Product Lifecycle Management Global Market Report 2024

The product lifecycle management market size has grown strongly in recent years. It will grow from $37.15 billion in 2023 to $39.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The expansion observed in the historical period can be attributed to the growing demand for cloud-based product lifecycle management solutions, the growth of emerging markets, increased internet penetration, demographic shifts, the adoption of product innovation platforms, and the rising penetration of e-commerce.

The product lifecycle management market size is expected to see strong growth in the next few years. It will grow to $53.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The anticipated growth in the forecast period is attributed to the increasing adoption of product lifecycle management (PLM) by end-use industries, the complexities associated with smart products and intelligent factories, a surge in mergers and acquisitions, and the rising adoption of integrated IoT solutions in PLM applications. Significant trends expected in the forecast period include the adoption of cloud deployment, the integration of artificial intelligence (AI) in product lifecycle management, the utilization of secure business platforms for operations and collaboration, the implementation of digital augmented reality and virtual reality, the application of electronic design automation (EDA), the incorporation of additive manufacturing, and the adoption of 5G in the product lifecycle management process.

The anticipated market growth in the coming years is driven by the increasing adoption of Product Lifecycle Management (PLM) across various end-use industries. PLM holds the potential to enhance supply chain accuracy, ensure regulatory compliance, reduce lead times, and foster sales growth. End-use sectors are leveraging PLM software to enhance transparency in supply chains and manufacturing processes while accelerating the development of innovative products. An illustrative example is the agreement in June 2021 between Accenture, an Ireland-based professional services company, and DI Square, a Japan-based IT company specializing in data analytics software. Accenture acquired DI Square's consulting capabilities for PLM and application lifecycle management (ALM) systems integration, aiming to bolster engineering expertise for automotive and manufacturing clients.

The Product Lifecycle Management (PLM) market is expected to receive a boost from the adoption of integrated Internet of Things (IoT) solutions and the deployment of cloud-based solutions. Key players in the market are actively incorporating integrated IoT applications into their PLM product portfolios. PTC, for instance, announced the availability of the ThingWorx Digital Performance Management Solution in October 2021. This advancement in manufacturing companies' capabilities is driven by the adoption of integrated IoT solutions in PLM applications, contributing to market growth.

The demand for Product Lifecycle Management (PLM) is further augmented by the integration of Augmented Reality (AR) and Virtual Reality (VR) technologies. Major companies in the PLM sector are prioritizing the integration of AR and VR to enhance their technological capabilities. Siemens, in February 2021, launched AssistAR 3.0, a solution that supports assembly, inspection, and maintenance procedures using accurate and robust AR technologies. This integration aims to guide operators through complex operations without the need for glasses or a headset.

Artificial Intelligence (AI) is also a significant driver for the demand in the Product Lifecycle Management (PLM) market. AI technologies are catalyzing breakthroughs across various fields, fundamentally transforming sectors of the economy. An initiative called U.S.-India Artificial Intelligence, launched by the Indo-U.S. Science and Technology Forum (IUSSTF) in March 2021, underscores the role of AI in addressing opportunities and challenges at the intersection of technology, science, and society, including applications in product lifecycle management.

In June 2021, Atos, a France-based multinational company, made an undisclosed acquisition of Processia, a Canadian provider of PLM solutions and consulting services. This strategic move enhances Atos with a highly skilled team of approximately 250 professionals, strengthening its position in the product lifecycle management space.

Major companies operating in the product lifecycle management market report are Oracle Corporation, Siemens AG, PTC Inc., Dassault Systèmes SE, Autodesk, Inc., ANSYS, Inc., SAP SE, Arena Solutions, Infor, Aras Corporation, Odoo, Jama Connect, Anvyl, PDXper, OpenBOM, Diota, Masters of Pie, Sopheon PLC, Capgemini, Accenturs, Lectra SA, Zaragoza Logistics Center, IBM Corporation, Amadeus, Epicor Software Corporation, Coupa Software, Blue yonder, Verizon connect, JDA Software Group, BluJay Solutions, Inc., SPS Commerce Inc., E2open LLC, Manhattan Associates, Melcombe Partners, Hewlett-Packard Company, Deloitte Consulting and TCS, IFS, Arena, Propel, FusePLM, Bamboo Rose, Inflectra, DXC Technology Co., Gerber Technology, Centric Software, Inc., Biglever software, Selerant Corporation, Metalfor, ISO Qualitas, Indish Technologies, Mckit Systems, Product one.

North America was the largest region in the product lifecycle management market in 2023. The regions covered in the product lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the product lifecycle management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The key components of the product lifecycle management market consist of software and services. PLM software facilitates strategic collaboration with partners and customers by providing reliable and current product information. PLM systems can be deployed either on-premise or in the cloud. End-users of PLM span across various industries, including automotive and transportation, industrial machinery, electronics and semiconductors, retail, energy and utilities, aerospace and defense, pharmaceuticals, IT and telecom, among others.

The product lifecycle management (PLM) market research report is one of a series of new reports that provides product lifecycle management (PLM) market statistics, including product lifecycle management (PLM) industry global market size, regional shares, competitors with a product lifecycle management (PLM) market share, detailed product lifecycle management (PLM) market segments, market trends and opportunities, and any further data you may need to thrive in the product lifecycle management (PLM) industry. This product lifecycle management (PLM) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The product life cycle management market includes revenues earned by entities by providing solutions and services that provide solution such as initial design through manufacturing, supply chain management and operations, and asset maintenance by incorporating digital solutions, data, and data processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.