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.
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