Product Lifecycle Management Market is Estimated to Witness High Growth Owing to Advancements in IoT and Cloud Technologies
The product lifecycle management (PLM) market offers a centralized system to manage product-related data and track important product data from initial design phase through production and support life. PLM solutions allow collaborative product development and management of digital product definition data with integration of computer-aided design (CAD), product data management (PDM), and systems engineering tools. They help optimize resource allocation and speed up the product development process. The increasing complexity and customization requirements in products are driving the demand for PLM from industries such as aerospace & defense, automotive, high-tech, industrial machinery, and electronics.
The Global product lifecycle management Market is estimated to be valued at US$ 55 Billion in 2024 and is expected to exhibit a CAGR of 8% over the forecast period 2020-2024.
Key Takeaways
Key players operating in the product lifecycle management market are Autodesk, Dassault Systemes, PTC, Siemens PLM and Oracle. These players are focusing on frequent product launches and partnerships to strengthen their market presence.
The Product Lifecycle Management Market Demand adoption of cloud-based PLM solutions across SMEs offers significant growth opportunities in the market. Microsoft Azure, IBM Cloud, and AWS are increasingly investing in PLM offerings on their cloud platforms.
Advancements in Internet of Things (IoT) and digital twin technology are allowing real-time connectivity between physical products and their virtual representations on PLM systems. This is improving simulation, validation, and maintenance capabilities.
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