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Product Lifecycle Management Market | CMI PR

Product Lifecycle Management Market, By Component (Software (On-premise (Cax, NC, S&A, AEC, CPDM, Digital Manufacturing, EDA, Others), Cloud Based (Cax, NC, S&A, AEC, CPDM, Digital Manufacturing, EDA, Others)), and Services (Consulting, Integration, and Operation and Maintenance)), By End-use (Automotive and Transportation, Aerospace and Defense, Industrial Machinery and Heavy Equipment, Electronics and Semiconductor, Energy and Utilities, Consumer Products and Retail, Medical Devices and Pharmaceutical, IT and Telecom, and Others (Marine, Chemical), and by Geography (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

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Product Lifecycle Management Market | CMI PR

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ PRODUCT LIFECYCLE MANAGEMENT MARKET ANALYSIS

  2. PRODUCT LIFECYCLE MANAGEMENT MARKET ANALYSIS • Product Lifecycle Management Market, By Component (Software (On-premise (Cax, NC, S&A, AEC, CPDM, Digital Manufacturing, EDA, Others), Cloud Based (Cax, NC, S&A, AEC, CPDM, Digital Manufacturing, EDA, Others)), and Services (Consulting, Integration, and Operation and Maintenance)), By End-use (Automotive and Transportation, Aerospace and Defense, Industrial Machinery and Heavy Equipment, Electronics and Semiconductor, Energy and Utilities, Consumer Products and Retail, Medical Devices and Pharmaceutical, IT and Telecom, and Others (Marine, Chemical), and by Geography (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

  3. The global product lifecycle management market is estimated to account for US$ 61.31 Bn in terms of value by the end of 2019. • Market Dynamics- Drivers • Increasing product innovation and reduction in operational cost is expected to drive growth of the global product lifecycle management (PLM) market during the forecast period • Production innovation and development are some of the key strategies for the revenue growth of the company. The demand for newer products within small intervals of time or the need for customization according to the customer requirements are key characteristics of industrial operations today. Similarly, companies have to collaborate both internally and with partners and suppliers worldwide. Moreover, companies need to manage increasing complexities in the product and in the manufacturing processes due to significant growth of environmental and regulatory requirements. A PLM solution can increase the productivity of a system significantly by providing various sets of tools and methodologies to reduce redundancies. It provides knowledge and support for sharing data within an organization by reducing both risks and product development time. It can reduce the design cycle and tooling preparation time considerably. This, in turn, helps in the introduction of new products to the market and leads to quicker penetration. Product lifecycle management automatically adjusts any feature of design each time a change is made. Therefore, these factors are expected to drive growth of the global product lifecycle management (PLM) market during the forecast period. • Rapid growth of end-use sectors such as pharmaceutical and retail is expected to propel the global product lifecycle management (PLM) market growth over the forecast period • PLM has witnessed massive growth from various end-use industries such as aerospace and automotive in the recent past. However, many nonconventional end-use sectors such as pharmaceutical, retail, and consumer packaged goods (CPG) are witnessed rapid demand and this demand is expected to increase in the near future. This growth is prevalent in developed countries such as Germany, Japan, and the U.S. These economies have experienced significant adoption of PLM in sectors such as automotive and aerospace, and demand for PLM has reached a level of significant maturity if not complete saturation. Therefore, these factors are expected to propel the global product lifecycle management (PLM) market growth in the near future. • Statistics: • Asia Pacific region held dominant position in the global product lifecycle management market in 2019, accounting for 33.2% share in terms of value, followed by North America, Europe, Latin America, and Middle East & Africa (MEA) respectively.

