The Global Market for Product Lifecycle Management (PLM) is Projected to Reach US$65.8 Billion by 2022

Business Focus on Disruptive Product Innovation Makes Product Lifecycle Management Indispensable to Businesses in the Post Recession Era, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Product Lifecycle Management (PLM) market. The global market for Product Lifecycle Management (PLM) is projected to reach US$65.8 billion by 2022, driven by the growing focus on disruptive product innovation and the ensuing need for technology solutions that help align product development processes, systems and investments with business objectives.

The modern market and business environment is rapidly changing. While innovation has always been the key to business success, in the current volatile and tough economy, disruptive innovation is what brings real success in the marketplace. The economic importance and value of disruptive innovation is growing by leaps and bounds. Defined as innovation that helps create new products, markets and value networks that disrupts established standards in value creation, disruptive innovation is the new-growth builder in the post-recession era. Product innovation that is transformative has the potential to create massive economic value in terms of reduced costs, increased profits and creation of new market opportunities. Unlike plain old innovations which are incremental, disruptive innovations are breakthrough innovations that usurp dominant players in the market by breaking down traditional rules of the game. Disruptive innovation greatly increases the odds of success of mid-tier players, especially smaller and medium sized companies. Disruptive innovation is emerging into a key competitive strategy given its ability to paralyze dominant players and industry leaders by attacking value creation in unexpected ways, mostly from the bottom. The scenario is generating massive interest in and huge demand for Product Lifecycle Management (PLM) solution.

The primary tenets of PLM offer the foundation needed for disruptive innovation. Integrated PLM solutions help improve product innovation by helping reduce product development cycle, by continuously generating vital data about the product’s performance in the market, and by providing companies the ability to re-use PLM information and knowledge for successive product innovations and enhancement. The many benefits offered by PLM help increase the productivity and efficiency of innovation, making it a major driver of disruptive innovation. PLM helps companies optimally capitalize on emerging needs of the market by enabling companies to timely develop products suited to changing market needs and conditions. PLM also helps effectively develop products for underserved market and niche segments, where disruptive innovation mostly occurs. Also the role of PLM is growing bigger in the emerging era of IoT and product as a service offering. Given PLM’s potential to drive profitability and efficiency, adoption rates are rising across a wide range of industries such as packaging, FMCG, pharmaceuticals, construction, oil & gas, life sciences, apparel & fashion, transportation, automobile, shipbuilding, and mining, among others.

As stated by the new market research report on Product Lifecycle Management (PLM), Europe represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 8.6% over the analysis period, led by factors such as developing business and services sector, expanding manufacturing industry, growing focus on collaborative product development, and steady migration to intelligent manufacturing.

Major players in the market include Accenture, Aras Corporation, Arena Solutions Inc., Autodesk Inc., Centric Software Inc., Computer Science Corporation, Dassault Systemes SA, Enginuity PLM LLC, Gerber Technology, Hewlett-Packard Development Company, International Business Machines Corporation, Lectra SA, MSC Software Corporation, Omnify Software Inc., Oracle Corporation, Parametric Technology Corporation, Selerant, Siemens PLM Software Inc., Tata Technologies Limited, and T-Systems International GmbH, among others.

The research report titled “Product Lifecycle Management (PLM): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Segments analyzed in the report include cPDm Applications, Tools, and Digital Manufacturing Solutions.

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