Product Life-Cycle Management (PLM) IT Market Overview, Outlook, Size, and Share 2024-2033

The product life-cycle management (plm) it global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market. Product Life-Cycle Management (PLM) IT Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities. Market Size - 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 in the historic period can be attributed to increased pace in product operations, data generation and management, regulatory compliance and safety, focus on smart products, need 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 growth in the forecast period can be attributed to the increasing demand for autonomous cars, the increased adoption of industrial IoT (IIoT), the increasing demand for cloud-based solutions, the demand for mechanical computer-aided design (MCAD) and electronic computer-aided design (ECAD), rising demand for product-user integration. Major trends in the forecast period include technological advancements, integration of IoT with PLM solutions, growing technologically sophisticated solutions, digital transformation initiatives, the growing incorporation of IoT in the manufacturing of smart autos. Order your report now for swift delivery @ https://www.thebusinessresearchcompany.com/report/product-life-cycle-management-plm-it-global-market-report Scope Of Product Life-Cycle Management (PLM) IT Market The Business Research Company's reports encompass a wide range of information, including: 1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth. 2. Drivers: Examination of the key factors propelling market growth. 3. Trends: Identification of emerging trends and patterns shaping the market landscape. 4. Key Segments: Breakdown of the market into its primary segments and their respective performance. 5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market. 6. Macro Economic Factors: Assessment of broader economic elements impacting the market. Product Life-Cycle Management (PLM) IT Market Overview Market Drivers - The rising usage of digital transformation is expected to propel the product lifecycle management (PLM) IT market going forward. Digital transformation refers to the comprehensive integration of digital technologies, processes, and strategies across all aspects of an organization. Digital transformation is experiencing adoption due to several reasons, driven by technological advancements and a growing recognition of its benefits to the various industries. Digital transformation enhances product lifecycle management (PLM) IT by seamlessly integrating design, production, and maintenance processes for efficient and collaborative product development across every stage of product development. For instance, in April 2023, according to the Office of Communications, a UK-based intergovernmental organization, global end-user spending on public cloud services is expected to rise by 20.7% from 2022 to 2023, reaching £477.7 billion ($524.41 billion) from 2022 to £395.7 billion ($434.40billion) in 2023. Furthermore, in December 2021, according to an article published by Eurostat, a Luxembourg-based statistics body for the European Union, 41% of organizations reported using cloud computing services in 2021, a 5-percentage point (pp) increase from 36% in 2020. Therefore, the rising usage of digital manufacturing is driving the growth of the product lifecycle management (PLM) IT market. Market Trends - Major companies operating in the product lifecycle management (PLM) IT market are focused on developing innovative solutions, such as Fusion 360, which integrates computer-aided design (CAD), computer-aided manufacturing (CAM), and computer-aided engineering (CAE) capabilities. For instance, in December 2023, Autodesk, Inc., a US-based software corporation, launched Fusion 360, a cloud-based platform that seamlessly combines computer-aided design (CAD), computer-aided manufacturing (CAM), and computer-aided engineering (CAE) functionalities. This integration empowers users to design, simulate, and manufacture products within a unified platform, simplifying product development. Th