Yahoo Finance An Increase In Product Lifecycle Management Market Use By End-Sectors Propels Its Growth As Per The Business Research Company's Report On The Product Lifecycle Management Market
This report describes and evaluates the global product lifecycle management market. It covers three five-year periods, including 2015 to -2020, termed the historic period, 2020-2025 forecast period and 2025-2030 a further forecast period.
LONDON, Sept. 22, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the product lifecycle management market, 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 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 provides professional services acquired a Japan-based IT company specialized in data analytics software, DI Square’s consulting capabilities for product lifecycle management 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.
In May 2020, Accenture acquired PLM systems for an undisclosed amount. PLM systems is an Italian company that specializes in the design and development of information systems for product lifecycle management. 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.
Major players in the product lifecycle management industry are ANSYS Inc., Accenture, Oracle Corporation, SAP SE, Autodesk Inc., Siemens AG, PTC Inc., Dassault Systèmes SE, Aras Corporation, IBM, and Atos.
The Business Research Company’s report titled Product Lifecycle Management Global Market Report 2021 - By Component (Software, Services), By Deployment (On-Premise, On-Cloud), By End-User (Automotive And Transportation, Industrial Machinery, Electronics And Semiconductors, Retail, Energy And Utilities, Aerospace And Defense, Pharmaceuticals, IT And Telecomm), COVID-19 Growth And Change covers major product lifecycle management companies, product lifecycle management market share by company, product lifecycle management manufacturers, product lifecycle management market size, and product lifecycle management market forecasts. The report also covers the global product lifecycle management market and its segments.
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The global product lifecycle management market is expected to grow from $44.38 billion in 2020 to $49.52 billion in 2021 at a compound annual growth rate (CAGR) of 11.6%. The growth in the product lifecycle management (PLM) market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The PLM market is expected to reach $70.37 billion in 2025 at a CAGR of 9.2%.
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 2020. The regions covered in the product lifecycle management (PLM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Product Lifecycle Management Global Market Report 2021 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide product lifecycle management market overviews, product lifecycle management market analyze and forecast market size and growth for the whole market, product lifecycle management market segments and geographies, product lifecycle management market trends, product lifecycle management market drivers, product lifecycle management market restraints, product lifecycle management market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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