The product lifecycle management (PLM) software market was valued at USD 21. 71 billion in 2020 and is expected to reach USD 32. 42 billion by 2026, registering a CAGR of 6. 92% during the forecast period of 2021 - 2026.
New York, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Product Lifecycle Management (PLM) Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06187163/?utm_source=GNW
The demand for robust data analytics software platforms in the industry is increasing. These trends have been augmented by the increasing adoption of IoT across the manufacturing industry. PTC’s Windchill is an instance of the PLM software embedded with analytics for discrete manufacturers looking for IoT capabilities. This software can boost the PLM solution to sprint with flexibility.
Digitalization is transforming products from physical goods and tangible services into digital twins, which is an exact replica of the physical product. Industry 4.0 is an important focus aiming at increasing competitiveness by targeting the reduction of production costs while improving product quality and production scalability utilizing the digitalization of products. SAP is exploring digital supply chain scenarios where different suppliers submit offers directly to a blockchain platform to improve effectiveness across their business networks.
The introduction of the cloud has a significant impact on the PLM market. PLM in the cloud is a helpful tool for product data management because it allows the manufacturers to consolidate information about product development, streamline or change orders and requests, and improve communication with the suppliers. SaaS solutions for the companies are looking to increase collaboration, manage product data, and improve workflows without substantial IT overhead or hardware commitments.
PLM software, however, is too slow, as proper plannings for the network bandwidth, server configurations, system configuration, etc. are not done. In addition, the lack of interoperability among dissimilar product versions, coupled with the low acceptance of PLM services by SMEs (small and medium-sized enterprises) are expected to hinder the market growth.
Key Market Trends
Increasing Production of Autonomous Vehicles to Drive the Market Growth
Due to future autonomous vehicle penetration, the developers working on autonomous vehicles have to face various and increasingly complex challenges, and consequently, need to reevaluate their current processes and toolsets.
Fully-functional autonomous driving systems require some of the most sophisticated software implementations that the carmakers have ever faced for combining a variety of data feeds (e.g., information from sensors, traffic data from the cloud, data coming from other vehicles or infrastructure) and tying it all into the vehicle's electronic and mechanical components to create a network of onboard systems that all work together reliably without user input or correction.
The integrated ALM (Application Lifecycle Management) and product development platforms, such as codeBeamer ALM, will be instrumental in modernizing development processes for tackling the challenges introduced by the increasing product complexity and the growing reliance of products on sophisticated software applications in the autonomous vehicle sector.
The increasing use of digital manufacturing and the rising integration of IoT in producing autonomous cars is one of the key trends that is expected to drive the PLM software market in the automotive sector during the forecast period. Tesla has integrated ENOVIA (cPDM software) and CATIA (CAD software) with DELMIA to simulate the manufacturing facility and process in the manufacturing of its model.
Siemens PLM Software offers a full set of autonomous vehicle solutions for all key technical domains, from chip design to full vehicle validation. NX is one of the company’s most potent CAD tools, helping clients run their product designing activities on the software.
North America to Account for a Significant Share
North America’s strong financial position enables it to invest heavily in advanced solutions and technologies that have provided a competitive edge in the market. Moreover, the region has the presence of several major product lifecycle management software vendors, such as IBM Corp. (United States), PTC Inc. (United States), Oracle Corporation (United States). Hence, there is a strong competition among the players.
The automotive sector is growing at a significant rate in North America. As the economic growth of the region has a direct impact on the sales of passenger cars and commercial vehicles, PLM software is mainly used in the product development stage, which starts long before manufacturing begins in the automotive industry. It ensures advanced safety features, electronics, and embedded software content in vehicles.
For instance, America Makes (a leading and collaborative partner in additive manufacturing (AM)/3D printing (3DP) technology and workforce development) chose to migrate to AWS and use the Siemens PLM Teamcenter solution for its digital storefront. America Makes has saved about USD 30 million, compared to the cost of building an in-house solution. This factor helped in creating new solutions that help in boosting the growth of the PLM software market.
The product lifecycle management (PLM) software market is highly competitive and fragmented, due to the presence of numerous global players. Various global players are moving in R&D with latest software techniques that are creating a high level of competitiveness in the market. The key players are Siemens, Dassault Systemes Deutschland GmbH, Autodesk Inc., etc. Some of the prominent recent developments in the market include:
May 2019 - Shenzhen Huijie Group (Huijie), a leading intimates company in China, successfully implemented Centric Software’s 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.
October 2019 - PTC Inc. announced enhancement of windchill product life cycle management (PLM) platform that enabled features including built-in linking and tracing between product data management and systems engineering, requirements management, source code management, and testing
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06187163/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001