CAD and PLM Software Market expands as industries adopt digital tools for product design and lifecycle management.

AUSTIN, TEXAS, UNITED STATES, June 11, 2024 /EINPresswire.com/ -- Market Scope and Overview

The CAD and PLM Software Market size was valued at USD 16 billion in 2023, with a projected CAGR of 7.5% to reach USD 28.54 billion by 2031 as per the SNS Insider report. The demand for rapid data analytics software platforms in the industry is rising. The rising adoption of IoT across the manufacturing industry has accelerated these trends. PTC's Windchill is an instance of the PLM software combined with analytics for different manufacturers looking for IoT capabilities. This software could increase the PLM solution to sprint with flexibility.

Digitalization changes products from physical goods along with tangible services into digital twins, copies of the physical product. Industry 4.0 is a rising focus aiming at rising competitiveness by targeting the reduction of production costs while enhancing product quality and production scalability by using the digitalization of products. SAP explores digital supply chain scenarios where diverse suppliers submit provides directly to a blockchain platform to offer effectiveness across various business networks.

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Key Players

The major players in the market are Autodesk Inc., SAP SE, Dassault Systems, PTC Inc., Oracle Corporation, Propel Software Solutions Inc, Simplify3D, Siemens AG, Blender, Infor Inc, Aras Corporation, DuroLabs, and others.

Additionally, PLM assists in improving approval times and minimizing delays by augmenting product introduction to the market, saving costs for adopters. In September 2022, AVEVA Solutions Limited and Aras entered into a strategic OEM partnership to offer industrial 'Asset Lifecycle Management' solutions. As part of this partnership, AVEVA would use the Aras Innovator platform to develop a range of scalable Asset Lifecycle Management solutions that integrate Aras' open portfolio of applications with AVEVA Asset Information Management and Unified Engineering.

The increasing use of IIoT (Industrial Internet of Things) in the manufacturing process is driving the demand for software applications, and the adoption of IoT is expected to surge in the coming years. For example, based on GSMA Intelligence, the number of IIoT-connected objects is expected to reach 13.7 billion by 2025.

Segment Analysis

Cloud holds the dominant part in the segment due to its benefits of hosting. The manufacturers have been providing SaaS solutions under a cloud to host their PLM software and combined with CAD solutions.

The Automotive industry segment is expected to lead as PLM software is utilized to support manufacturers in their product development procedure. The adoption of this software has been rising in electronics, high-tech, automotive, and others.

Market Segmentation and Sub-Segmentation Included are:

By Deployment:

➤ On-premise
➤ Cloud

By Application:

➤ Electronics
➤ Automotive
➤ Architecture
➤ Industrial Equipment
➤ Aerospace and Defense
➤ Engineering and Construction (AEC)
➤ Others

Factors Boosting the Market Growth

The market is highly fragmented as well as competitive, mainly owing to the presence of various global players. Various players are moving in Research & Development with the latest software techniques, building a high level of competitiveness in the market. The major players are Siemens, ANSYS Inc., Dassault Systems Deutschland GmbH, Autodesk Inc., Infor Inc., etc. The players are thus increasing their market share by forming various strategic partnerships, investing in projects, and introducing novel products in the market.

Recent Developments Showcase Strategic Alliances

In February 2023, Global provider of collaboration and design solutions Bricsys, has partnered with MechWorks to deliver an integration between Siemens' Teamcenter software and BricsCAD.

In September 2022, Holland Capital acquired OnePLM to assist Cards PLM Solutions, Dimensys, Magnus Digital, and Appronto. This has made it the largest vendor in Europe and has allowed international customers to take advantage of a variety of best-in-class expert services.

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North America Dominated the Market in 2023

North America's robust financial position has allowed it to invest in advanced technologies that have offered a strong competitive edge within the market. Moreover, the region has a strong presence of multiple vendors such as PTC Inc., IBM Corp., Oracle Corporation, etc. Thus, there lies huge competition among various market players. The whole automotive industry in the region is rising at a faster pace.

Other manufacturing industries have gone through the advantages of utilizing PLM software to accelerate manufacturing and production processes. For example, in April 2023, Siemens as well as Microsoft are harnessing the overall collaborative power of generative artificial intelligence to assist industrial companies drive efficiency and innovation across the design, engineering, manufacturing, as well operational lifecycle of the products. Also, to improve cross-functional collaboration, the key companies are emphasizing collecting Siemens' Teamcenter software for product lifecycle management with the collaboration platform of Teams, Microsoft, and its language models in Azure OpenAI Service, along with numerous other Azure AI capabilities.

Key Takeaways

➤ Digital Twin along with Digital Thread Implementation in this software to improve the market growth

➤ Manufacturing and Automotive industries are utilizing PLM along with CAD to improve their business models, which is propelling market growth.

➤ Cloud-based solutions are witnessed to lead the market share while exhibiting the highest CAGR during the forecast period.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. CAD and PLM Software Market Segmentation, by Deployment
8.1. On-premise
8.2. Cloud

9. CAD and PLM Software Market Segmentation, by Application
9.1. Electronics
9.2. Automotive
9.3. Architecture
9.4. Industrial Equipment
9.5. Aerospace and Defense
9.6. Engineering and Construction (AEC)
9.7. Others

10. Regional Analysis
10.1. Introduction
10.2. North America
10.3. Europe
10.4. Asia-Pacific
10.5. The Middle East & Africa
10.6. Latin America

11. Company Profile

12. Competitive Landscape
12.1. Competitive Benchmarking
12.2. Market Share Analysis
12.3. Recent Developments

13. USE Cases and Best Practices

14. Conclusion

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