Product Lifecycle Management Market To Generate $59,466 Million Revenue by 2030

The product lifecycle management market value is set to progress at a CAGR of 8.20% during 2022–2030, to reach USD 59,466 million by 2030.

PLM solutions allow users to strategize production, supply chain, and other important aspects of operations. Additionally, it offers product optimization and improves procedures, to minimize resources and efficiently use material. This way, it helps manufacturers design effective operational strategies depending on the requirements of consumers.

Furthermore, enhanced quality and reliability of the product, reduced operating costs, and more-effective sales strategies are some of the key benefits of product lifecycle management solutions. Thus, they are witnessing increasing penetration in large, small, and medium-sized organizations for an efficient flow of operations. Moreover, predictive analytics, advanced visualization, additive manufacturing, and model-based engineering are a few of the major industrial applications where the adoption of PLM is high.

Further, the rising penetration of IoT and digitalization in the automotive, aerospace parts, and electronics industries drives the adoption of PLM solutions and services.

Growing Automotive Industry and Rising Demand for Automation Drive Market

With the increasing need for automation in the fast-growing automotive industry, the penetration of production management software is rising for design, testing, and other supply chain components.

Additionally, advanced solutions are required for the manufacturing of driving systems. Such software utilizes a variety of data points from carmakers, government regulations, and other sources and incorporates the data on the requirements with regard to mechanical and electronic parts, to create reliable products.

For instance, Siemens Digital Industries Software and Applied EV entered into a partnership for PLM solutions in October 2022. Under the collaboration, Applied EV will be using the Siemens Xcelerator portfolio of software and services for design, quality assurance, and production support for its autonomous vehicles.

Rising Need for Supply Chain Management Bolsters Adoption of PLM Solutions

Due to the rising demand for processed and packaged foods and the stringent regulations imposed to ensure their safety, the adoption of PLM solutions by food and beverage companies has risen. Moreover, to get an edge over competitors, consumer goods manufacturers are utilizing such solutions, which utilize data from different sources, for product innovation, marketing, and manufacturing support.

Other than the consumer goods sector, opportunities in the aerospace and defense sector are rising significantly. Due to the higher complexity of defense and aerospace products, manufacturers are utilizing PLM. Similarly, solution providers are focusing on meeting the requirements of the sector for a smoother flow of information and to solve the complexity of the supply chain.

Additionally, market players are advancing the software to support the production of high-performance aircraft with negligible chances of failure, thus reducing the costs for defense agencies and commercial airlines.

The most-significant product lifecycle management market players are SAP Inc., Dassault Systèmes, PTC Inc., Siemens AG, Autodesk Inc., International Business Machines Corporation, Oracle Corporation, Atos SE, Accenture PLC, and HP Inc.