LONDON, Feb 1, 2022 (GLOBE NEWSWIRE) – According to a business research firm’s Product Lifecycle Management (PLM) Market Report, adoption of integrated Internet of Things (IoT) solutions and flexible scaling or micro-infrastructure supported by increased deployment of cloud-based solutions in the PLM platform , is expected to boost the market. The major players in this market are focusing on integrated IoT applications in their PLM product suite. For example, in October 2021, PTC announced the immediate availability of a new “ThingWorx” digital performance management (DPM) solution, a one-of-a-kind offering that represents a significant advance in a manufacturing company’s ability to increase efficiency. Thus, the increasing adoption of integrated IoT solutions in PLM applications is contributing to the market growth in the forecast period.
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The global product lifecycle management (PLM) market size has grown from $44.3 billion in 2020 to $49.5 billion in 2021 compound annual growth rate (CAGR) 11.6%. The growth in the Product Lifecycle Management (PLM) market is mainly due to companies resuming their operations and adapting to the new normal while recovering from the impact of COVID-19, which earlier led to restrictive containment measures including social distancing, teleworking, and closing businesses that led to operational challenges. The product life cycle management (PLM) market is expected to grow $70.3 billion in 2025 in a Compound annual growth rate of 9.2%.
The global Product Lifecycle Management market is highly fragmented, with a large number of small players in the market. the Top Ten Competitors In the market made up of 14.4% of the total market in 2020. The major players in the market include Oracle Corporation, Siemens AG, and PTC Inc. and Dassault Systèmes SE and Autodesk, Inc.
Collaborative capabilities and joint innovation increase the demand within the PLM market. Many companies are collaborating to gain innovative capabilities in the PLM market. For example, in June 2021, France-based Alstom commissioned Dassault Systèmes and Accenture to develop a new cloud platform for PLM designed to increase the company’s competitiveness and support its growth. Accenture is a multinational company operating in the Product Lifecycle Management market, with Dassault Systemes operating the PLM and headquartered in France.
The global Product Lifecycle Management market is segmented by components into Software and Services; By deploying on-premise and on the cloud; By end-users in automobiles, transportation, industrial machinery, electronics, semiconductors, retail, energy, utilities, aviation, defense, pharmaceuticals, information and communications technology, among others.
North America It was largest area according to global sproduct theifecycle MEngagement (PLM) market prospectsAccount for 36.5% of the total market in 2020. Western Europe, Asia Pacific, South America and then other regions followed. to go forward, The fastest growing regions In the PLM market will be North America And Western Europe Where will the growth be Compound annual growth rate of 9.4% and 8.2% Respectively. It will be followed by the Asia Pacific region and the Middle East.
Global Product Lifecycle Management Market Report 2020-30: COVID-19 Growth and Change is one of a series of new reports from Business Research firm that provide an overview of the Product Lifecycle Management (PLM) market and analysis of the Product Lifecycle Management (PLM) Forecast market size and growth for the whole market, market segments and geographies for PLM market trends, PLM market drivers, and market restraints ), Product Life Cycle Management (PLM) market leading competitors’ revenues, profiles, and market shares in over 1000 industry reports, covering over 2500 market segments and 60 geographical regions.
The report also provides an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 data sets, extensive secondary research, and exclusive insights from interviews with industry leaders. A team of highly experienced and expert analysts and designers provides market analysis and forecasts. The reports identify top countries and divisions for opportunities and strategies based on market trends and the approaches of leading competitors.
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