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Global Product Lifecycle Management Market Forecast to 2024: Growing Focus on Developing Groundbreaking Smart Products and Factories

DUBLIN, Nov. 1, 2019 /PRNewswire/ -- The "Product Lifecycle Management Market by Software (Collaborative Product Definition Management (cPDm) Software, Mechanical Computer Aided-Design Software (MCAD) and others), Service, Deployment, Organization, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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The Product Lifecycle Management Market is Projected to Grow from USD 50.7 Billion in 2019 to USD 73.7 Billion by 2024, at a CAGR of 7.8%.

Increasing need to build a product innovation platform would support product lifecycle management-enabled applications.

This market is driven by the Growing demand for cloud-based product lifecycle management solutions for scalability and secure IT infrastructure. On the other hand, lack of interoperability and integration of complex systems, are one of the major restraints for the product lifecycle management market growth.

Product lifecycle management software is expected to hold the major market size during the forecast period.

The product lifecycle management refers to a wide range of software products used in the management of trade exhibitions, conferences, and events. It helps help companies to manage their product's lifecycle by offering a data warehouse for all the information that impacts the product.

The software can be utilized to automate the handling of product-related data and to integrate the data with other processes such as manufacturing execution systems (MES) and enterprise resource planning (ERP). The product lifecycle management segment is further divided into Mechanical Computer Aided-Design Software (MCAD), Collaborative Product Definition Management (cPDm) Software, Simulation, and Analysis Software and Digital Manufacturing (DM) Software.

On-premises deployment is expected to hold the major market size during the forecast period.

The on-premises deployment type refers to the installation of the product lifecycle management on the premises of an organization rather than at a remote facility. On-premises solutions are delivered with a one-time licensing fee, along with a service agreement. Furthermore, deployment of this solution requires huge infrastructure and a personal data center, which is affordable only for large organizations. Hence, SMEs often face the dilemma of choosing between the hosted and on-premises solutions.

In spite of advantages, such as control over the system and data, and dedicated staff for maintenance and support, the on-premises deployment type has various drawbacks, which include high deployment costs and good infrastructure requirements that are not always possible for every organization. The growth of the on-premises deployment type is expected to be affected by the rapid development of cloud computing solutions.

North America is expected to hold the major market size during the forecast period.

The North American region consists of developed countries, such as the US and Canada. This region is open to the adoption of new and emerging technologies. Moreover, its strong financial position enables allows it to invest heavily in the adoption of the latest and leading tools and technologies for ensuring effective business operations. Such advantages help organizations in this region gain a competitive edge. North America has the first-mover advantage in the adoption of new technologies, such as IoT and AI.

The factors expected to be driving the growth of the product lifecycle management market in North America are the stable economy, technological enhancements, and advanced infrastructure costs. APAC is one of the fastest-growing regions and has a favorable market for product lifecycle management and service vendors. India, China, Australia, and Japan are major contributors to the product lifecycle management market growth in APAC.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Focus on Developing Groundbreaking Smart Products and Factories
5.2.1.2 Increasing Need to Build Product Innovation Platforms Would Support Product Lifecycle Management-Enabled Applications
5.2.1.3 Growing Demand for Cloud-Based Product Lifecycle Management Solutions to Achieve Scalability and Secure IT Infrastructure
5.2.2 Restraints
5.2.2.1 Lack of Interoperability and Integration of Complex Systems
5.2.3 Opportunities
5.2.3.1 Leveraging Innovative Technologies to Streamline the New Product Development Process
5.2.3.2 Increasing Integration of Product Lifecycle Management Solutions With Internet of Things Platforms
5.2.4 Challenges
5.2.4.1 Slow Adoption of Product Lifecycle Management Solutions Among Small and Medium-Sized Enterprises
5.3 Industry Trends
5.3.1 Use Case 1: RBR Ltd
5.3.2 Use Case 2: Techn GmbH
5.3.3 Use Case 3: Schlatter
5.3.4 Use Case 4: Navantia

