London, March 22, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the Product Lifecycle Management Market Size was valued at US$61.57 billion in 2021.

Product lifecycle management is an information system that allows an extended enterprise to combine data, processes, business systems, and possibly people. Product lifecycle management software allows a business to efficiently and cost-effectively manage information throughout the product lifecycle. It encompasses the entire product development process, from concept to design, from production to disposal.

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During the forecast period, the demand for product lifecycle management software is expected to be driven by the growing demand for software solutions for cost management, change management, bill of materials, data management, compliance management and governance management. The Product Lifecycle Management Market is expected to grow as new technologies such as Virtual Reality, Industrial Internet of Things, Augmented Reality, and Additive Manufacturing are incorporated into Lifecycle Management systems some products.

The increased use of product lifecycle management solutions that can leverage Internet of Things data is expected to be a major driver for the expansion of the product lifecycle management market. Companies have recognized the value of the Internet of Things in controlling product lifecycle management. Recent technological advances, such as augmented reality and virtual reality, and their integration with product lifecycle management solutions, are likely to expand the capabilities of product lifecycle management solutions and offer new perspectives for the growth of product lifecycle management.

Report scope Details
Market size by 2028 $103.59 billion
CAGR 7.7% from 2022 to 2030
base year 2021
Biggest earner North America
Fastest growing region Asia Pacific
Companies covered Siemens AG, Dassault Systems, TCS, IBM Corporation, Autodesk Inc., Arena, Propel, FusePLM, Inflectra, SAP SE

Report Highlights

  • Depending on the deployment, the on-premises segment dominated the global product lifecycle management market in 2020 with the highest market share. The term on-premises deployment refers to the installation of product lifecycle management software on a company’s own facilities rather than at a remote site. One-time license fee and service contract required for on-premises solutions.
  • North America is the largest product lifecycle management market segment in terms of region. The adoption of new and developing technologies is encouraged in this region. In addition, its solid financial situation allows it to make significant investments in the adoption of cutting-edge tools and technologies to ensure the efficiency of the company’s operations.
  • Asia Pacific The region is the fastest growing region in the product lifecycle management market. The Asia-Pacific region has a great need for Internet of Things and intelligence technologies, and this demand is expected to increase rapidly in the coming years.

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Market dynamics

Drivers

Cost reduction in the process of product life cycle management

Every team involved in the product lifecycle benefits from product lifecycle management because it provides a holistic perspective of the process. This allows them to look for raw materials that are both sustainable and profitable. During the design phase, production and procurement teams can discuss and make recommendations based on their feedback. This saves money in the long run by reducing the expense of replacing materials due to non-compliance. It also helps avoid material stockpiling and under-purchasing. The manufacturing team can locate reusable products using the aggregated database. Duplicate orders and missed wholesale prices are avoided with this method. Companies can reduce their total cost of ownership and total cost of implementation by using scalable product lifecycle management. Thus, the benefit of cost reduction in the product lifecycle management process is driving the growth of the product lifecycle management market.

Constraints

Rigid product lifecycle management systems waste time and money

Product lifecycle management software solutions are built on a foundation of rigidity. This causes a cause-and-effect situation where product teams perceive that product lifecycle management systems are hindering progress, and as a result, they frequently design workarounds that have negative repercussions. This factor limits the growth of the market.

Opportunities

Delivery of phigh quality products

To connect customer and product data, the majority of high-performing organizations use product lifecycle management. This allows companies to produce new and creative products in rapid succession. Additionally, Product Lifecycle Management gives all teams direct access to customer feedback throughout the product lifecycle. All essential metrics, such as user adoption, sales volume, and customer loyalty can be simply monitored. This helps with innovation and constant product development. Product lifecycle management also facilitates quick and easy tracking of product issues. In addition, the design and quality processes are closely linked, which results in rapid production. This ensures that the products meet regulatory requirements. As a result, delivery of high quality products creates lucrative opportunities for market growth.

Challenges

Product lifecycle management systems are difficult to integrate with legacy systems and data

When a company relies on a procedure for a long time, huge libraries of data must be moved to a new system in the product lifecycle management system. It is difficult to combine these legacy processes, systems and data. As a result, the integration of legal procedures into product lifecycle management systems is a challenge for the growth of the product lifecycle management market.

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Segments covered in the report

By software

  • Portfolio Management
  • Design and Engineering Management
  • Quality and compliance management
  • Simulation, testing and change management
  • Manufacturing Operations Management
  • Others

Per deployment

By end use

  • Aerospace and Defense
  • Automotive and Transportation
  • Health care
  • IT & Telecom
  • Industrial equipment and heavy machinery
  • Retail
  • Semiconductor and electronics
  • Others

By service

  • Professional services
    • Deployment and integration
    • Consultant
    • Support and maintenance
  • Managed Services

By organization size

  • Small and medium-sized enterprises (SMEs)
  • Large companies

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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