The market for product lifecycle management (PLM) is expected to grow at an 8% CAGR to reach US$ 98 billion by 2033.

Product lifecycle management (PLM) software is a tool that empowers users in delivering the best possible product. This is achieved by effectively managing the complex cross-functional tasks. A PLM system, takes care of the product from its initial conception and manufacturing to its retirement/disposal stage. PLM is a system that offers better operations in the various development process by giving a cost-effective solution at the same time ensuring the product quality. These are some factors that influence and help the growth of Global PLM software market.

Need for better and viable solutions by developers for an integrated solution, and dynamic characteristics are factors influencing the growth in PLM software market share. At the same time the high cost involved in software development might hamper the growth of market.

Product Lifecycle Management (PLM) Software market is also growing owing to its various functional utilities as an organization, like, product designing, manufacturing and design engineering. Use of IoT, for manufacturing of intelligent vehicles is a driving factor for the current market scenario and at the same time would keep growing during the forecast period. PLM software is used to manufacture and also for research and development of various types of motor vehicles like passenger cars, heavy vehicles, and electric cars, light commercial vehicles. The market for PLM software is set to grow rapidly in the region.With digital manufacturing processes and growing applications of IoT, manufactures are hoping to improve the on road safety feature.

Segmentation on the basis of global PLM software market function are system engineering, product portfolio management, product design and manufacturing process management. System engineering that focuses on designing and managing complex engineering system processes during their life cycle. It covers all the segments of the product life cycle like engineering, logistics, reliability, testing and evaluation. Product Portfolio Management (PPM) is business lifecycle that deals with forecasting, planning and production of product at all stages. Product Design is the process of creation of new products to be sold in the market. The manufacturing process management segment is a collection of technologies and methodologies used to define the various product manufacturing processes.

Segmentation of Product Lifecycle Management (PLM) Software market on the basis are North America, Asia Pacific, Latin America, Europe and Middle East and Africa. North America is the fastest growing region owing to the high demand of mechanical and electronic computer aided designs. In Asia-Pacific, PLM market is growing in aerospace and defense sector.

Key players of Product Lifecycle Management (PLM) Software market in the market are Dassault Systems, Autodesk Inc., PTC Inc., Siemens Product Life Cycle Management Inc., and many others.

Product Life Cycle Management (PLM) Software Market Scope

Segmentation:

The various segments of Product Lifecycle Management (PLM) Software market are,

• System engineering
• Product portfolio management
• Product design
• Manufacturing process management

By Region:

• North America
• Asia Pacific
• Latin America
• Europe and Middle East and Africa