India Product Lifecycle Management (Plm) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

India Product Lifecycle Management (Plm) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The India Product Lifecycle Management (PLM) Market was valued at USD 291.7 million in 2021 and is expected to reach USD 549.1 million by 2027, registering a CAGR of 11.48% during the forecast period, 2022-2027.

• PLM unites all the partners involved in the value chain to manage and develop products throughout the product's lifecycle. PLMs may assist with data quality management, enterprise product record, enterprise visualization, customer need management, product cost and quality management, and materials and equipment management. PLM also aids in different quality management standards, allowing manufacturers to meet specific quality certifications, like ISO 9001, internal standards, and the on-demand analysis of the BOM during all phases of the product development lifecycle.
• The growth in the adoption of smart connected products due to the adoption of the IoT technology is pursuing the manufacturers to integrate the mechanical and electronic components with software solutions.
• The Industrial Internet of Things (IIoT) and Industry 4.0 are at the center of the new technological approaches for developing, producing, and managing the entire logistics chain. They dominate the industrial sector trends, with machinery and devices being connected via the internet.
• Lack of awareness regarding the PLM solution can hinder the market's growth. Also, the lack of research on PLM implementation guidelines that focus on the operational level. More specifically, there is a lack of studies examining what policies are relevant for and used in real industrial PLM implementations, why (or why not) they are used, and their value if applied.
• The COVID-19 pandemic has impacted the PLM market positively. The pandemic has affected the global economy profoundly, as lockdowns have been imposed to contain the spread of the virus. People have been compelled to stay at home and work remotely to minimize human contact, thus boosting the growth of the IoT, which, in turn, is driving the development of the cloud-based PLM market.

• In the recent past, the IT industry has emerged as a significant contributor to the industry revenue and employment opportunity provider in the country. Though software development services have initially driven the Indian IT industry, the trend is changing. The country is becoming an R&D hub of multinational IT companies. Several India-based multinational IT giants also have set up their R&D and innovation centers. The Government views R&D as essential for implementing new initiatives such as Digital India, Make in India, and Startup India and has launched new schemes in R&D such as IMPRINT, etc.
• According to IBEF, India has ~6.33 crore micro, small and medium enterprises. Registered SMBs grew 18.5% YoY to 25.13 lakh units in 2020, from 21.21 lakh units in 2019. As of 2020, registered SMBs were dominated by micro-enterprises at 22.06 lakh units, over 18.70 lakh in 2019, while small enterprise units went up from 2.41 lakh to 2.95 lakh. Midsized businesses marginally increased from 9,403 units to 10,981 units in the same period.
• SMBs and MSMEs currently employ >130 million people and contribute ~6.11% to India’s manufacturing GDP, 24.63% of the GDP from service activities, and 33.4% of manufacturing output.
• A survey conducted in 2020 shows that around 37 percent of Indian enterprises had their digital infrastructure in the cloud. It was estimated that by 2022, more than 60 percent of the infrastructure would be in the cloud, which would be at the expense of third-party co-location and on-premise or captive availability.
• The Micro, Small, and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. It contributes significantly to the economic and social development of the country by fostering entrepreneurship and generating large employment opportunities at comparatively lower capital costs, next only to agriculture. MSMEs are complementary to large industries as ancillary units, and this sector contributes significantly to the inclusive industrial development of the country.

• South Indian region includes states and union territories, including Tamil Nadu, Karnataka, Telangana, Kerala, Andhra Pradesh, Lakshadweep, and Puducherry, and is a prominent region for the PLM market owing to the robust and diversified manufacturing industry that spans almost all major end-user industries of the PLM market, including automotive and ancillary, engineering and industrial machinery, pharmaceuticals, IT, and ITeS, Aerospace and Defense, among others. The region also hosts several growing modern technology businesses, such as electric vehicle manufacturing.
• Tamil Nadu has a diversified manufacturing sector and features among the leaders in several industries like automobiles and auto components, engineering, pharmaceuticals, garments, textile products, leather products, chemicals, plastics, etc. It ranks first among the states in terms of the number of factories and industrial workers.
• Chennai-Sriperumbudur-Oragadam and Hosur in Tamil Nadu, Sri City in Andhra Pradesh, and Bengaluru-Bidadi in Karnataka are major automobile clusters in the country. Hyundai Motor, Yamaha Motors, Schwing Stetter, Daimler Commercial Vehicles, BMW, Renault Nissan, Bharat Benz, Eicher, Ford, Ashok Leyland, Isuzu, Royal Enfield, Komatsu, and TAFE have their manufacturing facilities in Tamil Nadu and Andhra Pradesh auto cluster. Similarly, Mahindra Reva Electric, Toyota Kirloskar, Continental, TVS Motors, Ashok Leyland, and other companies set up their production sites in Karnataka and Hosur (Tamil Nadu).
• Hyderabad-Medak in Telangana and Bengaluru in Karnataka is one of India's most significant pharmaceutical clusters. Hyderabad contributes nearly 40% of the total Indian bulk drug production and around 50% of the bulk drug exports. Genome Valley in Hyderabad is India's first planned and systematically developed cluster dedicated to life sciences. Moreover, Pharma City is being designed in Hyderabad. Furthermore, Karnataka houses more than 35 clinical research organizations and 12 Adverse Drug Reaction Reporting Centers. The state contributes around 12% of India's pharmaceutical exports and nearly 10% of India's pharmaceutical revenues.

With many large, technologically advanced players in the industry, the rivalry in the India Product Lifecycle Management Market is expected to be higher. To maintain the market share and retain new and existing consumers, the companies are regularly altering their pricing schemes, which creates pricing pressure on other companies, thereby augmenting the competition in the market.​

• April 2022 - PTC announced the availability of its Windchill+ product lifecycle management (PLM) software. Windchill+ is a new generation of the company’s market-leading Windchill software delivered via a modern software-as-a-service (SaaS) architecture. By leveraging the benefits of SaaS, Windchill+ facilitates collaboration around product data and enables product development organizations to bring products to market faster and accelerate PLM deployment.
• January 2022 - Simple Energy, an electric vehicle (EV) start-up, announced its partnership with global technology leader Siemens to boost EV mobility solutions with new-age technologies. As per the partnership, Simple Energy will adopt Siemens’ Teamcenter X, a cloud-based Product Lifecycle Management (PLM) software, which will help the company establish a robust digital foundation for its e-mobility solutions. Along with Siemens, Simple Energy has also roped in Prolim, Siemens’ Technology Partner, to share its world-class technologies to strengthen India’s bid to become the EV capital of the world.
• December 2021 - Dassault Systemes partnered with TEXMiN Foundation, the technology innovation hub of IIT (ISM) Dhanbad, to set up a center of excellence in India to provide technical support and prepare the workforce of the future, specific to the mining and allied industries.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support