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Global Product Life-Cycle Management IT Market to Register Substantial Expansion by 2024

Press Release   •   Feb 28, 2017 06:57 EST

Product life-cycle management (PLM) is an information system that can integrate data, processes, business systems, and eventually people in an extended enterprise. PLM software allows a company to manage information throughout entire lifecycle of product efficiently and cost-effectively. It includes processes from ideation, design and manufacture and disposal of the product.

PLM includes both an information strategy and an enterprise strategy. In information strategy, it includes coherent data structure by consolidating systems. In enterprise strategy, it enables global organizations work as a single team to design, produce, support, and retire products. PLM software empowers business to make unified, information driven decision at every stage of product life cycle

North America region is fastest growing market in PLM software adoption. The demand for mechanical computer aided design (MCAD) and electronic computer aided design (ECAD), and other PLM software in countries such as the U.S. and Canada is driving the growth of the market.

In Asia-Pacific region, PLM market in aerospace and defense sector holds excellent growth potential. Cloud based PLM software are also gaining popularity in countries such as China and India that will further drive the market.

In Europe region, regulatory compliance, increased safety, enhanced design innovation, and product processes are cornerstones for the growth of advanced PLM software in Europe. Further, intensifying concern about safety and decreasing, maintenance expenditure will catalyze the PLM software market in Europe. In Latin America and Middle East and Africa regions, PLM business and deployment models are undergoing changes due to the innovation of cloud based PLM software.

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Autodesk Inc., Dassault Systems, PTC Inc., Siemens Product Life Cycle Management Inc., Oracle Corporation, and SAP SE, are some the leading players of global product life-cycle management (PLM) IT market.

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