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Global Product Life Cycle Management (PLM) Market Share, Size, Analysis, Forecast: By Component: Software, Services; By Deployment: On-Premises, Cloud; By Organisation Size: Small and Medium-Sized Enterprises, Large Enterprises; By End Use; Regional Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032
Global Product Life Cycle Management (PLM) Market Outlook
The global product life cycle management (PLM) market size reached a value of USD 32.66 billion in 2023. During the forecast period of between 2024 and 2032, the market is expected to grow at a CAGR of 7.60% to reach a value of around USD 63.00 billion by 2032.
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Key Trends in the Market
Product life cycle management (PLM) is a data system that connects people, processes, business systems, and data in an extended enterprise. PLM software enables a business to manage information effectively and efficiently across a product's entire lifespan. It comprises procedures for product conception, design, manufacture, and disposal. An enterprise strategy and an information strategy are both included in PLM. It provides a coherent structure by consolidating systems in information strategy. It also enables international organisations to collaborate as a single team to create, produce, maintain, and retire products.
- 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 product life cycle management (PLM) market expansion. Businesses have started utilising cloud technology to enable remote working and maintain company continuity as a result of the COVID-19 pandemic outbreak. Additionally, a number of organisations have implemented cloud-based solutions and chosen remote working, which has increased demand for PLM solutions.
- 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. Businesses are investing in the optimisation of their potential for commercial profit throughout their life cycle.
- During the forecast period, the product life cycle management (PLM) market is expected to be driven 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.
- The development of innovative smart factories and products, as well as a growing emphasis on creating product innovation platforms that might support applications allowed by product life cycle management, are additional drivers anticipated to fuel market growth.
Global Product Life Cycle Management (PLM) Market Analysis
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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 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.
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 product life cycle management (PLM) market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Aras Corporation
- PTC Inc.
- Oracle Corporation
- Siemens Aktiengesellschaft
- SAP SE
- Others
Market Share by End Use
The product life cycle management (PLM) market, during the forecast period, is expected to be dominated by the automotive and transportation segment. The two main trends anticipated to propel the market expansion in the automotive industry are the rising use of digital manufacturing and the increasing incorporation of IoT in the creation of smart automobiles.
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.
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.
Market Share by Region
The product life cycle management (PLM) 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 (PLM) 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.
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Competitive Landscape
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 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.
Key Highlights of the Report
| 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:
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| Breakup by Component |
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| Breakup by Deployment |
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| Breakup by Organisation Size |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Product Life Cycle Management (PLM) Market Analysis
8.1 Key Industry Highlights
8.2 Global Product Life Cycle Management (PLM) Historical Market (2018-2023)
8.3 Global Product Life Cycle Management (PLM) Market Forecast (2024-2032)
8.4 Global Product Life Cycle Management (PLM) Market by Component
8.4.1 Software
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Services
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.2.4 Breakup by Type
8.4.2.4.1 Consulting
8.4.2.4.2 Deployment and Integration
8.4.2.4.3 Support and Maintenance
8.4.2.4.4 Managed Services
8.5 Global Product Life Cycle Management (PLM) Market by Deployment
8.5.1 On-Premises
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Cloud
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.6 Global Product Life Cycle Management (PLM) Market by Organisation Size
8.6.1 Small and Medium-Sized Enterprises
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Large Enterprises
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.7 Global Product Life Cycle Management (PLM) Market by End Use
8.7.1 Aerospace and Defence
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Automotive and Transportation
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Healthcare
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 IT and Telecom
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2023)
8.7.4.3 Forecast Trend (2024-2032)
8.7.5 Industrial Equipment and Heavy Machinery
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2023)
8.7.5.3 Forecast Trend (2024-2032)
8.7.6 Retail
8.7.6.1 Market Share
8.7.6.2 Historical Trend (2018-2023)
8.7.6.3 Forecast Trend (2024-2032)
8.7.7 Semiconductor and Electronics
8.7.7.1 Market Share
8.7.7.2 Historical Trend (2018-2023)
8.7.7.3 Forecast Trend (2024-2032)
8.7.8 Others
8.8 Global Product Life Cycle Management (PLM) Market by Region
8.8.1 Market Share
8.8.1.1 North America
8.8.1.2 Europe
8.8.1.3 Asia Pacific
8.8.1.4 Latin America
8.8.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Aras Corporation
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 PTC Inc.
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Oracle Corporation
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Siemens Aktiengesellschaft
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 SAP SE
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Product Life Cycle Management (PLM) Market: Key Industry Highlights, 2018 and 2032
2. Global Product Life Cycle Management (PLM) Historical Market: Breakup by Component (USD Million), 2018-2023
3. Global Product Life Cycle Management (PLM) Market Forecast: Breakup by Component (USD Million), 2024-2032
4. Global Product Life Cycle Management (PLM) Historical Market: Breakup by Deployment (USD Million), 2018-2023
5. Global Product Life Cycle Management (PLM) Market Forecast: Breakup by Deployment (USD Million), 2024-2032
6. Global Product Life Cycle Management (PLM) Historical Market: Breakup by Organisation Size (USD Million), 2018-2023
7. Global Product Life Cycle Management (PLM) Market Forecast: Breakup by Organisation Size (USD Million), 2024-2032
8. Global Product Life Cycle Management (PLM) Historical Market: Breakup by End Use (USD Million), 2018-2023
9. Global Product Life Cycle Management (PLM) Market Forecast: Breakup by End Use (USD Million), 2024-2032
10. Global Product Life Cycle Management (PLM) Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Product Life Cycle Management (PLM) Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Product Life Cycle Management (PLM) Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Product Life Cycle Management (PLM) Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Product Life Cycle Management (PLM) Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Product Life Cycle Management (PLM) Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Product Life Cycle Management (PLM) Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Product Life Cycle Management (PLM) Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Product Life Cycle Management (PLM) Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Product Life Cycle Management (PLM) Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Product Life Cycle Management (PLM) Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Product Life Cycle Management (PLM) Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Product Life Cycle Management (PLM) Market Structure
Key Questions Answered in the Report
In 2023, the market for product life cycle management attained a value of nearly USD 32.66 billion.
The market is projected to grow at a CAGR of 7.60% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 63.00 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.
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