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 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.
The global product life cycle management (PLM) market is segmented based on component type into software and services. With 57% of share in 2021, PLM services segment dominated the global product life cycle management (PLM) market followed by software.
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 2021.
Escalating requirement of an innovative, cost-effective and time saving product management process is likely to drive the growth of global product lifecycle management (PLM) market over the forecast period i.e. 2021-2030. 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 growth 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 PLM market in coming years.
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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 forecast period i.e. 2021-2030.
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