Nov 27, 2020 (The Expresswire) -- Global “ Product Lifecycle Management (PLM) Software Market ” Research Report 2020 - 2024 is made to give the market scene and limitless rule about contemporary market size, share, driving variables, patterns, reformist development, and predominant players of the Product Lifecycle Management (PLM) Software market. The report serves in general data available to top makers, wholesalers, merchants, vendors. It will assist them with understanding the item scope, market diagram, market-main thrust, innovative progression, market danger, openings, and examination discoveries.
The Product Lifecycle Management (PLM) Software market is isolated into the item, end-use area, and district. In addition, key organizations are examined dependent on their budgetary viewpoints, their innovative work statuses, just as their development procedures for the coming years, have been featured in the report. Contingent upon the division, the examination record uncovers the item advancement, benefit, cost, market worth, and improvement proportion of each sort.
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Product Lifecycle Management (PLM) Software Market Report Segmented by Regions : North America, Europe, Asia-Pacific (APAC), Middle East and Africa, Rest of World (ROW). This Product Lifecycle Management (PLM) Software market research report focuses on theKey Manufacturers Profiles in DetailwithGranular Analysisof theMarket Share, Production Technology, Market Entry Strategies,Revenue Forecasts, andRegional Analysisof the Market.
The Product Life Cycle Management (PLM) Software market was valued at USD 43.5 billion in 2017 and is expected to reach USD 63.2 billion by 2023, registering a CAGR of 6.4% during the forecast period (2018 - 2023). The report profiles the on-cloud and on-premise providers of product life cycle management software and service for various industries.
Product lifecycle management (PLM) software is a process, which supports in coordinating and managing the complex cross-functional practices, thereby, delivering the best possible product. The PLM Systems, as an enabling technology for PLM, leads the product from its conception and manufacturing to its retirement and disposal. The PLM systems offer optimization in the development process by giving a competitive and cost-effective solution with high quality. The factors, such as growing need for enhanced and sustainable solutions by manufacturers, need for integrated solutions, and dynamic feature of flexible scale-up or scale-down infrastructure are expected to boost the PLM market.
However, issues related to high cost and complexity related to PLM software are estimated to challenge the growth of the market.
Automotive Sector is expected to grow at a Significant Rate
Many automotive manufacturing companies need PLM software as it deals with various functional levels of an organization, such as product designing, design engineering, and manufacturing. The increasing use of digital manufacturing and rising integration of IoT in producing intelligent cars is one of the key trends that is expected to drive PLM software market in the automotive sector, during the forecast period. Tesla has integrated ENOVIA (cPDM software) and CATIA (CAD software) with DELMIA to simulate the manufacturing facility and process in the manufacturing of its Model S.
The need for safety features in automobiles is further expected to drive the market for PLM in the automotive industry during the forecast period. The increase in the number of deaths by road accidents has forced governments across the world to adopt better safety features in their automobiles, which, in turn, is expected to reduce the number of deaths caused by accidents. For instance, Mandatory crash tests for all vehicles in India initiated in 2014. Safety standards are expected to be enforced entirely by 2018.
North America is expected to have Highest Market Share
North Americaâs strong financial position enables it to invest heavily in advanced solutions and technologies. These advantages have provided the organizations, in the region, a competitive edge in the market. Moreover, the region has the presence of several major product lifecycle management software vendors, such as IBM Corp. (United States), PTC Inc. (United States), Oracle Corporation (United States), and hence, there is a strong competition among the players.
In 2016, the United States light vehicle production reached almost 12 million passenger vehicles, and sales reached up to 17.5 million units in 2016. As PLM software is used in the manufacture and research and development of motor vehicles, such as passenger cars, light commercial vehicles, heavy vehicles, and electric cars, the market for PLM software is set to grow rapidly in the region.
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Topmost List of Key-players of Product Lifecycle Management (PLM) Software Market 2020:-
● IBM Corp. ● PTC Inc. ● Autodesk ● Inc. ● SAP SE ● Siemens AG ● Accenture PLC ● Aras Corporation ● Dassault SystÃ¨mes SA ● Hewlett Packard Enterprise Company ● Oracle Corporation ● Arena Technologies LLC ● Omnify Software ● Inc. ● ApparelMagic ● Infor Inc.
The report focuses on the global market, especially in the United States, Europe, China, Japan, South Korea, North America, and India.
Also, the Report contains a comprehensive analysis of the important segments like market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions.
The Global Product Lifecycle Management (PLM) Software market swot is provided for the international markets including progress trends, competitive landscape breakdown, and key in regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.
The global Product Lifecycle Management (PLM) Software market covers the vision of participant analysis by product types, market share, applications, sales, and revenue.
Highlighted points of Product Lifecycle Management (PLM) Software Market Size:
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Key Developments in the Product Lifecycle Management (PLM) Software Market:
â¢ April 2018: BigLever Software collaborated with PTC Inc. to deliver a new bridge solution that integrates PTCâs Windchill Product Lifecycle Management (PLM) solution with BigLeverâs industry-standard Gears PLE Lifecycle Framework. This partnership with PTC is a significant step forward for BigLever and the continued expansion of the PLE Ecosystem of integrated tools, which is a vital part of its holistic onePLE solution.â¢ August 2017: Siemens acquired TASS International, a global provider of simulation software, plus engineering and test services aimed primarily at the automotive industry to further strengthen Siemens' PLM Software automotive offering.