Product Lifecycle Management (PLM) Software Market by Software Type (Portfolio Management, Design and Engineering Management, Quality and Compliance Management, Simulation, Testing and Change Management, Manufacturing Operations Management, and Others), D

Product Lifecycle Management (PLM) Software Market by Software Type (Portfolio Management, Design and Engineering Management, Quality and Compliance Management, Simulation, Testing and Change Management, Manufacturing Operations Management, and Others), Deployment Type (On-premises, Cloud-based), End User (Aerospace and Defense, Automotive and Transportation, Healthcare, IT and Telecom, Industrial Equipment and Heavy Machinery, Retail, Semiconductor and Electronics, and Others), and Region 2023-2028

The global product lifecycle management (PLM) software market size reached US$ 24.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.2 Billion by 2028, exhibiting a growth rate (CAGR) of 7.10% during 2023-2028.

Product lifecycle management (PLM) software enables the management of a product from initial conception to its development, service, and disposal. It relies on enterprise applications (EA), such as enterprise resource planning (ERP), customer relationship management (CRM), and supply chain management (SCM). It helps manufacturers gather ideas from customers, engineers, and scientists and convert them into products and services that dominate the market. Besides this, as it assists in streamlining the flow of information across the supply chain, PLM software finds extensive applications in the electronics, aerospace, and automotive industries worldwide.

Product Lifecycle Management (PLM) Software Market Trends:
At present, businesses around the world are opting for remote working on account of the coronavirus disease (COVID-19) outbreak and consequent deployment of cloud-based solutions. This, in confluence with the increasing digitalization and automation in different industry verticals, represents one of the key factors driving the market. Moreover, there is presently 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. Besides this, it helps businesses increase revenues by reducing time-to-market (TTM) for new products and providing service for existing products. It also aids them in addressing their challenges, creating a competitive advantage against other businesses, and minimizing the total cost of ownership (TCO). Nowadays, 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). This is catalyzing the demand for PLM software across the globe. Furthermore, the rapid expansion of small and medium enterprises (SMEs) is stimulating the growth of the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global product lifecycle management (PLM) software market report, along with forecasts at the global, regional and country level from 2023-2028. Our 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

Breakup by Deployment Type:

On-premises
Cloud-based

Breakup by End User:

Aerospace and Defense
Automotive and Transportation
Healthcare
IT and Telecom
Industrial Equipment and Heavy Machinery
Retail
Semiconductor and Electronics
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ANSYS Inc., Aras Corporation, Autodesk Inc., Coats Digital, Dassault Systèmes SE (Dassault Group), Infor (Koch Industries Inc.), Oracle Corporation, PROCAD GmbH & Co. KG, Ptc Inc., Pulse Technology Systems Ltd., SAP SE and Siemens Aktiengesellschaft. Kindly, 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?