The Asia Pacific Product Lifecycle Management Market would witness market growth of 7.2% CAGR during the forecast period (2021-2027).
The deployment of PLM solutions at the product innovation stage can help in decreasing the operational costs and marketing time along with motivating innovations in business operations. These advantages are projected to fuel the demand for PLM solutions in the market. The trend of smart factories and the implementation of smart manufacturing solutions, especially by SMEs, for reduced-cost, and personalized solutions, are estimated to bolster the growth of the product lifecycle management market. Though, key challenges related to the integration and costs of implementation & concerns about data security are anticipated to slow down the market growth during the forecast period.
There are various new enhancements witnessed in the PLM market in the past few years, especially in terms of advanced software capabilities. The launch of IoT-enabled PLM solutions is among the major developments of the PLM market. The incorporation of IoT with PLM solutions has enabled the PLM solution providers to improve their capabilities, thus enabling the extraction of data regarding product development & delivery process in real-time and more focus on quality management in the post-manufacturing stage.
With the exploding digitalization and industrialization in the emerging nations of the region, the demand for product lifecycle management would increase in the coming years. The latest digital technologies are transforming the healthcare & pharmaceutical sector in Vietnam because digital technologies are a constructive way to enhance efficiency and promoting cost control without negotiating on patient care. Several initiatives by the Australian government are motivating various companies to adopt PLM solutions.
There are many other countries in the Asia Pacific region; which are taking many numbers of supportive initiatives that are playing a key role in the adoption of various innovative technologies by SMEs and large organizations. The companies are increasingly investing in the usage of the latest technologies and solutions for boosting productivity and improved efficiency, which would augment the demand for PLM solutions in this region.
The China market dominated the Asia Pacific Portfolio Management Product Lifecycle Management Market by Country 2020, thereby, achieving a market value of $430.8 million by 2027. The Japan market is showcasing a CAGR of 7.7% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 8.9% during (2021 - 2027).
Based on Software Type, the market is segmented into Design & Engineering Management, Manufacturing Operations Management, Portfolio Management, Simulation, Testing, & Change Management, Quality & Compliance Management and Others. Based on Deployment Type, the market is segmented into Cloud and On-Premise. Based on End User, the market is segmented into Automotive & Transportation, IT & Telecom, Aerospace & Defense, Retail, Healthcare, Semiconductor & Electronics, Industrial Equipment & Heavy Machinery and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Product Lifecycle Management Market is Projected to reach USD 41.9 Billion by 2027, at a CAGR of 6.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Oracle Corporation, Siemens AG, Dassault Systemes SE, IBM Corporation, Hewlett Packard Enterprise Company, Accenture PLC, Autodesk, Inc., Tata Consultancy Services Ltd. and Infor, Inc.
By Software Type
By Deployment Type
By End User
By Country
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