DUBLIN--(BUSINESS WIRE)--The "Product Lifecycle Management Market by Software (Collaborative Product Definition Management (cPDm) Software, Mechanical Computer Aided-Design Software (MCAD) and others), Service, Deployment, Organization, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Product Lifecycle Management Market is Projected to Grow from USD 50.7 Billion in 2019 to USD 73.7 Billion by 2024, at a CAGR of 7.8%.
Increasing need to build a product innovation platform would support product lifecycle management-enabled applications.
This market is driven by the Growing demand for cloud-based product lifecycle management solutions for scalability and secure IT infrastructure. On the other hand, lack of interoperability and integration of complex systems, are one of the major restraints for the product lifecycle management market growth.
Product lifecycle management software is expected to hold the major market size during the forecast period.
The product lifecycle management refers to a wide range of software products used in the management of trade exhibitions, conferences, and events. It helps help companies to manage their product's lifecycle by offering a data warehouse for all the information that impacts the product.
The software can be utilized to automate the handling of product-related data and to integrate the data with other processes such as manufacturing execution systems (MES) and enterprise resource planning (ERP). The product lifecycle management segment is further divided into Mechanical Computer Aided-Design Software (MCAD), Collaborative Product Definition Management (cPDm) Software, Simulation, and Analysis Software and Digital Manufacturing (DM) Software.
On-premises deployment is expected to hold the major market size during the forecast period.
The on-premises deployment type refers to the installation of the product lifecycle management on the premises of an organization rather than at a remote facility. On-premises solutions are delivered with a one-time licensing fee, along with a service agreement. Furthermore, deployment of this solution requires huge infrastructure and a personal data center, which is affordable only for large organizations. Hence, SMEs often face the dilemma of choosing between the hosted and on-premises solutions.
In spite of advantages, such as control over the system and data, and dedicated staff for maintenance and support, the on-premises deployment type has various drawbacks, which include high deployment costs and good infrastructure requirements that are not always possible for every organization. The growth of the on-premises deployment type is expected to be affected by the rapid development of cloud computing solutions.
North America is expected to hold the major market size during the forecast period.
The North American region consists of developed countries, such as the US and Canada. This region is open to the adoption of new and emerging technologies. Moreover, its strong financial position enables allows it to invest heavily in the adoption of the latest and leading tools and technologies for ensuring effective business operations. Such advantages help organizations in this region gain a competitive edge. North America has the first-mover advantage in the adoption of new technologies, such as IoT and AI.
The factors expected to be driving the growth of the product lifecycle management market in North America are the stable economy, technological enhancements, and advanced infrastructure costs. APAC is one of the fastest-growing regions and has a favorable market for product lifecycle management and service vendors. India, China, Australia, and Japan are major contributors to the product lifecycle management market growth in APAC.
- Growing Focus on Developing Groundbreaking Smart Products and Factories
- Increasing Need to Build Product Innovation Platforms Would Support Product Lifecycle Management-Enabled Applications
- Growing Demand for Cloud-Based Product Lifecycle Management Solutions to Achieve Scalability and Secure IT Infrastructure
- Lack of Interoperability and Integration of Complex Systems
- Leveraging Innovative Technologies to Streamline the New Product Development Process
- Increasing Integration of Product Lifecycle Management Solutions With Internet of Things Platforms
- Slow Adoption of Product Lifecycle Management Solutions Among Small and Medium-Sized Enterprises
- Use Case 1: RBR Ltd
- Use Case 2: Techn GmbH
- Use Case 3: Schlatter
- Use Case 4: Navantia
- Bamboo Rose
- Dassault Systems
- RBR Ltd
- Techn GmbH
For more information about this report visit https://www.researchandmarkets.com/r/fwix1g