Press release
Product Lifecycle Management (PLM) Market: Product Innovation, Productivity Enhancement & Reduction in Operational Cost Boom Market Demand
By component, the product lifecycle management market is segmented into software and services. Accounting for a massive 56% share in 2014, the services sector enjoys the lead position. This segment is bifurcated into cloud-based and on-premise services, with the former registering a 17.70% CAGR from 2015 to 2022.
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On the basis of end use, the product lifecycle management market is categorized into aerospace and defense, electronics and semiconductor, consumer products and retail, IT and telecom, automotive and transportation, industrial machinery and heavy equipment, energy and utilities, medical devices and pharmaceutical, and others. The aerospace and defense segment has been leading the overall PLM solutions market, accounting for a 23% share in 2014. This segment is propelled by the lowering of the defense and space budgets across the globe and the rise in commercial aircraft outstandings. The automotive and transportation sector is fueled by the rapid expansion of the industry in recent years and the constantly evolving consumer demands. Expanding at the highest CAGR of 10.40% during the forecast period, the consumer goods and retail as well as the medical devices and pharmaceuticals segments are projected to be the most rapidly developing end-use segments of the product lifecycle management market.
The global product lifecycle management market is segmented on the basis of geography into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. In 2014, North America held a 33% share in the overall market, emerging as the leading regional segment of the product lifestyle management market. This market is driven by the reduction in the time-to-market of products and the growing adoption of PLM solutions to cut down on the cost of production. The Middle East and Africa PLM market is projected to register an impressive CAGR of 14.70% during the forecast period, fueled by the ongoing development in the industrial sector in the region.
The leading players competing in the global product lifecycle management market include SAP SE, Atos SE, Accenture PLC, Siemens AG, Aras Corporation, Hewlett-Packard Company, Dassault Systemes, Autodesk, Inc., IBM Corporation, and PTC, Inc.
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