Product Lifecycle Management Market: by Component (Software and Service), By Deployment (Cloud and On-Premises) By End-users (Aerospace and Defense, Energy and Utilities, Automotive and Transportation, Healthcare, Retail, IT and Telecom, Industrial Machinery and Heavy Equipment and Others) Region -Global Industry Analytics, COVID-19 Business Impact, and Trends, 2020 – 2029.

                                          
Abstract
                    
Global demand product lifecycle management market was valued at around USD 46.68 Billion in 2018, and is expected to reach approximately USD 77.96 in 2025, at a CAGR of slightly above 7.60 between 2018 and 2025.

Product lifecycle management refers to a process of handling entire lifecycle of a product from development and inception to manufacturing and engineering design, maturity/stability and disposal of manufactured products.


The product lifecycle management market is anticipated to witness growth in the near future due to the increasing focus on rising revolutionary smart products and factories. The product lifecycle management enables organization and enterprises to automate the management of product related data with control over life cycle of a product. Furthermore, it also enables optimization during the development process by contributing cost effective and competitive solutions to ensure better quality. There are four stages in the product life cycle which includes development, growth, maturity and declining. Product life cycle can access a product in three stages- the initial stage, which includes designing and manufacturing, marketing and selling stage, which includes post manufacturing phase such as service, use and distribution of the product. The last stage includes recycling, retaining and disposing of a product. Moreover, rising need to build innovative platform which will support PLC management-enabled applications and increasing demand for cloud based PLC management solutions for secure and scalability IT infrastructure. However, economic uncertainty and internal and external complexity might hinder market growth in the anticipated period.

The product lifecycle management is segmented to the basis of component, organization size, deployment and end-use. The deployment is segmented into cloud and on-premises. On-premises deployment is anticipated to hold a significant share of product lifecycle management market as compared to remote facility. This on premises solutions comes with a one-time license fees, along with service agreement. This is anticipated to show growth in the projected period.

Moreover, the advantages it offer such as dedicated staff for support and maintenance & control over system and data it also have some disadvantages / drawbacks such as reasonable infrastructure requirements and high deployment costs incurred to maintain the infrastructure, which eventually puts small organizations in dilemma of opting for on-premises or cloud based deployment as they have limited funds to allocate. The growth in on- premises deployment will affect the development of cloud computing solutions.

On the basis of region the product analytics market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East and Africa. North America will hold a substantial share during the forecast period, owing to the presence of developed countries such as U.S and Canada. Moreover the regions strong financial position allows it to invest in the adoption of latest technology to ensure effective business operations.

Renowned product analytics market players are TCS, Autodesk, Oracle, Seimens, Dassault Systems, Arena, IBM, PTC, Accenture, HP and ATOS among others. The  market players are opting organic and in organic strategies such as new service launches, acquisitions, collaborations and joint venture to expand their reach and drive revenue.

The report segments product lifecycle management market as follows:

Global Product Lifecycle Management Market: Component Segment Analysis

	Software
	
		Digital Manufacturing
		Simulation and Analysis
		Mechanical Computer Aided-Design Software
	
	
	Service
	
		Managed Services
		Professional Services
	
	

Global Product Lifecycle Management Market: Deployment Segment Analysis

	Cloud
	On-premises

Global Product Lifecycle Management Market: End-Use Segment Analysis

	Aerospace and defense
	Energy and utilities
	Automotive and transportation
	Healthcare
	Retail
	IT and Telecom
	Industrial machinery and heavy equipment
	Others

Global Product Lifecycle Management Market: Regional Segment Analysis

	North America
	
		U.S.
	
	
	Europe
	
		UK
		France
		Germany
	
	
	Asia Pacific
	
		China
		Japan
		India
	
	
	Latin America
	
		Brazil
	
	
	Middle East and Africa