Product Life-Cycle Management (PLM) IT Global Market Report 2024

The product life-cycle management (PLM) IT market size has grown strongly in recent years. It will grow from $22.73 billion in 2023 to $24.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historical period can be attributed to an increased pace in product operations, the generation and management of data, compliance with regulatory standards and safety measures, a focus on smart products, and the necessity for comprehensive platforms.

The product life-cycle management (PLM) IT market size is expected to see strong growth in the next few years. It will grow to $32.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to the increasing demand for autonomous cars, the heightened adoption of industrial IoT (IIoT), the growing demand for cloud-based solutions, the need for mechanical computer-aided design (MCAD) and electronic computer-aided design (ECAD), and the rising demand for product-user integration. Key trends expected in the forecast period encompass technological advancements, the integration of IoT with PLM solutions, the growth of technologically sophisticated solutions, digital transformation initiatives, and the increasing incorporation of IoT in the manufacturing of smart automobiles.

The anticipated surge in the utilization of digital transformation is set to drive the growth of the product lifecycle management (PLM) IT market. Digital transformation involves the comprehensive integration of digital technologies, processes, and strategies throughout an organization. This adoption is fueled by technological advancements and a growing recognition of its benefits across various industries. The integration of digital transformation enhances product lifecycle management (PLM) IT, streamlining design, production, and maintenance processes for efficient and collaborative product development at every stage. For example, a report from the UK-based intergovernmental organization, the Office of Communications, predicts a 20.7% increase in global end-user spending on public cloud services from £395.7 billion ($434.4 billion) in 2022 to £477.7 billion ($524.41 billion) in 2023. Additionally, Eurostat, a Luxembourg-based statistics body for the European Union, reported in December 2021 that 41% of organizations utilized cloud computing services in 2021, marking a 5-percentage point increase from 2020. Hence, the growing adoption of digital transformation is steering the growth of the product lifecycle management (PLM) IT market.

Leading companies in the product lifecycle management (PLM) IT market are concentrating on developing innovative solutions, such as Fusion 360, which integrates computer-aided design (CAD), computer-aided manufacturing (CAM), and computer-aided engineering (CAE) capabilities. In December 2023, Autodesk, Inc., a US-based software corporation, introduced Fusion 360, a cloud-based platform seamlessly combining CAD, CAM, and CAE functionalities. This integration empowers users to design, simulate, and manufacture products within a unified platform, streamlining the product development process.

In June 2022, ITC Infotech, an India-based technology services and solutions provider, acquired PTC's PLM consulting and professional services business for an undisclosed amount. The acquisition led to the establishment of a new business unit named DxP Services, aiming to collaborate on developing joint offerings that expedite customer digital transformation initiatives. PTC, a US-based company, offers a range of consulting and professional services, including PLM.

Major companies operating in the product life-cycle management (plm) it market are Hewlett-Packard Company, Accenture plc, Oracle Corporation, SAP SE, Tata Consultancy Services Limited, Atos SE, Dassault Systèmes SE, Synopsys Inc., Autodesk Inc., ANSYS Inc., Siemens Product Lifecycle Management Software Inc., IFS AB, PTC Inc., Arena Solutions Inc., Centric Software Inc., Anaplan Inc., Bamboo Rose LLC, Kalypso LP, Plex Systems Inc., Onshape Inc., PropelPLM Inc., Plex Systems Inc., Onshape Inc., PropelPLM Inc., Aras Corporation, Inflectra Corporation, BigLever Software Inc., Infor LLC.

North America was the largest region in the Product life-cycle management (PLM) IT market in 2023. The regions covered in the product life-cycle management (plm) it market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the product life-cycle management (plm) it market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Product Lifecycle Management (PLM) IT is the process of integrating information technology tools and solutions to manage a product's complete lifecycle, from its inception through design, manufacturing, distribution, and final retirement or destruction. PLM IT provides a centralized platform for storing and managing product-related data, ensuring that all stakeholders have access to up-to-date and accurate information, thereby reducing the risk of errors and miscommunication.

The main components of Product Lifecycle Management (PLM) IT are software and services. Software refers to a set of instructions and data that enable a computer to perform specific tasks or functions. Various functions include system engineering (SE), product portfolio management (PPM), product design, and manufacturing process management (MPM), and these are applied in various applications such as information technology (IT), telecommunications, and others.

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

The product lifecycle management (PLM) IT market includes revenues earned by entities by providing services such as design collaboration, version control, change management, and integrated data management to optimize product development processes. The market value includes the value of related goods sold by the service provider or included within the service offering. The product life-cycle management (PLM) IT market also consists of sales of software and services related to managing and optimizing the entire life cycle of a product, from conception to disposal. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.


This product will be delivered within 3-5 business days.