The global product life cycle management market is expected to get good thrust from various dynamics as reported by Market Research Future (MRFR). The PLM market is showing scopes to surpass USD 60 billion mark by 2023 with a CAGR of 7% during the forecast period covering 2018 to 2023. This market stands to benefit from the rapid integration of various latest technologies like internet of things and cloud. Companies are also looking at these types of software as an effective measure to ease the workflow and curb the cost of handling various operations.
However, the initial installation cost could be a deterrent and the lack of efficient operators for such tools may delay the market.
The global market report containing various details of the product life cycle (PLC) management market has been segmented by MRFR analysts on the basis of component, deployment mode, and end user to ensure an easy understanding of how the market is shaping up.
By component, the review of the product life cycle (PLC) management market comprises application/software and service. The product lifecycle management (PLM) software market is getting substantial backing from the rising uptake of the system.
By deployment mode, the product life cycle (PLC) management market includes on-premise and on-cloud. The cloud segment has a better chance of growth as the demand for its support is rising.
By end-user, the product life cycle (PLC) management market includes a study of industries like industrial machinery, automotive and transportation, retail, aerospace and defense, electronics and semiconductors, pharmaceuticals, energy and utilities, IT & telecom, and others. The retail sector is contributing to the market growth in significant ways.
Easy inclusion of technologies, better infrastructural support, investment scope, and others are expected to boost the market prospects of North America. Major companies are driven by this idea of creating a space for latest technologies, which is supporting the growth.
The global product life cycle management market relies on contributions made by companies like IBM Corporation (US), SAP SE (Germany), Atos SE (France), Dassault Systemes (France), PTC Inc (Japan), Autodesk Inc (US), Accenture PLC (Ireland), Siemens AG (Germany), Oracle Corporation (US), Hewlett-Packard Company (US), Aras Corporation (US), and others. Understanding the contribution of these companies means a proper discussion of the strategic tools deployed by them. MRFR analysts have recorded those latest changes to get information about how they are planning their steps ahead and what trends are paving the way. Merger, acquisition, product branding, collaboration, innovation, launching, research funding, and other innovative marketing strategies have been included in this report as a part of the study.
In August 2020, Tokmanni, a company known as the largest general discount retailer in Finland, Europris, and Norway, announced that it has selected CBX Software’s Product Lifecycle Management (Retail PLM) solution to increase its performance efficiency. CBX Software is known for its ability to provide the most innovative enterprise solutions for various private label general merchandise, pet, fashion, furniture, and value brand retailers. CBX is known to have facilitated strategic product development, supply chain automation, sourcing, and digital transformation goals for diverse retailers and eminent brands.
During the COVID-19 crisis, companies have witnessed a sharp fall in their returns owing to which the general tendency is to opt for a product that would increase efficiency and reduce cost in several ways. This is expected to spur the demand for product life cycle management software.
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