Consumer Insights
Uncover trends and behaviors shaping consumer choices today
Procurement Insights
Optimize your sourcing strategy with key market data
Industry Stats
Stay ahead with the latest trends and market analysis.
Base Year
Historical Year
Forecast Year
The market for product life cycle management (PLM) reached a value of USD 32.7 billion in 2023. During the forecast period of between 2024 and 2032, the market is expected to grow at a CAGR of 7.6% to reach a value of around USD 63.1 billion by 2032.
Global Product Life Cycle Management (PLM) Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 32.7 |
Market Size 2032 | USD Billion | 63.1 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 7.6% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 9.8% |
CAGR 2024-2032 - Market by Country | India | 13.2% |
CAGR 2024-2032 - Market by Country | China | 9.4% |
CAGR 2024-2032 - Market by Component | Software | 8.4% |
CAGR 2024-2032 - Market by End Use | Cloud | 8.7% |
Market Share by Country 2023 | Australia | 2.1% |
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
The market is expanding due to the rising demand for product life cycle management among small and medium-sized enterprises in a variety of industrial verticals to reduce manufacturing costs.
During the forecast period, the product life cycle management (PLM) market value is expected to be increased by technological advancements including Augmented Reality (AR), additive manufacturing, and engineering. These technologies are anticipated to motivate businesses to add new functionality to their PLM solutions, which is anticipated to increase demand.
Product life cycle management (PLM) is a data system that connects people, processes, business systems, and data in an extended enterprise. The development of smart products and factories along with the increased need for cloud-based product life cycle management (PLM) solutions for secure IT infrastructure are the main factors anticipated to propel the growth of the product life cycle management (PLM) market. Additionally, a number of organisations have implemented cloud-based solutions and chosen remote working, which has increased demand for PLM solutions.
As per the product life cycle management (PLM) market dynamics and trends, Siemens Digital Industries Software announced that it has established a partnership with Microsoft on May 2024 for the deployment of a portfolio of Siemens Xcelerator as a Service, which contains Siemens’ Teamcenter X software for Product Lifecycle Management (PLM), to Microsoft Azure.
As per the product life cycle management (PLM) industry analysis, the USA has around 33.2 million businesses, out of which 31.7 million are small businesses as of 2024. The country consists of around 20,000 companies which have more than 500 employees, and these companies are likely to invest in product life cycle management tools and services. Large corporations employ around 60 million people in the country and the overall market cap of the top 500 listed companies in the country is around USD 30 trillion.
According to the industry reports from April 2024, more than 20% of the leading companies which use closed-loop product life cycle management (PLM) have improved their on-time efficiency. Around 10 to 15% of the companies have reduced their research and development costs, which is expected to boost the growth of the product life cycle management (PLM) industry.
Furthermore, QuestionPro, a PLM tool, collects and analyses customer feedback data for informed decision-making regarding the design, marketing and sales of the product and contributes to the product life cycle management (PLM) industry revenue. This tool can also be used to perform market research to find what customer needs so that can be implemented in the product life cycle management cycle to ensure the final product meets all the demands.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
On the basis of component, the market is segmented into software and services, with services further segmented into consulting, deployment and integration, support and maintenance, and managed services. Based on deployment, the market can be divided into on-premises and cloud. The market on the basis of organisation size can be segmented into small and medium-sized enterprises and large enterprises.
Based on end use, the product life cycle management (PLM) market is categorised into aerospace and defence, automotive and transportation, healthcare, IT and telecom, industrial equipment and heavy machinery, retail, and semiconductor and electronics, among others. The regional markets for product life cycle management (PLM) can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
CAGR 2024-2032 - Market by | Country |
India | 13.2% |
China | 9.4% |
Saudi Arabia | 8.6% |
Canada | 7.2% |
Australia | 6.7% |
USA | 6.2% |
UK | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
Brazil | XX% |
Mexico | XX% |
Japan | 5.9% |
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
Reduced product damage, on-time orders, increased productivity, improved alignment with customer expectations, and full regulatory compliance are the benefits of adopting PLM. These elements are projected to encourage the incumbents in the automotive and transportation industries to adopt product life cycle management.