  4. Figure 1: Global Product Lifecycle Management Market Share (%), in terms of Value, By Region, 2019

  5. Market Dynamics- Restraints • Low adoption by small- and medium-sized enterprise (SMEs) are expected to restrain growth of the global product lifecycle management (PLM) market during • SMEs have a significant contribution to global economies. PLM exposure has been limited to industries with variable, complex product lines and large supplier networks, particularly the automotive, electronics, and aerospace sectors. Mid-sized enterprises recognize the importance of PLM, however, they are hesitant about implementing it, due to the limited nature of their IT resources, the resistance to any standard operating procedures (SOPs) changes, unknown nature of total costs, and the possible disturbance to users. Some of the key challenges faced by SMEs include high cost of implementation, change in business processes, and shortage of internal resources. Therefore, these factors are expected to restrain growth of the global product lifecycle management (PLM) market during the forecast period.  • Challenges associated with interoperability are expected to hamper the global lifecycle management (PLM) market growth over the forecast period • Mapping new attributes to product data are generally time- and resource-intensive process. However, companies need to be sure that work should be completed before the migration of any data or the system will be of no worth. One of the challenges faced by PLM is getting complete control of product-related data. Even with a successful implementation of PLM, data is scattered between the various data sources. Moreover, product-related data can be located in a diverse set of applications that are significantly used for product development. The value of PLM directly depends on how and what scope of product-related data is used by PLM. There is a need for interoperability between different product versions, competitive products, data formats, data models, and databases among the customers. Hence, these factors are expected to hamper the global lifecycle management (PLM) market growth over the forecast period.

  6. Market Opportunities • Emergence of smart factories can present lucrative growth opportunities in the global product lifecycle management (PLM) market • Smart factories also referred to as smart manufacturing is highly developed and digitized factory systems that include cyber-physical systems, in which materials can be moved across the factory floor with efficiency. Sensing components such as actuators and sensors within the industrial settings are expected to become smart since they are becoming self-efficient with computing abilities and low power consumption. Smart factories consist of data models and both factory-specific and manufacturing execution system (MES) templates for rapid use. The benefits from PLM in the long term cannot be gained without a digital or smart manufacturing strategy. Product lifecycle management is expected to emerge as a key point of combination between various floor applications and equipment in a smart factory setup, allowing the exchange of information related to the product between the designing and manufacturing groups. • Providing SMEs with customized solutions can provide major business opportunities in the globalproduct lifecycle management (PLM) market • Small- and medium-sized enterprises prefer those products that support their business processes in order to get a low total cost of ownership (TCO). However, growing competition due to factors such as globalization, new entrants, and substitute products has put more pressure on SMEs to optimize their processes in order to function effectively. Smaller enterprises can use PLM solutions as a go-to-market strategy for managing growth, as well as for enhancing future visibility of the market and better communication in the supply chain. PLM solution providers are beginning to recognize the growth potential of non-traditional markets. They are increasingly trying to tailor their offerings toward the SMEs, which were hesitant about investing in new technologies.

  7. Figure 2: Global Product Lifecycle Management Market Value (US$ Bn), 2017 - 2027

  8. The global product lifecycle management market was valued at US$ 61.31 Bn in 2019 and is estimated to reach US$ 111.99 Bn by 2027 exhibiting a CAGR of 8.1% between 2020 and 2027. • Market Trends • Use of advanced technologies such as IoT • Product development in all industry sectors demands smart and connected products; this includes cars, appliances, consumer products, or mobile devices. In a fundamental shift related to product design, all products are at present designed to be intelligent, connected, and also fit the ecosystem in which they are functioning. Manufacturers are increasingly investing in connected service platforms in order to increase their time savings and reduce operational costs. Furthermore, products are also considerably becoming software-driven and require systems applications to manage the growing process and product complexity. There are various opportunities in design as well as manufacturing for approaches based on the Internet of Things (IoT) which enables the connection between the digital and physical worlds. In order to meet the requirements for IoT, PLM designers are now considering the expansion of functions so as to include connectivity and intelligence. New PLM solutions and service strategies that significantly include the collaboration between enterprise IT, smart-product-related technology, and other pillar technologies, are emerging. • Adoption of cloud-based PLM is another trend • PLM vendors are taking steps to shift toward cloud-based PLM implementations as cloud adoption in enterprises matures. Furthermore, in recent years, PLM analytics has experienced increased demand as manufacturers need to leverage product data for more informed decision making. It is anticipated that offering cloud-based analytics for PLM data would be a key trend in the near future.

  9. Competitive Section • Key players operating in the global product lifecycle management (PLM) market are Dassault Systems, Hewlett-Packard Company, PTC, Inc., Atos SE, Siemens AG, Accenture plc, Autodesk, Inc., IBM Corporation, SAP SE, and Aras Corporation. • Key Developments • Key companies are focused on product launches, in order to enhance the product portfolio. For instance, in June 2020, PTC Inc. launched Windchill product lifecycle management (PLM) software. • Major market players are involved in partnerships and collaborations, in order to enhance the market presence. For instance, in July 2020, Siemens AG partnered with SAP to enhance solutions for product lifecycle management.

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