![]() |
Market Research Report
Product code
1091444
Product Lifecycle Management Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change |
Product Lifecycle Management Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change |
Published: June 17, 2022
The Business Research Company
Content info: 269 Pages
Delivery time: 2-3 business days
|
“Product Lifecycle Management Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change” from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global product lifecycle management market as it emerges from the COVID-19 shut down.
Where is the largest and fastest growing market for product lifecycle management? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? “The Product lifecycle management market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider product lifecycle management market; and compares it with other markets.
This report describes and evaluates the global product lifecycle management market. It covers three five years' periods: 2015 to 2020, termed the historic period, and the forecast periods of 2020-2025 and 2025-2030.
The global product lifecycle management market is expected to grow from $30,765.3 million in 2020 to $33,029.1 million in 2021 at a growth rate of 7.4%. The market is expected to grow at a CAGR of 8.0% from 2020 to reach $45,193.1 million in 2025. The global product lifecycle management market is expected to reach $70,258.2 million in 2030, at a CAGR of 9.2%.
Growth in the historic period resulted from growing demand for cloud-based product lifecycle management solutions, emerging markets growth, increased internet penetration, demographic shift, product innovation platforms and rising penetration of e-commerce. Factors that negatively affected growth in the historic period were customization difficulties, concerns regarding data security and data theft, coronavirus pandemic, skills shortages.
Going forward, growth in the forecast period resulted from the growing adoption of product lifecycle management (PLM) by end-use industries, complexities of smart products and intelligent factories, increasing mergers and acquisitions, rising adoption of integrated IoT solutions in PLM applications. Factors that could hinder the growth of the product lifecycle management market in the future include intense competition, security challenges, inability to adapt quickly.
The product lifecycle management market is segmented by component into software and services. The services market was the largest segment of the product lifecycle management market segmented by component, accounting for 56.1% of the total in 2020. Software is expected to be the fastest growing segment going forward, at a CAGR of 8.9% during 2020-2025.
The product lifecycle management market is also segmented by deployment into on-premise and on-cloud. The on-premise market was the largest segment of the product lifecycle management market segmented by deployment, accounting for 66.3% of the total in 2020. On-cloud is expected to be the fastest growing segment going forward, at a CAGR of 12.3% during 2020-2025.
The product lifecycle management market is also segmented by end-user into automotive and transportation, industrial machinery, electronics and semiconductors, retail, energy and utilities, aerospace and defense, pharmaceuticals, IT and telecom, and others. The automotive and transportation market was the largest segment of the product lifecycle management market segmented by end-user, accounting for 25.2% of the total in 2020. Pharmaceuticals is expected to be the fastest growing segment going forward, at a CAGR of 8.6% during 2020-2025.
North America was the largest region in the global product lifecycle management market, accounting for 36.5% of the total in 2020. It was followed by Western Europe, Asia Pacific, South America and then the other regions. Going forward, the fastest-growing regions in the product lifecycle management market will be North America, Western Europe where growth will be at CAGRs of 9.4% and 8.2% respectively. These will be followed by Asia Pacific, Middle East where the markets are expected to grow at CAGRs of 6.8% and 6.5% respectively, during 2020-2025.
The global product lifecycle management market is highly fragmented, with large number of small players in the market. The top ten competitors in the market made up to 14.4% of the total market in 2020. Major players in the market include Oracle Corporation, Siemens AG, PTC Inc., Dassault Systemes SE and Autodesk, Inc.
The top opportunities in the product lifecycle management market segmented by component will arise in the services segment, which will gain $7,260.5 million of global annual sales by 2025. The top opportunities in the product lifecycle management market segmented by deployment will arise in the on-cloud segment, which will gain $8,120.7 million of global annual sales by 2025. The top opportunities in the product lifecycle management market segmented by end-user will arise in the automotive and transportation, which will gain $3,774.5 million of global annual sales by 2025. The product lifecycle management market size will gain the most in the USA at $5,368.6 million.
Market-trend-based strategies for the product lifecycle management market include adoption of cloud deployment, artificial intelligence (ai) in product lifecycle management, secured business platforms to run their business and collaboration, implementing digital augmented reality and virtual reality, electronic design automation (EDA), additive manufacturing, adoption of 5G in product lifecycle management process. Player-adopted strategies in the product lifecycle management market include expanding product offerings and the development of new technologies in the field of product life cycle management supply chain, expanding business presence in SaaS-based product life cycle management market through strategic acquisition, expanding operational presence in production life cycle management market through strategic partnerships.
To take advantage of the opportunities, The Business Research Company recommends the product lifecycle management companies to focus on artificial intelligence technology, focus on electronic design automation (EDA), expand in developed markets, scale up through mergers and acquisitions (M&A), subscription model-based pricing, offer value-based pricing, leverage technology to maximize reach and to focus on fast-growing end-use industries.