Published: April 2023 | Report Code: 12581 | Available Format: PDF
The product lifecycle management market size stood at USD 31,655 million in 2022, and it is expected to grow at a CAGR of 8.20% during 2022–2030, to reach USD 59,466 million by 2030.
The market is driven by the rising need for the smart management of products at manufacturing sites, technological advancements in additive manufacturing and augmented reality, and increasing requirement for product design and innovation platforms. Moreover, the growing demand for scalability and smart IT applications in different sectors, such as automotive and electronics, is likely to propel lifecycle management-based solution and service demand.
Moreover, both large companies and SMEs are focusing on managing their complete production process, as part of their smart manufacturing initiatives. Additionally, the penetration of cloud-based solutions is rising for the realization of an IT infrastructure that entails fewer hassles. Furthermore, during the COVID-19 pandemic, the adoption of cloud-based technology rose significantly for ensuring business continuity in the remote working model; therefore, the pandemic had a positive impact on the growth of the market.
Efficient life cycle management allows for the utilization of the right information at the right time for product development, which enhances the quality and quantity of the output. This approach is concerned with the planning, merchandising, progress, design, costing, sampling, quality analysis, raw material sourcing, and delivery processes. Such software and solutions enable operations, time, cost, and final product management, which results in effective product innovation and ideas that support the organization in meeting the changing requirements of the market.
During the last few years, a rapid growth in the demand for such products has been observed in various verticals due to the rising need for operational cost optimization by reducing production time and the chances of errors in product development. Therefore, such solutions have given a vast potential to end users to maximize profits, by helping them manage the lifecycle of their products efficiently.
Currently, a large number of big enterprises are focusing on transferring complete operational workflows to digital platforms, wherein the development of the internet of things has largely supported PLM solutions in gaining widespread acceptance. The integration of IoT has further enhanced the product development and merchandising abilities of PLM solutions, by minimizing the failure of products at all phases.
Additionally, additive manufacturing uses computer-aided-design (CAD) software and 3D printers to deposit material layer by layer and form the product of interest. Lifecycle management has an essential role while using additive manufacturing in mainstream production. For instance, 3D printing is utilized for creating sand cores for casting complete engine parts. From small screws to entire aircraft wings and from electronic circuits to vehicle interiors, 3D printers are useful at every stage of production, with PLM being used to gather data and make the process more efficient.
Additive manufacturing is used by a lot of businesses as it offers significant advantages in cost-effectiveness, complex production process simplification, and time to market management and reduction. Additionally, companies use data for maximum benefits, with product lifecycle management helping in the final product coming out exactly as desired and in repetitive manufacturing. Therefore, the advancements in the additive manufacturing technology, the strong need for regulatory compliance, and the rising need for PLM solutions in the pharmaceutical industry would boost the demand for the associated software and services.
The integration of machine learning with product lifecycle management software offers the user a more-insightful understanding from the data collected over years on a particular product. AI further helps PLM software extract and utilize the resourceful data, design a prediction, improve suggestions, and perform take productive decisions regarding product development.
Moreover, with the advancement in the IoT technology, AI integration with lifecycle management solutions is growing across several verticals, including healthcare, where this integrated approach is being used to support medical device manufacturing management. Automation and AI help manufacturers utilize data for predictions and recommending alterations, to create products with lower chances of failure.
Market Size in 2022
USD 31,655 Million
Revenue Forecast in 2030
USD 59,466 Million
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Component; By Deployment Type; By Organization Size; By Vertical; By Region
Explore more about this report - Request free sample
The software category held a significant market share in 2022, asmanagement software allows organizations to manage the voluminous information generated throughout the lifecycle of the product in an efficient and cost-effective manner. Such software controls the process from the initial idea and development to final disposal in various sectors, such as automotive & transportation, industrial machinery & heavy equipment, aerospace & defense, and healthcare.
Moreover, many enterprises are using the cloud-based platform as a service (PaaS) model in order to overcome the challenges in the supply chains and make their management and operation smooth. There are several players in the market that offer cloud-based solutions for the lifecycle management of a product. Furthermore, such software is widely used by manufacturing enterprises for the design, development, progress, and formation of the engineering layout.
Moreover, simulation and analysis software enables manufacturers to bring enhancements in product development, performance, and analysis, which is essential to prevent unexpected failures during upstream processes and reduce the time spent in product design. Therefore, the rising need to manage the complete process, decrease the processing cost, and achieve process automation is the key factor favoring the demand for simulation & analysis software.
The cloud category held the larger share, of 72%, in 2022, as cloud-based PLM allow users to securely access product lifecycle management data from anywhere, at any time, and on any electronic device.
Cloud deployment has become the preferred deployment mode for lifecycle management software due to the control, flexibility, security, and scalability it offers over data. It also helps in eliminating the major challenges of execution, updating, and customization.
Moreover, cloud-based software requires lower expenditure on maintenance and deployment, thereby resulting in a lower total cost of ownership. Additionally, cloud deployment offers vast visibility for the teams involved in project, allows for effective communication among different teams/departments and their supply chains, controls the flow of raw materials from procurement to the emergence of the final thing, and ultimately, leads to optimum product quality and quantity.
The major benefit of the cloud is the anytime, anywhere support from the solution provider, who also provides complete installation, implementation, and maintenance, regardless of the location of the company and software provider.
North America held the largest share, of 37%, in 2022, as the U.S. and Canada showcase higher adoption rates for new technologies and heavy investments, supported by the government.
Moreover, the region’s strong economic position supports companies in investing in advanced telecommunication technologies (LTE and 5G), IoT, additive manufacturing, and augmented reality, for efficient business operations. Additionally, the infrastructure advancements, which enable these technologies to function as desired, drive the growth of companies such as Autodesk Inc, IBM, Oracle, Arena, and Ansys in the region.
IBM launched the new version of its Engineering Lifecycle Management (ELM) solution, ELM 7.0, in March 2020, to allow users to scale operations and handle complex projects. The solution utilizes AI to uncover real-time insights across engineering data.
Moreover, APAC is expected to show significant growth during the forecast period, of around 9%, due to the rampant digitization of the processes in many industries, especially in India and China. Further, the region is a hub of industries including automotive, electronics, and telecommunications. All of them have an expansive manufacturing base and, thus, complex supply chain process, which has been driving the product lifecycle management market at a robust CAGR.
This fully customizable report gives a detailed analysis of the product lifecycle management industry from 2017 to 2030, based on all the relevant segments and geographies.
Based on Component
Based on Deployment
Based on Organization size
Based on Vertical
The market for product lifecycle management solutions generated USD 31,655 million in 2022.
The 2022–2030 CAGR of the product lifecycle management industry will be 8.20%.
The report on the market for product lifecycle management solutions covers collaborative product definition management, mechanical CAD, simulation & analysis, and digital manufacturing software.
Software generates the higher product lifecycle management industry revenue.
North America is the largest market for product lifecycle management solutions.
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws