Product lifecycle management Market worth to be USD 73.7 billion by 2024

The report on the Global Product lifecycle management Market covers Industry Size, market valuation by segmentation as well as region, historical trends, dynamics, country-level analysis for every segment, key Vendor’s share analysis, competitive landscap

(EMAILWIRE.COM, March 05, 2020 ) MarketsandMarkets projects the "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", 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.

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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