)
-- Aerospace & Defense
-- Automotive & Transportation
-- Healthcare
-- IT & Telecom
-- Industrial equipment & Heavy Machinery
-- Retail
-- Semiconductor & Electronics
-- Others
-- Product Lifecycle Management Regional Outlook (Revenue, USD Million,
2014 - 2025)
-- North America
-- U.S.
-- Canada
-- Europe
-- U.K.
-- Germany
-- Asia Pacific
-- China
-- India
-- Japan
-- Latin America
-- Brazil
-- Mexico
-- Middle East & Africa (MEA)
-- List of Key Players of Product Lifecycle Management Market:
-- ANSYS, Inc.
-- Aras Corporation
-- Arena Solutions, Inc.
-- Oracle Corporation
-- SAP SE
-- AUTODESK, INC.
-- Siemens AG
-- PTC Inc.
-- DassaultSystèmes
-- Synopsys Inc.
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
-- Smart Ticketing Market - Increase in adoption of smart ticketing
solutions by numerous public transportation companies across the globe
is expected to propel the market growth over the forecast period.
-- Digital Lending Platform Market - The increasing focus of financial
institutions to offer an enhanced and personalized experience to their
customers is expected to drive the market over the forecast period.
-- Predictive Analytics Market - Rising awareness among organizations about
generated data that can be used for predicting future outcomes by using
predictive analysis solutions is driving the growth of the market.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: +1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
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SOURCE Grand View Research, Inc.
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