About Product Life Cycle Management
Product life cycle management (PLM) is the process of integrating all elements of a product's life cycle, from conception to disposal of the product and its components. Companies that manufacture items face a variety of challenges that aren't related to design and production. Product lifecycle management (PLM) addresses these challenges by assisting in the alignment and integration of critical resources, as well as providing rapid access to product information to teams across the business. PLM helps in decision making and in making a suitable strategy for a product. North America is the largest market for product life cycle management followed by the Asia Pacific due to large manufacturing activity.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Oracle (United States), Lascom (United States), SAP (Germany), Dassault System (France), PTC (United States), Siemens (Germany), Autodesk (United States), IBM (United States), Surefront (United States) and Atos (France) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Product Life Cycle Management market by , Application (Automotive, Energy and Utilities, Aerospace and Defense, Industrial Machinery, Consumer Products and Others) and Region.
On the basis of geography, the market of Product Life Cycle Management 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). North America region held largest market share in the year 2023. If we see Market by Components, the sub-segment i.e. Services will boost the Product Life Cycle Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Phase, the sub-segment i.e. Concept and Design will boost the Product Life Cycle Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Prevalence of Product Life Cycle Management Software
Market Growth Drivers:
Need Of Product Lifecycle Management to Streamline the Production Activities and Need Of Product Life Cycle Management to Handle Complexity of Developing New Products
Challenges:
Varying Market Conditions Is Challenge for Product Life Cycle Management and Generally, Product Life Cycle Is Applicable to Products Only and Not to Brands
Restraints:
Rigid Product Life Cycle Management Systems May Lead to Wastage of Time
Opportunities:
Increasing Manufacturing Activity in Developing Nations Is an Opportunity for Product Life Cycle Management and Increasing Reliance on Product Life Cycle Management for Strategy Making Will Increase Its Demand
Market Leaders and their expansionary development strategies
On 24th Nov 2020, Aptean, a global provider of mission-critical enterprise software solutions, signed a definitive agreement to buy Lascom, a leader in product lifecycle management (PLM) solutions for the manufacturing sector, which includes companies in the food and beverage, personal care, cosmetics, and retail industries. Aptean will use this purchase to extend its cloud-native solution offerings, complementing its ERP leadership and bolstering its European footprint.
In June 2021, Platform for business-to-business communication Surefront launched an end-to-end product lifecycle management (PLM) software to assist companies to speed product development and minimize carbon emissions. Even if all stakeholders are not in the same area, the PLM allows developers to navigate product development from idea through ready-to-market phases from a single location. The platform stores and displays product data, communications, and graphics in the cloud removing the need to ship or travel with samples to exchange with development and purchasing partners.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Product Life Cycle Management Providers, Government Regulatory and Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.