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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