Product Lifecycle Management (PLM) Market is anticipated to bolster at a CAGR of 8.3% to reach at USD 76.0 Billion by 2022

In industry, product life-cycle management (PLM) is the process of managing the entire life-cycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise. (Wikipedia)

Kenneth Research Added a new report, Titled “Product Lifecycle Management (PLM) Market” in its large database. Product Lifecycle Management (PLM) helps in managing complex product development procedures to develop cost-effective, competitive and high quality products. The global Product Lifecycle Management (PLM) market is anticipated to bolster at a compound annual growth rate (CAGR) of 8.3% to reach at USD 76.0 Billion by 2022. Geographically, the Product Lifecycle Management (PLM) market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World.

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Market Size and Forecast

Regionally, with approximately 34.0% of market in 2015, North America holds the top rank in global Product Life Cycle Management (PLM) market. The market in the region is anticipated to foster owing to high capital investments on product management systems by major companies belonging to various sectors (including IT, telecom, transport, etc.)

Middle East and Africa (MEA) region is anticipated to witness the highest expansion at a CAGR of 14.5% in the Product Life Cycle Management (PLM) market over the period 2015-2022.

Key Players

Global Product Life Cycle Management (PLM) market is very competitive and includes some of the top players such as SAP SE, IBM Corporation, Dassault Systemes, Atos SE, Autodesk, Inc, PTC, Inc, Siemens AG, Accenture PLC, Hewlett-Packard Company, etc.

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Market Segmentation

By Component Type
The global Product Life Cycle Management (PLM) market is segmented based on component type into software and services. With 57% of share in 2015, PLM services segment dominated the global Product Life Cycle Management (PLM) market followed by software.

By End Users
Based on end users, the global Product Life Cycle Management (PLM) market is divided as IT and telecom, transportation, electronics, aerospace, defense, consumer, retail and healthcare. With 24% share, aerospace and defense dominated the global Product Life Cycle Management (PLM) market in 2015.

The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

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Growth Drivers and Challenges

Escalating requirement of an innovative, cost-effective and time saving product management process is likely to drive the growth of global Product Life Cycle Management (PLM) market over the period 2015-2022.

In addition to that, rising adoption of Product Life Cycle Management (PLM) in retail, pharmaceutical and consumer goods industry is also believed to garner the growsth of global PLM market in future.

However, lack of interoperability among dissimilar product versions coupled with low acceptance of PLM services by SMEs (small and medium-sized enterprises) is expected to dampen the growth of global Product Life Cycle Management (PLM) market in coming years.

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About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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