6 Product Lifecycle Management Market By Component
6.1 Introduction
6.2 Software
6.2.1 Collaborative Product Definition Management Software
6.2.1.1 Growing Need to Effectively Manage Product Data and Enhance Business Operations to Pave the Way for Collaborative Product Definition Management Software in the Market
6.2.2 Mechanical Computer Aided-Design Software
6.2.2.1 Growing Need to Effectively Manage Product Data and Enhance Product Quality to Fuel the Adoption of Collaborative Product Definition Management Software in the Market
6.2.3 Simulation and Analysis Software
6.2.3.1 1.2.2.1 Rise in Technological Advancements and Innovations in Managing Product Lifecycle to Fuel the Demand for Simulation and Analysis Software in the Market
6.2.4 Digital Manufacturing Software
6.2.4.1 Increasing Need to Handle Complex Manufacturing Process and Reduce Operational Cost to Fuel the Need of Digital Manufacturing Software in the Market
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting
6.3.1.1.1 Consulting Services Help Organizations in Understanding Various Software Capabilities and Deciding on Specific Software Implementation
6.3.1.2 Deployment and Integration
6.3.1.2.1 Deployment and Integration Services Help Reduce Complexities in Configuring Software in Existing Systems
6.3.1.3 Support and Maintenance
6.3.1.3.1 Support and Maintenance Services Enhance Product Knowledge Base Through Interviews and Surveys
6.3.2 Managed Services
6.3.2.1 Managed Service Providers Help Reduce Network Infrastructure Maintenance Costs and Enable Organizations to Concentrate on Core Businesses

7 Product Lifecycle Management Market By Deployment Type
7.1 Introduction
7.2 Cloud
7.2.1 Cloud- Based Solution Helps Reduce the Overall Operational Costs Through Hosted IT Infrastructure Providers
7.3 On-Premises
7.3.1 Security and Privacy Concerns to Increase Adoption of On-Premises Deployment Type Security and Privacy Concerns to Increase Adoption of On-Premises Deployment Type in Coming Years

8 Product Lifecycle Management Market By Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.2.1 SMEs to Reduce IT Infrastructure Costs and Focus on Core Activities Prefer Adopting Cloud Based Solutions
8.3 Large Enterprises
8.3.1 Increasing Need to Reduce Product Lifecycle and Reduce Operational Cost to Fuel the Adoption of PLM Solution Among Large Enterprises Among Large Enterprises

9 Product Lifecycle Management Market By Vertical
9.1 Introduction
9.2 Automotive and Transportation
9.2.1 Growing Demand for Autonomous Vehicles to Fuel the Demand of Product Life Cycle Management Solutions in the Automotive and Transportation Vertical
9.3 Industrial Machinery and Heavy Equipment
9.3.1 Growing Need to Predict Equipment Performance to Boost Vertical the Adoption of PLM Solutions
9.4 Aerospace and Defense
9.4.1 Aerospace and Defense Vertical to Adopt PLM Solutions to Ensure Passenger Safety
9.5 Semiconductor and Electronics
9.5.1 Semiconductor and Electronics Vertical Leverage PLM Solutions to Improve Product Quality and Reduce Time-To-Market
9.6 Energy and Utilities
9.6.1 Growing Demand to Manage IT Infrastructure and Oilfield Equipment Lifecycle Process Will Give A Boost to the Growth of PLM in the Energy and Utilities Vertical
9.7 Retail and Consumer Goods
9.7.1 Growing Demand to Enhance Customer Experience and Reduce Operating Costs to Fuel the Growth of PLM Solutions Vertical
9.8 Healthcare and Life Sciences
9.8.1 Growing Need to Handle Patient Data and Reduce Operational Cost to Drive the Growth of PLM Solutions in the Healthcare and Life Sciences Vertical Segment
9.9 Others

10 Product Lifecycle Management Market By Region
11 Competitive Landscape
11.1 Overview
11.2 Competitive Scenario
11.2.1 New Product/Solution Launches and Product Enhancements
11.2.2 Business Expansions
11.2.3 Acquisitions
11.2.4 Partnerships, Agreements, and Collaborations
11.3 Competitive Leadership Mapping
11.3.1 Visionary Leaders
11.3.2 Dynamic Differentiators
11.3.3 Innovators
11.3.4 Emerging Companies

12 Company Profiles

  • Accenture
  • Ansys
  • Aras
  • Arena
  • ATOS
  • Autodesk
  • Bamboo Rose
  • Dassault Systems
  • Fuseplm
  • HP
  • IBM
  • Inflectra
  • Infor
  • Kalypso
  • Navantia
  • Oracle
  • Propel
  • PTC
  • RBR Ltd
  • SAP
  • Schlatter
  • Seimens
  • TCS
  • Techn GmbH

For more information about this report visit https://www.researchandmarkets.com/r/hhvaxn

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