Product lifecycle management Market Top Growth Factors and Future Trends 2024

Posted by Ashish on April 23rd, 2021

MarketsandMarkets projects the product lifecycle management market to grow from USD 50.7 billion in 2019 to USD 73.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period. Major factors expected to drive the growth of the product lifecycle management market include growing focus on developing groundbreaking smart products and factories, increasing need to build product innovation platform would support product lifecycle management-enabled applications, and growing demand for cloud-based product lifecycle management solutions for scalability and secure IT infrastructure.

Siemens (Germany) is a global firm that has stood for engineering excellence, innovation, quality, reliability and internationality for 170 years. The company focuses on the areas of electrification, automation, and digitalization. One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company has a large clientele base of more than 379,000 employees across the globe. In the PLM market, Siemens offers Teamcenter, it's flagship product which effectively automates the production process by implementation of digital twin technologies across the life cycle process. Moreover, the company primarily focuses on organic and inorganic strategies to strengthen its position in the market. The company has partnered with key players in the market to expand its positions across the globe and strengthen its PLM product portfolio in the market. In September 2019, Siemens collaborated with Bentley to introduce the Capital Asset Lifecycle Management solution for Teamcenter. The solution built to help companies make the transition to digitalization and realize greater efficiency throughout the lifecycle of their capital assets.

PTC (US) is a global leader in offering computer software and services in the market. The company intends to offer these innovative products to multiple industry verticals and make a customer base that includes a variety of customers. Due to this, PTC invests heavily in R&D of technology. Its main PLM products are Windchill, Integrity, and Navigate. These PLM products are designed to address challenges that companies face over the life of their products. These software products help customers manage product configuration information through each stage of the product lifecycle, and communicate and collaborate across the enterprise, including product development, manufacturing and the supply chain, including sourcing and procurement. Due to the large customer base across the globe, the company provides solutions and software that adhere to the compliance and law policy of every region and maintain the support operations. PTC aims to expand its market share by covering small- and medium-sized enterprises. The company is continuously competing with technology providers that target discrete manufacturers and addresses one or more specific functional areas similar to the PTC. In June 2019, PTC partnered with Vodafone enabling customers to develop new IoT and Augmented Reality (AR) applications. This partnership would combine the strengths of both companies to allow customers to create more an end-to-end solution to solve business challenges.

North America to account for the largest market size during the forecast period

North America consists of developed countries, such as the US and Canada. This region is open to the adoption of new and emerging technologies. Moreover, its strong financial position enables it to invest heavily in the adoption of the latest and leading tools and techniques for ensuring effective business operations. Such advantages help organizations in this region gain a competitive edge. North America has the first-mover advantage in the adoption of new technologies, such as smartphones and cloud platforms. North America has the headquarters of many large enterprises and is host to various international events. Enterprises are willingly investing in North America. The factors expected to drive the growth of the product lifecycle management market in North America are the stable economy, technological enhancements, and advanced infrastructure.

Key and emerging market players SAP (Germany), Dassault System (France), PTC (US), Siemens (Germany), Autodesk (US), IBM (US), Oracle (US), HP (US), Atos (France), Accenturs (Ireland), Arena (US), Ansys (US), Aras (US), Infor (US), Propel (US), Kalypso (US), FusePLM (US), Bamboo Rose (US),  Inflectra (US), and TCS (India). These players have adopted various strategies to grow in the Product lifecycle management market.

Browse in-depth TOC on Product lifecycle management Market @ https://www.marketsandmarkets.com/Market-Reports/product-lifecycle-management-market-152565174.html

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Ashish

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Ashish
Joined: September 20th, 2019
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