Product Lifecycle Management Market Report 2025

The product lifecycle management market size has grown strongly in recent years. It will grow from $38.92 billion in 2024 to $41.28 billion in 2025 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to growing demand for cloud-based product lifecycle management solutions, emerging markets growth, increased internet penetration, demographic shift, product innovation platforms and rising penetration of e-commerce.

The product lifecycle management market size is expected to see strong growth in the next few years. It will grow to $59.31 billion in 2029 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to growth in the forecast period resulted from the growing adoption of product lifecycle management (PLM) by end-use industries, complexities of smart products and intelligent factories, increasing mergers and acquisitions, rising adoption of integrated IoT solutions in PLM applications. Major trends in the forecast period include adoption of cloud deployment, artificial intelligence (AI) in product lifecycle management, secured business platforms to run their business and collaboration, implementing digital augmented reality and virtual reality, electronic design automation (EDA), additive manufacturing, adoption of 5G in product lifecycle management process.

The increased adoption of digitalization is anticipated to drive the growth of the product lifecycle management (PLM) market. This shift toward digitalization is driven by the need for enhanced efficiency, streamlined workflows, and improved collaboration throughout product development cycles, allowing companies to innovate more rapidly and remain competitive in fast-changing markets. PLM supports digitalization by offering a centralized platform for managing product data, processes, and collaboration, enabling organizations to integrate digital technologies, streamline workflows, and enhance decision-making across the entire product lifecycle. For instance, in November 2023, the European Central Bank, based in Germany, reported that the total number of non-cash payments in the Eurozone increased by 8.8% to 65.9 billion in the second half of 2022 compared to the first half of the year. The total value of these payments rose by 2.8%, reaching €118.8 trillion ($128.55 trillion). Therefore, the growing adoption of digitalization is propelling the expansion of the product lifecycle management market.

The implementation of integrated Internet of Things (IoT) solutions and adaptable infrastructure, supported by the increasing deployment of cloud-based solutions in PLM systems, is expected to enhance market growth. Major players in this sector are focusing on incorporating integrated IoT applications into their PLM product offerings. For instance, a report from the GSM Association, a UK-based nonprofit industry organization, projected that the number of IoT connections will exceed 23 billion by 2025, up from 15.1 billion in 2021. As a result, the growing adoption of integrated IoT solutions in PLM applications is contributing to the market's growth in the forecast period.

Leading companies in the product lifecycle management market are concentrating on developing innovations like centralized data management, which offers a unified platform that improves data visibility and control over asset management processes. Centralized data management involves the storage, organization, and management of data within a single, central repository or system. For example, in July 2024, Trimble Inc., a US-based software company, launched Trimble Unity, aimed at comprehensive asset lifecycle management. This end-to-end asset lifecycle management software suite seeks to enhance asset performance, stakeholder collaboration, and budget optimization. The solution combines cloud-based construction management, GIS-centric enterprise asset management, and efficient permitting capabilities. It centralizes data management to improve visibility and can reduce asset ownership costs by up to 40%. This integrated platform consolidates various existing tools, enhancing accessibility and collaboration across asset data.

Key players in the product lifecycle management market are forming strategic partnerships to boost product innovation. These collaborations facilitate the integration of advanced technologies, broaden market reach, improve system interoperability, enhance customer support, and accelerate product innovation and time-to-market efficiency. For instance, in April 2024, Lallemand Health Solutions, a pharmaceutical company based in Canada, partnered with DSM-Firmenich, a science company located in the Netherlands, to introduce early-life synbiotic solutions that blend probiotics with human milk oligosaccharides (HMOs). This partnership aims to leverage the strengths of both companies in nutrition and health, thereby improving the lifecycle management of new product development targeting infant nutrition.

In March 2022, Trace One, a software development company based in France, acquired Selerant for an undisclosed amount. This acquisition is intended to enhance Trace One's product lifecycle management capabilities and broaden its offerings in the food and beverage sector. Selerant is a software company based in the United States.

Major companies operating in the product lifecycle management market include Oracle Corporation, Siemens AG, PTC Inc., Dassault Systèmes SE, Autodesk, Inc, SAP SE, Arena Solutions, Infor, Aras Corporation, Odoo, Jama Connect, Anvyl, PDXper, OpenBOM, Diota, Masters of Pie, Sopheon PLC, Capgemini, Accenturs, Lectra SA, IBM Corporation, Epicor Software Corporation, Deloitte Consulting and TCS, IFS, Propel, FusePLM, Bamboo Rose, Inflectra, DXC Technology Co., Gerber Technology, Centric Software, Inc, Biglever software, Selerant Corporation, Metalfor, ISO Qualitas, Indish Technologies, Mckit Systems, Product one.

North America was the largest region in the product lifecycle management market in 2024. The regions covered in the product lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the product lifecycle management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Product Lifecycle Management (PLM) involves overseeing every stage of the product journey, from raw material to the finished product, encompassing manufacturing and marketing processes. The PLM process covers aspects such as pricing, advertising, and decision-making related to expansion or cost reduction, providing organizations with valuable insights for strategic business decisions.

The key components of the product lifecycle management market consist of software and services. PLM software facilitates strategic collaboration with partners and customers by providing reliable and current product information. PLM systems can be deployed either on-premise or in the cloud. End-users of PLM span across various industries, including automotive and transportation, industrial machinery, electronics and semiconductors, retail, energy and utilities, aerospace and defense, pharmaceuticals, IT and telecom, among others.

The product lifecycle management (PLM) market research report is one of a series of new reports that provides product lifecycle management (PLM) market statistics, including product lifecycle management (PLM) industry global market size, regional shares, competitors with a product lifecycle management (PLM) market share, detailed product lifecycle management (PLM) market segments, market trends and opportunities, and any further data you may need to thrive in the product lifecycle management (PLM) industry. This product lifecycle management (PLM) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The product life cycle management market includes revenues earned by entities by providing solutions and services that provide solution such as initial design through manufacturing, supply chain management and operations, and asset maintenance by incorporating digital solutions, data, and data processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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