Product Lifecycle Management Market Business Opportunities, Survey, Growth Analysis And Industry Outlook
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Increasing focus on developing groundbreaking smart products is a key factor driving market growth
VANCOUVER, BC, CANADA, January 30, 2023 /EINPresswire.com/ -- The Product Lifecycle Management (PLM) market size was USD 27.50 Billion in 2021 and is expected to register a revenue CAGR of 8.2% during the forecast period, according to the latest analysis by Emergen Research. Increasing focus on developing groundbreaking smart products is a key factor driving revenue growth of the market. In addition, increased efficiency in marketing offered by PLM systems is a major trend that is expected to drive revenue growth of the global market. Product Lifecycle Management (PLM) helps organizations to develop and introduce new products in the market. This software makes it easy to track and share data along with product value chain, from initial design through manufacturing, supply chain management and operations, and asset maintenance. PLM plays a critical role in helping manufacturers to develop the next generation of products, at a lower cost and with a faster time to market. PLM, provides a collaborative environment for teams to discuss and resolve issues at an early stage. It allows product information to move effortlessly between teams and data to be accessed from any platform around the world.
The latest market intelligence study, called “Global Product Lifecycle Management Market Forecast to 2030,” jots down some of the most prominent growth potentials of the global Product Lifecycle Management market. The report is primarily targeted at the industry stakeholders looking to capitalize on this report’s contents to make improved business decisions. The report is further intended to help the readers gain vital insights into the global market, particularly the prevailing growth opportunities and competitive scenario. The insightful data & information provided by this report are gathered from various primary and secondary sources.
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Some Key Highlights From the Report
The cloud segment is expected to register a significant market revenue growth owing to the fact that cloud-based PLM systems make it easier to implement, upgrade, and customize products.
The design and engineering segment is expected to grow considerably due to continuous digitalization and rapid spread of connected value chains.
The automotive and transportation segment is expected to register a steady growth. Expanding usage of digital manufacturing and integration of IoT in production of smart automobiles is expected to drive market growth in the automotive industry.
The North America is expected to register a considerable growth rate. Market players in the region can invest heavily in new solutions, such as IoT, augmented reality, telecommunication technology, and connected industries due to their strong financial position, providing competitive advantage in the market.
In January 11, 2022, Aras Corporation signed a merger with Minerva Group, a software company that optimizes business and product processes. Through this agreement, Minerva will offer product lifecycle management capability to the Aras platform for medical device and high-tech electronics industries. The company has substantial vertical industry knowledge in manufacturing of automotive, aerospace, defense, and industrial equipment.
The leading contenders in the global Product Lifecycle Management market are listed below:
Siemens AG, Oracle Corporation, Dassault Systemes, Autodesk,Inc., Aras Corporation, IBM, Kalypso, Accenture, Bamboo Rose and Propel
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Emergen Research has segmented the PLM market based on deployment mode, software, end-use, and region:
Deployment Mode Outlook (Revenue, USD Billion; 2019–2030)
Cloud
On-Premises
Software Outlook (Revenue, USD Billion; 2019–2030)
Portfolio Management
Simulation & Change Management
Quality Management
Manufacturing Operations Management
Design & Engineering Management
Others
End-Use Outlook (Revenue, USD Billion; 2019–2030)
Automotive & Transportation
IT & Telecom
Aerospace & Defense
Others
Regional Outlook of the Product Lifecycle Management Market
The global Product Lifecycle Management market has been categorized into several important geographical regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In this section, authors of the report have studied the presence of the global Product Lifecycle Management market across major geographies. Moreover, the estimated market share, market size, revenue contribution, sales network and distribution channel, and other crucial elements of each regional segment have been detailed in the report.
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Key reasons to buy the Global Product Lifecycle Management Market report:
The latest report comprehensively studies the global Product Lifecycle Management market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
The report also provides an extensive analysis of the key market elements, such as drivers, constraints, opportunities, limitations, threats, and micro and macro-economic factors. The exhaustive SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis included in the report are intended to help the reader tactfully formulate business growth strategies. Strategic recommendations for the established market players assist them in fortifying their financial positions in the market.
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Product Lifecycle Management Market Size Worth USD 54.75 Billion in 2030
