MarketsandMarkets projects the Product Lifecycle Management Market 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 growing demand for cloud-based product lifecycle management solutions for scalability and secure IT infrastructure.
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.
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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.
Key and emerging market players include 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), TCS (India). These players have adopted various strategies to grow in the product lifecycle management market.
Siemens (Germany) is a global firm that has stood for engineering excellence, innovation, quality, reliability and internationality for 170 years. The company focuses on the areas of electrification, automation, and digitalization. One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company has a large clientele base of more than 379,000 employees across the globe. In the PLM market, Siemens offers Teamcenter, it's flagship product which effectively automates the production process by implementation of digital twin technologies across the life cycle process. Moreover, the company primarily focuses on organic and inorganic strategies to strengthen its position in the market. The company has partnered with key players in the market to expand its positions across the globe and strengthen its PLM product portfolio in the market. In September 2019, Siemens collaborated with Bentley to introduce the Capital Asset Lifecycle Management solution for Teamcenter. The solution built to help companies make the transition to digitalization and realize greater efficiency throughout the lifecycle of their capital assets.
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PTC (US) is a global leader in offering computer software and services in the market. The company intends to offer these innovative products to multiple industry verticals and make a customer base that includes a variety of customers. Due to this, PTC invests heavily in R&D of technology. Its main PLM products are Windchill, Integrity, and Navigate. These PLM products are designed to address challenges that companies face over the life of their products. These software products help customers manage product configuration information through each stage of the product lifecycle, and communicate and collaborate across the enterprise, including product development, manufacturing and the supply chain, including sourcing and procurement. Due to the large customer base across the globe, the company provides solutions and software that adhere to the compliance and law policy of every region and maintain the support operations. PTC aims to expand its market share by covering small- and medium-sized enterprises. The company is continuously competing with technology providers that target discrete manufacturers and addresses one or more specific functional areas similar to the PTC. In June 2019, PTC partnered with Vodafone enabling customers to develop new IoT and Augmented Reality (AR) applications. This partnership would combine the strengths of both companies to allow customers to create more an end-to-end solution to solve business challenges.
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