Product Lifecycle Management (PLM) Market: Introduction
The global Product Lifecycle Management (PLM) market is expected to reach a value of US$ 91.9 Bn by 2030. The market is estimated to expand at a CAGR of ~5% during the forecast period from 2020 to 2030. The rising demand for product innovation, productivity enhancement, reduction in operational costs, as well as increasing deployment of PLM solutions in non-traditional end use sectors such as consumer products and retail, and medical devices and pharmaceutical are some of the key factors driving the growth of the Product Lifecycle Management (PLM) market globally.
North America was the largest Product Lifecycle Management (PLM) market in the year 2019, accounting for a market share of ~36.9%. North America is a mature market in terms of adoption of PLM solutions due to high investment in various end use segments in technologies to reduce the time-to-market of products and reduce the overall cost of production. Asia Pacific is expected to be the fastest growing Product Lifecycle Management (PLM) market with estimated CAGR of 6.7% during the forecast period. Until now, Middle East & Africa had a comparatively low adoption of PLM; however, continued growth of the industrial sector is expected to lead to significant growth of the Product Lifecycle Management (PLM) market in the coming years.
Product Lifecycle Management (PLM) Market Segmentation
On the basis of component, PLM services had the largest share of around 56% in 2019, while the rest of the share was held by the PLM software segment. The cloud-based PLM software market is expected to expand at a faster rate at a CAGR of 10.4% during the forecast period from 2020 to 2030. Traditional PLM solutions are generally costly and complex for SMEs that have limited resources to undertake product development and engineering change. Therefore, PLM cloud-based solutions have enabled SMEs to have minimum investments to maintain their product design efforts. PLM vendors have started providing various cloud-based offerings in their portfolio, which has increased the growth rate of cloud-based PLM software. Additionally, cloud-based PLM solutions also support integration of analytics solutions and mobile devices at a lower cost.
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Among various on premise software types, on premise digital manufacturing software is anticipated to register a significant growth rate of 7.3% due to its rising demand in enterprises. This software improves the overall efficiency of manufacturing processes by undergoing process optimization and data management in the product development cycle, further driving the growth of the Product Lifecycle Management (PLM) market globally.
The major digital manufacturing software vendors are mainly focusing on small and medium sized enterprises (SMEs) by providing customized software according to their needs. During the coming years, demand for digital manufacturing software is expected to be driven by rising trend of digital and smart factories across the globe.
Aerospace & defense was the largest end use segment of the Product Lifecycle Management (PLM) market, accounting for approximately 22.7% of the total market share in the year 2019. The decline in defense and space budgets and increase in commercial aircraft outstanding are increasing pressure on companies to reduce the cost of production