Product lifecycle management (PLM) aims at reducing costs through increase in productivity and includes various components, systematic data management, and support in an organization. Product lifecycle management provides innumerable benefits to organizations, including production cost minimization, and enhancement of product reliability due to improvement in product quality. In a product’s lifecycle, there are variables related to time, performance, functions, and price that change frequently. PLM helps product innovation based on such variables to match market demands. Due to the multiple challenges faced by product development teams, such as growing demand for innovation, mass customization, and globalization, product lifecycle management (PLM) provides the right solutions that help in collaboration and knowledge management of product lifecycle processes.
Global PLM market is estimated to grow at a CAGR of 8.1% and reach a market value of US$75.87 Bn by 2022 during the forecast period from 2015 to 2022. The Product Lifecycle Management (PLM) had generated revenues of $40.26 Bn in 2014.
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Cloud-Based Software Solutions to Drive Demand from Product Lifestyle Management Market
Product lifecycle management (PLM) comprises the two basic sectors of service and software. On-premise and cloud-based are the two main types of PLM software. These include CAD/CAM/CAE (CAx), architecture, engineering and construction, simulation and analysis (S&A), numerical control, digital manufacturing, electronic design automation (EDA), collaborative product definition management (CPDM), and others. Due to great demand for on-premise software in 2014, it held a major share of the PLM software market.
Cloud-based PLM solutions were restrained by concerns about security and accessibility. However, at present, cloud-based PLM solutions are increasingly used globally due to lower costs, scalability, lessened need for infrastructural investment, and improved accessibility to functions, processes, and information.
APAC, MEA, Latin America to Emerge as Major Regional PLM Markets
The major geographical regions crucial in analyzing revenue for the PLM market are Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. North America is segmented into the U.S. and Rest of North America. Europe is further subdivided into the Commonwealth of Independent States (CIS), EU7, and Rest of Europe. Asian segments include China, Japan, South Asia, Australasia, and Rest of Asia Pacific. The MEA region is segmented into North Africa, Southern Africa, Gulf Cooperation Council (GCC) countries, and Rest of MEA. It is estimated that in the coming years, Asia Pacific, MEA, and Latin America would be the key regions in the global PLM market.
In 2014, defense and aerospace was the biggest end-use segment of the PLM market, and this demand was due to significantly long product development cycles. The need for PLM solutions in the aerospace and defense sector is driven by rising global competition, reduction in budgets, and mounting backlog in commercial aircraft production and delivery. Increasing demand for PLM solutions is also observed in nontraditional end-use sectors such as pharmaceuticals and medical devices and consumer products retail. This growing demand is among the factors responsible for the increased market presence of product lifecycle management software.
In the highly competitive market for PLM, global players such as PTC, Inc., Accenture PLC, Hewlett-Packard Company, Siemens AG, IBM Corporation, and Dassault Systems dominate the global scenario.