According to a new report Global Product Lifecycle Management Market, published by KBV research, The Global Product Lifecycle Management Market size is expected to reach $41.9 billion by 2027, rising at a market growth of 6.8% CAGR during the forecast period.
The simulation, testing, and change management segment is projected to witness the fastest growth rate during the forecast period. Simulation & testing management solutions enable companies to manage and control the simulation tools, processes, data, and workflows in terms of a complete product lifecycle management system. Some of the factors bolstering the growth of the segment are increasing requirements to maintain and standardize the processes, surge traceability, decrease the deployment costs, and boost industrial automation.
The cloud segment acquired the maximum revenue share of the product lifecycle management market in 2020 and is anticipated to witness a significant growth rate during the forecast period. SaaS deployment is becoming one of the popular methods for the implementation of PLM software. There are several benefits offered by PLM solutions like flexibility, scalability, security, and control over data, which are estimated to augment the adoption of cloud-based deployment of the PLM software.
North America emerged as the leading region in the product lifecycle management market in 2020 by acquiring the highest market share. This region has been on the top in the adoption of various new, advanced IT & telecommunications technologies. Large enterprises in this region are majorly updating their PLM solutions with the changing technology trends to help in customer-centric product development. Further, the presence of various key market players is also propelling the growth of the regional PLM market.
Full Report: https://www.kbvresearch.com/product-lifecycle-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Geography
Companies Profiled
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