Friday, 09 September 2022 09:33 AM
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WILMINGTON, DE / ACCESSWIRE / September 9, 2022 / Transparency Market Research Inc. - Stakeholders in different end-use industries globally are focusing on decreasing the overall operational expenditure, incurred to complete required number of tasks. As a result, they are adopting product lifecycle management solutions that have proven beneficial in increasing productivity and decreasing redundancy. The product lifecycle management (PLM) market worldwide is anticipated to grow at CAGR of 5% between 2020 and 2030. Launch of new solutions are assisting prominent product lifecycle management (PLM) market players in creating revenue-generating opportunities and in gaining a competitive edge over other players.
Centric Software Inc., in July 2021, launched an upgraded product lifecycle management solution that has been adopted in different end-use industries such as cosmetics, food and beverages, and personal care and household. Well-established players in product lifecycle management (PLM) market are signing collaborative agreements with emerging players which are helping them in expanding their market presence and increasing their revenue shares.
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Key Findings of Product Lifecycle Management (PLM) Market Study
- Rising Adoption in Food and Beverages Industry Boosting Growth in Product Lifecycle Management (PLM) Market: Product lifecycle management solutions have been increasingly adopted by food and beverages industry, in the last few years. Increasing consumer demand for quality food products as well as strict compliance pressures have played key roles in implementation of product lifecycle management solutions, in the industry. Product lifecycle management solutions have proven beneficial in regulatory compliance of ingredients and labels. Increasing product lifecycle management adoption in food and beverages industry is stimulating growth of the overall market
- Rising PLM Demand from Aerospace and Defence Industry Fueling Growth in Global Market: Product lifecycle management solutions are witnessing increased demand from aerospace and defense industry. Deployment of product lifecycle management solutions in the industry has proven beneficial in improving engagement with extended supply chains and helped cross-department teams grow simultaneously. Furthermore, a few products in aerospace and defence industry are interdependent and complicated, which has led to increase in demand for product lifecycle management solutions and fueled market growth
- Rising Demand for Cloud Product Lifecycle Management Solutions Triggering Growth in Overall Market: Cloud product lifecycle management solutions are witnessing increased demand from numerous end-use industries. Cloud product lifecycle management solutions offer real-time collaboration and can be implemented easily. Furthermore, cloud product lifecycle management solutions are cost-efficient, which is making them suitable choice across various end-use industries. Increasing demand for cloud-based solutions is fueling the growth in product lifecycle management (PLM) market.
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Product Lifecycle Management (PLM) Market: Key Drivers
- Rising demand for remote monitoring of manufacturing activities during COVID-19 pandemic is a key growth driver of global product lifecycle management market
- Rising demand for customized product lifecycle management solutions is augmenting the growth in global market
Product Lifecycle Management (PLM) Market: Regional Market Insights
It is anticipated that countries in Asia Pacific, Middle East and Africa, and South America will offer significant growth opportunities for global product lifecycle management (PLM) market, in future
Product Lifecycle Management (PLM) Market: Key Players
Presence of numerous well-established players has ensured that the competition in overall product lifecycle management (PLM) market is intense.
Leading product lifecycle management (PLM) market players are making huge investments in research and development activities to produce improved solutions that could meet the requirements of customers in different end-use industries.
Some of the leading players in global PLM market include Siemens, Dassault Systems, IBM Corporation, Accenture PLC, and Hewlett-Packard.
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Global Product Lifecycle Management (PLM) Market: Segmentation
Product Lifecycle Management (PLM) Market, by Software
- On Premise
- CAD/CAM/CAE (CAx)
- Numerical Control (NC)
- Simulation and Analysis (S&A)
- Electronic Design and Automation (EDA)
- Architecture, Engineering and Construction (AEC)
- Collaborative Product Definition Management (CPDM)
- Digital Manufacturing
- Others
- Cloud-based
- CAD/CAM/CAE (CAx)
- Numerical Control (NC)
- Simulation and Analysis (S&A)
- Electronic Design and Automation (EDA)
- Architecture, Engineering and Construction (AEC)
- Collaborative Product Definition Management (CPDM)
- Digital Manufacturing
- Others
Product Lifecycle Management (PLM) Market, by End Use
- Automotive & Transportation
- Aerospace & Defense
- Industrial Machinery & Heavy Equipment
- Electronics & Semiconductor
- Energy & Utilities
- Consumer Products & Retail
- Medical Devices & Pharmaceutical
- IT & Telecom
- Others
Product Lifecycle Management (PLM) Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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