PLM Market Forecast to Grow Over 5 Years

The global product lifecycle management (PLM) software market size reached US$24.9 billion in 2022. Looking forward, the publisher expects the market to reach US$38.2 billion by 2028, exhibiting a compound annual growth rate of 7.39% from 2022 to 2028, according to the publisher of this market report, Research and Markets.

PLM) Software Market Trends

At present, businesses are opting for remote working on account of the COVID-19 outbreak and deployment of cloud-based solutions. This, in confluence with the increasing digitalization and automation in different industry verticals, represents a key factor driving the market.

There is a rise in the use of PLM software in modern manufacturing companies as it assists in enhancing collaborations and decreasing inefficiency by precise and prompt usage of information. It helps businesses increase revenues by reducing time to market for new products and providing service for existing products. It also aids them in addressing challenges, creating an advantage against other businesses, and minimizing the total cost of ownership.

PLM software aids in the cradle-to-grave product lifecycle processes integrated with real-time data using technologies, such as the internet of things (IoT), artificial intelligence (AI), and machine learning (ML). Also, the rapid expansion of small and medium enterprises (SMEs) is stimulating the growth of the market.

Key Market Segmentation

The publisher provides an analysis of the key trends in each subsegment of the global product lifecycle management (PLM) software market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on software type, deployment type and end user.

Breakup by Software Type

• Portfolio Management
• Design and Engineering Management
• Quality and Compliance Management
• Simulation, Testing and Change Management
• Manufacturing Operations Management
• Others

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players being Ansys, Aras, Autodesk, Coats Digital, Dassault Systèmes, Infor (Koch Industries), Oracle, PROCAD, Pulse Technology Systems, SAP and Siemens Aktiengesellschaft. Note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What was the size of the global Product Lifecycle Management (PLM) software market in 2022?
2. What is the expected growth rate of the global Product Lifecycle Management (PLM) software market during 2023-2028?
3. What are the key factors driving the global Product Lifecycle Management (PLM) software market?
4. What has been the impact of COVID-19 on the global Product Lifecycle Management (PLM) software market?
5. What is the breakup of the global Product Lifecycle Management (PLM) software market based on the software type?
6. What is the breakup of the global Product Lifecycle Management (PLM) software market based on the deployment type?
7. What is the breakup of the global Product Lifecycle Management (PLM) software market based on the end user?
8. What are the key regions in the global Product Lifecycle Management (PLM) software market?
9. Who are the key players/companies in the global Product Lifecycle Management (PLM) software market?

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Sources: Press materials received from the company and additional information gleaned from the company’s website.