Product Lifecycle Management (PLM) Software Market Overview
The Product Lifecycle Management (PLM) Software Market is expected to register a CAGR of 6.92% during the forecast period of 2022 – 2027. The demand for robust data analytics software platforms in the industry is increasing. These trends have been augmented by the increasing adoption of IoT across the manufacturing industry. PTC’s Windchill is an instance of the PLM software embedded with analytics for discrete manufacturers looking for IoT capabilities. This software can boost the PLM solution to sprint with flexibility.
PLM helps improve approval times and reduce delays by accelerating product introduction to the market, in turn, saving costs for adopters. For example, NEXTracker, a technology development company for solar energy, which develops solar trackers, energy storage solutions, and advanced control software, has recently doubled its global manufacturing capacity to 300 megawatts per week, and with it, the company Arena’s PLM, which helped the company to cut approval and review times by nearly 60%, eliminated time-zone delays and accelerated product introductions by 25%. Such benefits are further augmenting the demand for PLM in the market.
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Advancements of Key Companies’ PLM Software
PLM Software Market – Geographical Overview
The North American region has the presence of several major product lifecycle management software vendors, such as IBM Corp. (United States), PTC Inc. (United States), and Oracle Corporation (United States). Hence, there is strong competition among the players. The automotive sector is growing at a significant rate in North America. As the economic growth of the region has a direct impact on the sales of passenger cars and commercial vehicles, PLM software is mainly used in the product development stage, which starts long before manufacturing begins in the automotive industry. It ensures advanced safety features, electronics, and embedded software content in vehicles.
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Recent Developments in the PLM Software Market
Related Research and Links
List of Key Players in the PLM Software Market
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Mordor Intelligence has segmented the PLM Software Market based on deployment type, end-user, and geography:
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