ALBANY, N.Y.--(BUSINESS WIRE)--According to a recent market research report published by Transparency Market Research, the global product lifecycle management market is expected to develop at a CAGR of 8.10% during the period between 2015 and 2022. The report, titled “Product Lifecycle Management (PLM) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022”, estimates the global product lifecycle management market to be worth US$75.8 billion in 2022. The overall market was valued at US$40.2 billion in 2014.
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The report points out that the enablement of product innovation, significant reduction in time-to-market products, and reduction in operational costs through PLM solutions will propel the growth of the global PLM market. Increasing demand for PLM solutions from non-traditional sectors such as pharmaceutical, retail, and consumer packaged goods will further boost the market growth. However, the global PLM market will be restrained by low adoption of PLM solutions by small and medium-sized enterprises.
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On the basis of components, the report segments the global PLM market into software and services. In 2014, services sector held 56.0% of the market. The services sector has been further segmented into on-premise and cloud-based services, the latter expected to exhibit a positive CAGR of 17.70% during the forecast horizon.
Among the several end user segments of the global PLM market, the aerospace and defense sector dominated the market with 23.0% of the market in 2014. During the forecast period, sectors such as medical devices, consumer goods, retail, and pharmaceuticals are expected to register the highest growth.
North America has been the leading market for PLM solutions. However, during the forecast period, the Middle East and Africa market will rapidly develop at a CAGR of 14.7%.
Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.