Transparency Market Research in a report has estimated that the global product lifecycle management market was worth $40.26 bn in 2014. While expanding at a healthy CAGR of 8.1% over the forecast period 2015 – 2022, this market is projected to attain the market value US$ 75.87 bn by the end of 2022.
Based on deployment, the global market of PLM can be segmented into on-premise and cloud deployment. In 2014, on-premise segment contributed to a major share in the overall market owing to enhanced accessibility and security. However, the segment for cloud deployment is expected to exhibit an impressive growth over the forecast period due to its ability to reduce cost pertained to IT infrastructure and the emergence of digitalization. Geographically, North America accounted for a major share of 33% in the global market in the year 2014 due to high investments in the technology and the presence of high number of prominent players in the region.
PLM solutions increase the productivity of a system significantly by providing various methodologies and tools that to reduce redundancies. Factors such as reduction in operational cost, productivity enhancement and the increasing need for product innovations are driving the global market for PLM solutions. Furthermore, various PLM vendors have initiated to offer numerous customized PLM solutions based on the needs and demands of the organizations, further helping the expansion of the market. The augmenting need for safety features in the automobile industry is another significant factor aiding the growth of the market.
Cost and complexity of PLM solutions are affecting the growth of the market in a negative manner, as enterprises tend to ignore the solutions needing more investments. Furthermore, these solutions need considerable investments for consultancy, demands cross functional corporation, and as it spreads across variety of applications, the IT infrastructure needs significant investment for remodeling. 3rd party organizations are involved in the management of both organizational and technical aspects of investments.
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Additionally, requirement of databases, data models, data formats, presence of competitive products, and low interoperability between different product versions are hindering the expansion of the market. Nonetheless, the increasing demand from the aerospace and defense sectors are most likely to help the global market for PLM solutions to sustain over the forecast period. The non-traditional end-use sectors such as pharmaceutical, medical devices, retail, and consumer products have initiated usage of PLM services and solutions to increase their production efficiency. This trend is expected to boost the global market.