Apr 01, 2020 (AmericaNewsHour) -- The global market for product lifecycle management (PLM) is expected to bolster at a compound annual growth rate (CAGR) of 8.3% to reach at USD 76.0 Billion by 2022. Factors such as growing focus on disturbing product innovation and rising need in small and medium business markets are anticipated to drive the PLM market globally. Further, commercialization and consequent need for technology solutions that help with business objectives and venture capital is estimated to boom global PLM market by noteworthy revenue by the end of 2022.
The global product lifecycle management market is segmented into component type and end users. Among component type segment, the market is segmented into software and services. With 57% of share in 2015, PLM services segment dominated the global PLM market followed by software. Whereas, based on end users, the global product lifecycle management (PLM) market is segmented into IT and telecom, transportation, electronics, aerospace, defense, consumer, retail and healthcare. With 24% share, aerospace and defense dominated the global Product Lifecycle Management (PLM) market in 2015 and is anticipated to grow at sufficient CAGR over the forecast period.
In the regional segment, with approximately 34.0% of market in 2015, North America holds the top rank in global product lifecycle management (PLM) market. The market in the region is anticipated to foster owing to high capital investments on product management systems by major companies belonging to various sectors such as IT, telecom and transport among others.
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Middle East and Africa (MEA) region is anticipated to witness the highest expansion at a CAGR of 14.5% in the Product Lifecycle Management (PLM) market over the period 2015-2022.
Product Lifecycle Management (PLM) Market to Reap Excessive Revenue with USD 76.0 Billion By 2022Growing Demand for Lucrative and Time-Saving Product Management
Rising necessity of an innovative, cost-effective and time saving product management process is likely to drive the growth of global product lifecycle management (PLM) market over the period 2015-2022.
In addition to that, rising adoption of Product Lifecycle Management (PLM) in retail, pharmaceutical and consumer goods industry is also believed to garner the growth of global PLM market in future.
However, lack of interoperability among divergent product versions coupled with low acceptance of PLM services by SMEs (small and medium-sized enterprises) is expected to dampen the growth of global product lifecycle management (PLM) market in coming years.
The report titled "Global Product Lifecycle Management (PLM) Market Analysis & Opportunity Outlook 2022" delivers detailed overview of the global product lifecycle management (PLM) market in terms of market segmentation by component type, end-users and by geography.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the global product lifecycle management (PLM) market which includes company profiling of SAP SE, IBM Corporation, Dassault Systemes, Atos SE, Autodesk Inc., PTC Inc., Siemens AG, Accenture PLC, Hewlett-Packard Company and others.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global product lifecycle management market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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The post Product Lifecycle Management (PLM) Market Growth Analysis, Top Companies, Industry Overview, CAGR 8.3% to reach at USD 76.0 Billion, Demand Regional Analysis and Forecast 2022 appeared first on America News Hour .