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Product Lifecycle Management (PLM) Market Expected to Reach US$ 75.87 Bn by 2022 Globally: Transparency Market Research

Press Release   •   Jun 01, 2017 16:39 EDT

The growing need for product innovation, productivity enhancement as well as reduction in operational cost are the key factors driving the growth of product lifecycle management (PLM) market. A PLM solution can increase the productivity of a system substantially by providing various tools and methodologies to reduce redundancies. The PLM vendors have also started offering various customized PLM solutions according to the need of the enterprises, further aiding the growth in demand. The PLM market also faces some challenges such as low interoperability between different product versions, competitive products, data formats, data models and databases. The global PLM market has generated revenue of $40.26 Bn in 2014 and is projected to grow at a CAGR of 8.1% during the forecast period (2015 – 2022) to reach a market size of US$ 75.87 Bn by 2022.

The PLM considered here includes both software and service components. Based on the deployment type, PLM software can be segmented into on-premise and cloud-based. Different on-premise and cloud-based PLM software types include CAD/CAM/CAE (CAx), numerical control (NC), simulation and analysis (S&A), architecture, engineering and construction (AEC), collaborative product definition management (CPDM), digital manufacturing, electronic design automation (EDA), and others. In 2014, on-premise PLM software occupied a major share of the PLM software market. This was due to the large demand for on-premise PLM solutions due to the concerns related to security and accessibility in various end-use sectors for cloud-based solutions. However, increasing security of cloud and access to increased features over cloud are driving the demand for cloud-based PLM software. The cloud-based PLM solutions are increasingly being deployed by enterprises across the globe. The cloud-based implementation models lower the costs by avoiding the need for infrastructure investments along with the increase in scalability, and accessibility to information, processes, and functions. The SMEs are more likely to adopt cloud-based PLM solutions during the coming years due to its low cost. 

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The market is estimated to grow at a CAGR of 8.1% during the forecast period from 2015 to 2022. The rising demand for product innovation, productivity enhancement, reduction in operational costs as well as increasing deployment of PLM solutions in the non-traditional end-use sectors such as consumer products and retail, medical devices and pharmaceutical are some of the key factors driving the growth of PLM market, globally.

North America was the largest market for PLM in the year 2014 accounting for a market share of around 33%. North America is a mature market in terms of adoption of PLM solutions due to high investments in various end-use segments in technologies to reduce the time-to-market products and reduce the overall cost of production. The Middle East and Africa (MEA) region is expected to be the fastest growing market for PLM with estimated CAGR of 14.7% during the forecast period. Until now, MEA had a comparatively low adoption of PLM; however, the continued growth in industrial sector is expected to lead to significant growth of PLM market during the coming years.

On the basis of component types, the PLM services had the largest share of around 56% in 2014, while the rest of the share was held by PLM software segment. The cloud-based PLM software market is expected to grow at a faster rate with a CAGR of 17.7% during the forecast period from 2015 to 2022. The traditional PLM solutions are generally costly and complex for SMEs that have limited resources for undergoing product development and engineering change. Therefore, PLM cloud-based solutions have enabled the SMEs to have minimum investments for maintaining their product design efforts. The PLM vendors have started providing various cloud-based offerings in their portfolio which has increased the growth rate of cloud-based PLM software segment during the forecast period. Additionally, cloud-based PLM solutions also support integration of analytics solutions and mobile devices at a lower cost.

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The growth of CAx segment is driven by the demand for lowering time-to-market products among enterprises. During the coming years, the market for both on-premise and cloud-based CAx solutions is expected to be majorly driven by the demand from SMEs as these enterprises have started investing in the standalone software to have better visualization of the product as well as reduction in operational costs. 

Aerospace and defense was the largest end-use segment of the PLM market in 2014. This segment has a significantly long product development cycle and in order to manage this, the companies in this sector started adopting PLM solutions in wide manner. The increasing global competition, reduction in budgets related to defense and aerospace, and a rising commercial aircraft backlog would significantly drive the demand for PLM in the companies in aerospace and defense sector. The non-traditional end-use sectors such as consumer products and retail, and medical devices and pharmaceutical have also started using PLM solution and services in order to increase their production efficiency. Thus, the growing demand from non-traditional end-use sectors is also one of the major factors that drive the growth of PLM market globally. 

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