Product Lifecycle Management Software Market Scope
Product lifecycle management (PLM) software is an information management tech that can integrate data, processes and business systems across a value chain to fuel collaboration and drop the cost of new product development. By using PLM software, the companies or organisation making processes fast, efficient and reliable in the product development. Moreover, cloud PLM will help organisations close the feedback loop and bring data from the Internet of Things (IoT) and Artificial Intelligence (AI) into new product development in the upcoming years.
According to AMA, the Global Product Lifecycle Management Software market is expected to see growth rate of 8.1% and may see market size of USD71.92 Million by 2026.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Product Lifecycle Management Software market throughout the predicted period.
IBM Corporation (United States), Oracle Corporation (United States), SAP (Germany), Dassault System (France), PTC (United States), Siemens (Germany), Autodesk (United States), Arena Solutions (United States), Atos (France), Accenturs (Ireland), Ansys (United States) and HP (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Aras(United States), Infor (United States), Propel (United States), Kalypso (United States), FusePLM (United States), Bamboo Rose (United States), Inflectra (United States) and TCS (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Product Lifecycle Management Software market by Type (Collaborative Product Definition Management (cPDm) Software, Digital Manufacturing (DM) Software, Mechanical Computer Aided-Design Software (MCAD) and Simulation and Analysis (S&A) Software) and Region with country level break-up.
On the basis of geography, the market of Product Lifecycle Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In May 2019, Shenzhen Huijie Group (China), a leading intimates company in China, has successfully implemented Centric Software’s (subsidiary of Dassault System Company) Product Lifecycle Management (PLM) solution. Centric Software provides the most innovative enterprise solutions to fashion, retail, footwear, outdoor, luxury and consumer goods companies to help them achieve their strategic and operational digital transformation goals.
"The FDA’s 21 CFR 820 incorporates requirements that ensure the safety and quality of a device in every phase of its development. Although these phases (pre-clinical, clinical, etc.) appear to be distinct, in fact, they overlap. The FDA applies a “Total Product Life Cycle (TPLC)” approach in enforcement and it also maintains a TPLC database, which provides premarket and post-market data about medical devices. Medical device manufacturers are motivated to use product lifecycle management solutions because of the complexity of the development process, especially within the context of a total product lifecycle approach."
Market Trend
- Integration of Product Lifecycle Management Solutions With the Internet of Things Platforms
- The Emergence of Autonomous Vehicle in Developed Nations
Market Drivers
- The RIsing Focus on Developing Groundbreaking Smart Products and Factories
- Surging Need to Build Product Innovation Platforms Would Support Product Lifecycle Management-Enabled Applications
Opportunities
- Leveraging Innovative Technologies to Streamline the New Product Development Process
- The Growth in the Demand for Cloud-Based Product Lifecycle Management Solutions to Achieve Scalability and Secure IT Infrastructure
Restraints
- The Dearth of Interoperability and Integration of Complex Systems
Challenges
- Low Adoption Rate of Product Lifecycle Management Solutions Among Small and Medium-Sized Enterprises
Key Target Audience
Software Providers, Technology Providers, End Users and Others