| Source: ReportLinker ReportLinker
New York, March 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Product Lifecycle Management Global Market Report 2022” – https://www.reportlinker.com/p06246519/?utm_source=GNW
The global product lifecycle management market is expected to grow from $33.03 billion in 2021 to $35.69 billion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $49.33 billion in 2026 at a CAGR of 8.4%.
The product lifecycle management (PLM) market consists of sales of product lifecycle management software and services by entities (organizations, sole traders, and partnerships) that are engaged in providing a better strategic process for managing the complete journey of a product from initial ideation, development, service, and disposal.PLM refers to managing every step of the process involved with a product from raw material to finished product.
The PLM process is inclusive of the manufacturing and marketing of the goods. From pricing and advertising to expansion or cost-cutting, the concept of product life cycle assists organizations in making smart business decisions.
The main components of the product lifecycle management market include software and services.PLM software enables businesses to strategically collaborate with partners and customers using trusted, up-to-date product information.
PLM can be deployed either on-premise or on-cloud. The end-users of PLM include the automotive and transportation industry, industrial machinery, electronics and semiconductors, retail, energy and utilities, aerospace and defense, pharmaceuticals, IT and telecom, and others.
North America was the largest region in the product lifecycle management market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing adoption of product lifecycle management (PLM) from end-use industries is expected to propel market growth in the coming years.PLM has the potential to offer improved supply chain accuracy, enhanced regulatory compliance, lower lead times, and an increase in sales growth.
Product lifecycle management (PLM) software is being used by end-use sectors to increase transparency in supply chains & manufacturing processes and speed the development of innovative goods.For instance, in June 2021, Accenture, an Ireland-based company that provided professional services agreed with DI Square, a Japan-based IT company specialized in data analytics software acquired the firm’s consulting capabilities for product lifecycle management (PLM) and application lifecycle management (ALM) systems integration.
The acquisition of DI Square will increase Accenture’s engineering expertise for the automotive and other manufacturing clients in Japan and other markets.
Augmented Reality (AR) and Virtual Reality (VR) are increasing the demand for the product lifecycle management (PLM) market.Major companies operating in the product lifecycle management (PLM) sector are focused on integrating new technology such as augmented reality (AR) and virtual reality (VR) to strengthen their position.
For instance, in February 2021, Siemens had launched AssistAR 3.0, AssistAR supports assembly, inspection, and maintenance procedures with a new generation of accurate and robust augmented reality (AR) technologies. AssistAR connects to the company’s product lifecycle management (PLM) system and uses regular PCs and displays to guide company operators through complex operations without the use of glasses or a headset.
In May 2020, Accenture, an Ireland-based company that specializes in providing consulting and professional services acquired PLM systems for an undisclosed amount.The acquisition of PLM Systems would enable Accenture to advance in the digitization of engineering services, Accenture intends to combine their capabilities, methodology, technology, and solutions for PLM Systems.
This acquisition is in line with Accenture’s expansion plans towards improving their industrial product development process and providing more efficient and sustainable solutions to their clients. PLM systems is an Italian company that specializes in the design and development of information systems for product lifecycle management.
The countries covered in the product lifecycle management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06246519/?utm_source=GNW
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