The market during the forecast period, is expected to be dominated by the automotive and transportation segment. The two main trends anticipated to propel product life cycle management (PLM) market development in the automotive industry are the rising use of digital manufacturing and the increasing incorporation of IoT in the creation of smart automobiles.
Over the forecast period, the aerospace and defence segment is expected to experience considerable growth. Budget cuts, increased global competition, and a growing backlog in the manufacture and delivery of commercial aircraft contribute to the need for product life cycle management systems in the defence and aerospace industries. Aerospace and defence industries' increasing demand for life cycle management is bolstered by their rising need for cutting-edge technical solutions that can streamline their fundamental processes.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
The market demand is anticipated to be dominated by North America. The region has a competitive advantage in the market due to its strong financial position, which allows it to invest substantially in cutting-edge technologies like augmented reality, the Internet of Things (IoT), connected industries, 5G and LTE telecommunications, and additive manufacturing. Additionally, in order to support the development of products that are centred on the needs of the consumer, significant businesses are improving their product life cycle management in accordance with the changing technological trends in their respective industries.
Over the forecast period, the Asia Pacific region is anticipated to have a significant growth rate. The demand for product life cycle management market in the region would rise as a result of the growing industrialisation and digitalisation of developing countries like China and India. Numerous large businesses operating in a variety of sectors, including electronics, automotive, and telecommunications, are located in the region. As part of their growth strategies, these businesses are focusing on modernising their engineering and product development functions as well as their respective processes.
Aras Corporation, headquartered in the United States and established in 2000, offers a potent low-code platform with applications to design, manufacture, and run complex products. The platform and product life cycle management tools from Aras enable access to vital product data and processes across the entire extended supply chain by users across all disciplines and roles.
PTC Inc. is a software and services firm in the product life cycle management industry with its headquarters in the United States that creates and provides technological solutions. The technology of the company is largely used to create, manage, and maintain complex goods by discrete manufacturers. PTC, which was founded in 1985, also uses its technology to link products to the Internet in order to collect and analyse information.
Oracle Corporation, a computer technology company established in 1977 with its headquarters in the United States, is well recognised for its software solutions like Java. Oracle provides its cloud-engineering services, systems, licences, hardware, and services through the four primary business sectors of the company: cloud, licencing, hardware, and services.
Other market players include Siemens Aktiengesellschaft and SAP SE, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
Breakup by Component |
|
Breakup by Deployment |
|
Breakup by Organisation Size |
|
Breakup by End Use |
|
Breakup by Region |
|
Market Dynamics |
|
Competitive Landscape |
|
Companies Covered |
|
Product Life Cycle Management (PLM) Market Size
Product Life Cycle Management (PLM) Market Growth
Product Life Cycle Management (PLM) Market Trends
Product Life Cycle Management (PLM) Market Share
Product Life Cycle Management (PLM) Companies
Product Life Cycle Management (PLM) Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
In 2023, the market for product life cycle management attained a value of nearly USD 32.7 billion.
The market is projected to grow at a CAGR of 7.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 63.1 billion by 2032.
The major drivers of the product life cycle management (PLM) market include the increasing demand for product life cycle management in small and medium enterprises, technological trends such as additive manufacturing and Augmented Reality (AR), increasing focus on building product innovation platforms, rising integration of IoT in producing smart automobiles, and rapid digitalisation.
The rising focus on developing smart products and factories and the increasing demand for cloud-based product life cycle management (PLM) solutions are the key industry trends propelling the growth of the market.
The major players in the industry are Aras Corporation, PTC Inc., Oracle Corporation, Siemens Aktiengesellschaft, and SAP SE, among others.
The five phases that make up a product’s life cycle are development, introduction, growth, maturity, and decline.
While ERP enables supply chain management, covering inventory, logistics, pricing, and payment, PLM assists in managing entire product development stages and procedures.
Purchase Full Report
Datasheet
Single User License
One User
Five User License
Five Users
Corporate License
Unlimited Users
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
Share