PLM Market share research by applications and regions for 2018-2024

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Product Lifecycle Management (PLM) market share
research by applications and regions for
2018-2024 Global Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
Low Power Wide Area Network
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Overview of Product Lifecycle Management (PLM)
Market

• North America holds a significant market share of
  the global PLM market due to the presence of
  improved IT infrastructure, high investments in
  the technology, and the presence of a large
  number of prominent players in the region. The
  Asia Pacific region is likely to show a
  significant market growth during the forecast
  timeline due to the increasing adoption of
  cloud-based solutions and improved IT
  infrastructure. The automotive, aerospace, and
  defense sectors are among the major sectors
  adopting PLM solutions in the region. Countries
  in the Asia Pacific region are focusing on
  reducing the cost of PLM adoption and
  implementing the technology in the cloud.
  Moreover, the increasing need for manufacturing
  products with more functionalities and lower cost
  is also expected to contribute to the market
  growth during the forecast timeline.
• Product Lifecycle Management (PLM) Market size is
  predicted to witness high CAGR to 2024 led by
  growing need for product innovations, demand for
  low manufacturing cost, and increasing adoption
  of cloud-based PLM solutions among Small and
  Medium Enterprises (SMEs). As the software
  provides a collaborative platform for the
  development and management of products, business
  activities can be streamlined resulting in
  better-quality products and a more optimized
  global product network.

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• PLM software allows enterprises to automate the
  management of product-related data with increased
  visibility and control over the lifecycle of the
  product. To consolidate various applications for
  operational excellence, organizations make use of
  Service-Oriented Architecture (SOA) approach,
  which enables them to revisit their PLM roadmaps.
  The software suite helps in engineering change
  management, in managing products, bills of
  material, and provides a seamless omnichannel
  experience.
• Manufacturers PLM portfolio includes tools such
  as Product and Portfolio Management (PPM), CAD,
  Manufacturing Process Management (MPM), and
  Product Data Management (PDM). Various
  organizations provide these tools to bring
  together the product, tooling, and the production
  line along a single database.
• The emergence of smart factories providing
  low-cost solutions and adoption of Internet of
  Things (IoT) solutions is likely to contribute to
  the market growth over the forecast period. IoT
  spurs product innovations, resulting in more
  informed product insights and the advanced
  product development process. For instance, IBMs
  Aras Innovator solution helps to manage the
  configuration of IoT products throughout their
  life cycle. Similarly, Infors PLM Solutions
  merged with the enterprise ERP System to provide
  a real-time data, reduce regulatory risks, and
  bring high-quality products to the market.

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• One of the biggest challenges in the industry is
  the cross-platform migration of data or version
  upgrades during the PLM implementation. The other
  factors such as inaccurate product information,
  internal and external process complexities, and
  economic uncertainty are hampering the market
  growth.
• The software solutions are used in a diverse set
  of the end-use sectors such as pharmaceutical,
  retail, manufacturing, and food beverages.
  Pharma-specific businesses incorporate PLM
  management technologies for efficient drug
  development, manufacturing, and
  commercialization. The solution also helps
  consumer packaged goods companies to reduce the
  project cycle time, increase the material usage,
  and deliver high-quality products.

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• Some of the key players in the PLM market are
  Siemens, Oracle, SAP, Infor, Infosys, HCL, Arena,
  Autodesk, PTC, Accenture, ANSYS, Salesforce,
  Dassault, Aras, and Wipro. The key companies are
  focusing on new product developments, strategic
  acquisitions, and partnerships to expand their
  presence in the market. For instance, in February
  2018, Siemens acquired Sarokal Test Systems a
  provider of test solutions for electronic
  components. This acquisition will help in
  expanding its presence in the electronic design
  automation and integration circuit industry.
  Similarly, in July 2017, Boeing expanded its
  deployment of Dassault Systems products, which
  include 3D experience software across its
  aerospace and defense verticals to deepen its
  end-to-end digital collaboration, design,
  manufacturing planning, and shop floor execution
  capabilities throughout the enterprise.
• Also, in May 2017, Whelen Engineering Company
  partnered with Infor to support digital
  transformation by using its CloudSuite Industrial
  solution. Infor CloudSuite Industrial provides a
  unique platform to drive operational
  proficiencies for people, process, and
  technology. Such strategic initiatives are
  expected to accelerate the growth of the PLM
  market over the forecast period.

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Methodology

• Market
  research reports Key analytical components

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