Global Product Lifecycle Management (PLM) Market to Expand with a CAGR of 8.1%

Transparency Market Research (TMR) found the global product lifecycle management (PLM) market has presence of numerous local and international players, which is leading to make vendor landscape more fragmented and competitive. Some of the prominent players operating in the global product lifecycle management (PLM) market are Hewlett-Packard Company, IBM Corporation, Accenture PLC, Dassault Systems, and Autodesk, Inc. Also, the market is experiencing the entry of new players which is further intensifying the competition among key players. In order to stand alone in the cutthroat competition, the key players are trying to improve their products and add the advanced features in the systems.

According to a report by TMR, the global product lifecycle management market was valued at US$40.26 bn in 2014 and expected to attain a value of US$75.87 bn by the end of 2022. The market is expected to swell with a CAGR of 8.1% during the predicted years from 2015 to 2022. Based on deployment, the global product lifecycle management (PLM) market is dominated by the on-premise segment in 2014. Based on application, the aerospace and defense segment dominated the product lifecycle management (PLM) market in the year 2014. Based on region, North America accounted for near about share of 33% in 2014 owing to growing investment in research and development for product innovation coupled with the presence of numerous players in the region.

Growing Adoption for Improving Production Efficiency to Propel Growth 

PLM systems reduces the operational cost and enhance productivity by adopting the numerous methodologies and lowers firing in any organization. These advantages of the product are boosting adoption of the PLM across numerous industries which are further boosting the growth of the product lifecycle management (PLM) market.

The PLM system is experiencing robust demand from aerospace and defense and banking systems among other important applications. The emergence of the defense sector due to unstable political environment among numerous countries is boosting adoption of advanced techniques to ensure the safety of the nation is fuelling adoption of PLM and boosting the growth of the market. Additionally, PLM offers the information in a very systematic manner which is production and product design is boosting adoption of the PLM and likely to propel the growth of the market.

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Additionally, growing need for innovative features in the PLM which is propelling adoption of the PLM and likely to drive growth of the product lifecycle management (PLM) market. In addition, numerous key players are increasingly offering newer features along with customization of systems to some extent which is further encouraging adoption of the PLM and likely to propel growth of the product lifecycle management (PLM) market.

High Cost of PLM to Hinder the Growth

Despite these factors, the high cost of PLM and complexity in the installation and handling of the systems can hamper adoption due to the requirement of higher capital which is hampering growth of the market. Additionally, implementation of PLM requires additional maintenance of the database, data formats, and low interoperability in two versions coupled with the presence of a number of alternate products is hindering growth of the global product lifecycle management (PLM) market. Furthermore, the involvement of third-party organizations is further increases expenditure and likely to restrain the growth of the global product lifecycle management (PLM) market.