Albany, NY -- (SBWIRE) -- 06/06/2017 -- Some of the prominent companies operating in the global product lifecycle management (PLM) market are Siemens AG, PTC, Inc., Dassault Systemes, and Autodesk, Inc. A report by Transparency Market Research finds that such companies are focusing on improving their cloud-based PLM portfolio. In order to enhance their market shares, they are also trying to come up with highly customized PLM solutions suited to the specific needs of customers.

Other leading players in the global product lifecycle management (PLM) market are IBM Corporation, Hewlett-Packard Company, and Accenture PLC.

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The report by TMR forecasts the revenue in the global product lifecycle management (PLM) market to rise at a robust 8.1% CAGR between 2015 and 2022 to jump to US$ 75.87 bn by 2022 from $40.26 bn in 2014.

Costly Nature of Conventional PML Solutions Result in Demand for Cloud-based Software

Depending upon the types of components, the global product lifecycle management (PLM) market can be broadly split into software and services. Among the two, the PLM services command greater share of the market. The PLM software segment can be further subdivided into on-premise and cloud-based. Of the two, the cloud-based PLM software market is slated to outpace the on-premise PLM segment by clocking a phenomenal 17.7% CAGR during the forecast period from 2015 to 2022. This is because the conventional PLM solutions are too costly and complicated for small and medium enterprises having limited resources for undergoing product development and engineering change. PLM cloud-based solutions have allowed SMEs to achieve that with minimum investments.

Geographically, the key segments of the global product lifecycle management (PLM) market are Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. North America, among them, is the dominant region and accounted for a market leading share of 33% in 2014. The stellar growth in the North America market has been primarily driven by ever-increasing investments in different end-use segments in technologies to lessen the time-to-market products and bring down the total production cost. In the years ahead, however, the market in the Middle East and Africa is predicted to outpace all others in terms of growth because of the expanding industrialization.

Need for Innovation Propels Growth

At the forefront of driving growth in the global product lifecycle management (PLM) market is the pressing need of business entities to bring about innovation in products, better productivity, and slash operational costs. "A PLM solution can increase the productivity of a system substantially by providing various tools and methodologies to reduce redundancies. The PLM vendors have also started offering various customized PLM solutions according to the need of the enterprises, further aiding the growth in demand," explains the lead analyst of the report.

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Aerospace and defense industries are some of the most important contributors to the global product lifecycle management (PLM) market. They have a considerably protracted product development cycle that has pushed up their need for PLM solutions. "The rising competition globally, budgets cuts in defense and aerospace sectors, and a growing commercial aircraft backlog are projected to up demand for PLM in companies operating in the defense and aerospace sector. The non-traditional end-use sectors such as medical devices and pharmaceutical and consumer products and retail are also responsible for the swift uptake of PLM solution and services to achieve better manufacturing efficiency," adds the analyst.

Challenges facing the global project lifecycle management (PLM) market is low interoperability between different product versions, data formats, competitive products, data models, and databases.