Product lifecycle management (PLM) has emerged as a vital component of innovation platforms in enterprises and has been helping several manufacturing units in cost optimization, management of product portfolio, and design and engineering. Product lifecycle management allows effective and efficient collaborative working at each step, thus enhancing the operations of the businesses. In recent years, the implementation of product lifecycle management solutions has gained traction, thanks to the reduction in operational costs. In addition, the high rate of industrialization across the globe is expected to encourage the growth of the global product lifecycle management market in the coming years.
According to a research study presented by Transparency Market Research (TMR), in 2014, the global market for product lifecycle management was worth US$40.26 bn and is projected to reach a value of US$75.87 bn by the end of 2022. The market is estimated to register a strong 8.10% CAGR between 2015 and 2022. In this blog, TMR analysts answer some vital questions concerning the growth prospects and challenges in the global product lifecycle management market.
What are the key factors that are driving the demand for product lifecycle management solutions across diverse industries?
The global product lifecycle management market has been witnessing substantial growth owing to industry expansion, especially in emerging nations. The rising need to manage and consolidate all critical information and processes together is boosting the demand for PLM solutions in the global market. In addition, the significant reduction in time-to-market and operational cost and customization of several processes are expected to augment the growth of the market in the near future. Additionally, product lifecycle management offers low-cost solutions, which is considered as an important factor by diverse industries. These are some of the primary factors estimated to encourage the growth of the global PLM market in the coming years.
What are the key trends in the global product lifecycle management market?
PLM platformization, which refers to the transformation of PLM tools and products into business platforms, is one of the key trends that would boost the market in the coming years. As the complexity of product lifecycle rises, several companies will demand new capabilities to manage the complete product lifecycle successfully, to include product development, innovation, and commercialization. In addition, the front-end innovation strategy and solutions offered by PLM are expected to work as an important platform for the end-use industries. Furthermore, the emergence of cloud technology in the PLM market is expected to offer lucrative opportunities in the next few years.
How have leading players contributed towards the expansion of the product lifecycle management market worldwide?
Autodesk, Inc., Aras Corporation, IBM Corporation, Accenture PLC, Atos SE, Dassault Systemes,
SAP SE, Hewlett-Packard Company, and Siemens AG are some of the leading players operating in the global PLM market. These players are making remarkable efforts to enhance their products and offer innovative and effective solutions to consumers. For instance, in 2014, Dassault Systemes introduce several new products such as Perfect Mine & Plant, Lean Mine Construction, and Engineered to Fly. These products have been specially designed for small and mid-sized companies wanting to improve productivity. On a similar note, in 2015, IBM Corporation partnered with Aras Corporation to design PLM integration and application lifecycle management (ALM).
Developments such as these are projected to contribute extensively toward the growth of the market and offer innovative and efficient solutions to consumers.