The global product lifecycle management market was estimated at US$ 61.57 billion in 2021 and is expected to hit around US$ 120.38 billion by 2030, poised to grow at a CAGR of 7.7% during the forecast period 2022 to 2030.
The product lifecycle management is the process of managing a product as it progresses through the stages of introduction, development, growth, maturity, and decline. This management entails both the production and marketing of the product. From pricing and promotion through expansion and cost saving, the product lifecycle concept aids business decision making.
The product lifecycle management systems assist businesses in dealing with the growing complexity and engineering problems of designing new products. They are one of the main pillars of a manufacturing corporation’s information technology framework, with the others being the management of client communications, supplier relationships, and internal sources.
At every point of the product lifecycle, the product lifecycle management software enables the organization to make a unified, data driven decision. The product lifecycle procedures are modified on a regular basis, with steady changes in factors like time, functionality, performance, and price. As a result of these constantly shifting circumstances, product innovation that is flexible enough to meet new market requirements has become critical. As a result, in such situations, product lifecycle management solutions can assist in reducing operational costs and increasing time efficiency while also stimulating corporate innovation.
Report Scope of the Product Lifecycle Management Market
|Market Size||USD 120.38 Billion by 2030|
CAGR of 7.7% from 2021 to 2030
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Software, Deployment, End User, Region|
|Companies Mentioned||Siemens AG, TCS, Dassault Systems, IBM Corporation, Arena, Propel, FusePLM, Inflectra, SAP SE, Autodesk Inc.|
The market potential for product lifecycle management is growing by the day, due to the expanding number of benefits it provides to businesses. The product lifecycle management market, on the other hand, ensures that the product goes through three phases such as the beginning middle, and end of the product life cycle. The product design and production are at the start of the life cycle, while the post manufacturing activities is in the middle. Following the distribution, utilization, and services phases, the end-of-lifecycle phase begins, which includes the product’s recovery, recycling, and disposable. All of these procedures result in a high demand for product lifecycle management services.
The growing demand for cloud-based product lifecycle management solutions for scalability and secure information technology infrastructure are projected to fuel the growth of the product lifecycle management market during the forecast period.
The product lifecycle management vendors should step up their efforts to host online events that educate customers on how to use product lifecycle management software to improve cooperation and communication. As a result, the adoption of product lifecycle management is being accelerated by lower costs and more efficient production processes.
The design and engineering segment dominated the market in 2021 with 30% of revenue share. The design and engineering procedures are always changing to keep up with the rapid advancements in technology. The basis of product lifecycle management is the compact and collaborative product development methodologies that firms are increasingly pursuing.
The simulation, testing, and change management segment is expected to drive growth at a CAGR of 10% from 2022 to 2030. The simulation and testing management software assists companies in managing and controlling simulation processes, data, tools, and workflows as a part of a larger product lifecycle management system.
In 2021, the cloud segment accounted 70% revenue share. The security, flexibility, scalability, and data control are a just few of the advantages that cloud-based deployment of product lifecycle management software is projected to deliver to consumers or end users, which is driving the segment growth over the forecast period.
The on-premise segment is predicted to develop at the growth rate of 7.5% in the future years. The organizations can also lessen their reliance on the internet by using on-premise deployment. As a result, on-premise deployment can often assist businesses in securing their data from internet fraud and preventing major losses.
End Use Insights
The automotive and transportation segment garnered 20% revenue share in 2021. The product lifecycle management software enables automotive sector players to track automobile issues and respond to end user issues, saving product dispatch time in the field. The product lifecycle management software might potentially help the transportation sector reduce shipments errors, resulting in less product defects and damage, on-time order delivery, improved productivity, better alignment with customer expectations, and comprehensive regulatory compliance.
The aerospace and defense segment is expected to witness growth 8% during the forecast period. The factors such as increased competition, low budgets, and growing commercial aircraft delivery long delays are often driving demand for product lifecycle management solutions among aerospace and defense industries.
North America dominated the product lifecycle management market in 2020 with 35.5% market share. North America has always been at the forefront of adopting cutting-edge information technology and telecommunications technologies. The large corporations in North America are upgrading their product lifecycle management solutions to keep up with changing technology trends in order to support development of new products.
Asia-Pacific region is expected to develop at the fastest rate 10.5% during the forecast period. Several large enterprises in Asia-Pacific, comprising multiple industries and industry verticals such as automotive, aerospace, defense, telecommunications, and electronics are focusing on transforming their respective engineering processes and product development functions, and are deploying product lifecycle management tools aggressively.
As part of their attempts to gather new customer base and grow their respective market shares, the key market players are investing heavily in research and development, enhancing their internal processes, improving their existing product portfolio, and developing new product line. They are also concentrating on partnerships, mergers and acquisitions in order to develop technologically advanced products and solutions and acquire a competitive advantage in the product lifecycle management market.
Some of the prominent players in the global product lifecycle management market include:
Segments Covered in the Report
By End Use
By Organization size
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