Product Lifecycle Management Market Size Worth $36.09 Billion by 2025: Grand View Research, Inc.
SAN FRANCISCO, June 25, 2020 /PRNewswire/ -- The global product lifecycle management market size is expected to reach USD 36.09 billion by 2025, expanding at a CAGR of 6.2% from 2020 to 2025, according to a new study conducted by Grand View Research, Inc. The increasing demand of Product Lifecycle Management (PLM) solutions to support complex functionalities, rise in smart factories and smart value chains, and increasing integration with Internet of Things (IoT) platforms are the main drivers fostering the growth. Moreover, various other emerging technologies such as cloud computing, internet of things, high speed internet connectivity are also expected drive the market growth. In addition, the vendors are also instrumental in making significant investments in developing product innovation platform coupled with next generation of interoperability and integration capabilities.
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Read 109 page research report with ToC on "Product Lifecycle Management Market Size, Share & Trends Analysis Report By Software, By Service, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2020 - 2025" at: https://www.grandviewresearch.com/industry-analysis/product-lifecycle-managementmarket
With the increasing use of IoT technologies in industrial manufacturing, retail, energy and utilities, transportation industries, and healthcare vendors are adopting analytics capabilities coupled with Artificial intelligence (AI) and machine learning into their product lifecycle management solutions. Moreover, vendors are now integrating PLM with IoT platforms that will enable enterprises to link real-time operational data into PLM platforms to obtain insights. The insights derived from the integration will help in optimizing product's usability, quality, maintenance, and service performance. Moreover, with advancements in next generation technologies, IoT capabilities have become a vital differentiator for selection in the era of Industry 4.0 and smart manufacturing.
Advancements in IT technologies such as adoption of cloud, artificial intelligence, big data, and communication technologies such as 5G is anticipated to propel the demand for PLM solutions in various industries.Many large enterprises are shifting towards cloud-first strategy for deploying their enterprise software and other systems. Moreover, vendors are making significant investment in enhancing PLM capabilities for hybrid, private and multi-tenant deployments. However, most of the PLM cloud deployments are focused on SMEs and non-tradition industries. However, recent outbreak of COVID-19 disease across the world is likely to slow down the growth rate of the market temporarily.
Grand View Research has segmented the global product lifecycle management market based on software, services, deployment, enterprise size, end use, and region:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.