According
to a research report "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" published by MarketsandMarkets, to grow from USD
50.7 billion in 2019 to USD 73.7 billion by 2024, at a Compound Annual Growth
Rate (CAGR) of 7.8% during the forecast period. Major factors expected to drive
the growth of the product lifecycle management market include growing focus on
developing groundbreaking smart products and factories, increasing need to
build product innovation platform would support product lifecycle
management-enabled applications, and increasing demand for cloud-based product
lifecycle management solutions for scalability and secure IT infrastructure.
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Based on component, services segment to
record a higher growth rate than the software segment during the forecast
period
By component, the services
segment is expected to grow at a higher rate than the software segment during
the forecast period. The services segment has a significant influence on the
product lifecycle management market growth. The demand for services is
increasing with the growing adoption of product lifecycle management solutions
by enterprises across significant application areas. Services are necessary for
easy deployment, integration, and proper functioning of the software. The
services segment has been further segmented into professional services and
managed services. The professional services segment has also been classified
into deployment and integration, consulting, and support and maintenance.
Among services, support and maintenance segment
to grow at a higher rate than the deployment and integration, and consulting
and advisory services segment during the forecast period
Support and maintenance services are
crucial, as they directly deal with customer satisfaction and issues. Every software
vendor has a dedicated support team to serve the customers. Support, software
maintenance, customer portal, post-deployment assistance, and client
testimonials are some of the services provided under the support and
maintenance segment. To derive consistent customer satisfaction, service
providers regularly focus on enhancing their product knowledge base by
receiving feedbacks through interviews and surveys. These services also provide
a single point of contact who would help solve customer issues quickly. The
customer portal is another helping aid that offers technical tips and software
updates to customer forums.
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North
America to account for the largest market size during the forecast period
North
America 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 it to invest heavily in the adoption of the latest
and leading tools and techniques 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 smartphones and cloud platforms. North America has the
headquarters of many large enterprises and is host to various international
events. Enterprises are willingly investing in North America. The factors
expected to drive the growth of the product lifecycle management market in
North America are the stable economy, technological enhancements, and advanced
infrastructure.
Key
and emerging market players SAP (Germany), Dassault System (France), PTC (US),
Siemens (Germany), Autodesk (US), IBM (US), Oracle (US), HP (US), Atos
(France), Accenturs (Ireland), Arena (US), Ansys (US), Aras (US), Infor (US),
Propel (US), Kalypso (US), FusePLM (US), Bamboo Rose (US), Inflectra (US), and
TCS (India). These players have adopted various strategies to grow in the Product
lifecycle management market.
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