Product lifecycle management Market Global Opportunities and Strategies to 2024
MarketsandMarketsprojects the product lifecycle management market to grow from USD 50.7 billionin 2019 to USD 73.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of7.8% during the forecast period. Major factors expected to drive the growth ofthe product lifecycle management market include growing focus on developingground breaking smart products and factories, increasing need to build productinnovation platform would support product lifecycle management-enabledapplications, and growing demand for cloud-based product lifecycle managementsolutions for scalability and secure IT infrastructure.
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Key andemerging 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 playershave adopted various strategies to grow in the product lifecycle managementmarket.
Siemens(Germany) is a global firm that has stood for engineering excellence,innovation, quality, reliability and internationality for 170 years. Thecompany focuses on the areas of electrification, automation, anddigitalization. One of the world's largest producers of energy-efficient,resource-saving technologies, Siemens is a leading supplier of efficient powergeneration and power transmission solutions and a pioneer in infrastructuresolutions as well as automation, drive and software solutions for industry. Thecompany has a large clientele base of more than 379,000 employees across theglobe. In the PLM market, Siemens offers Teamcenter, it's flagship productwhich effectively automates the production process by implementation of digitaltwin technologies across the life cycle process. Moreover, the companyprimarily focuses on organic and inorganic strategies to strengthen itsposition in the market. The company has partnered with key players in themarket to expand its positions across the globe and strengthen its PLM productportfolio in the market. In September 2019, Siemens collaborated with Bentleyto introduce the Capital Asset Lifecycle Management solution for Teamcenter.The solution built to help companies make the transition to digitalization andrealize greater efficiency throughout the lifecycle of their capital assets.
PTC (US) isa global leader in offering computer software and services in the market. Thecompany intends to offer these innovative products to multiple industryverticals and make a customer base that includes a variety of customers. Due tothis, PTC invests heavily in R&D of technology. Its main PLM products areWindchill, Integrity, and Navigate. These PLM products are designed to addresschallenges that companies face over the life of their products. These softwareproducts help customers manage product configuration information through eachstage of the product lifecycle, and communicate and collaborate across theenterprise, including product development, manufacturing and the supply chain,including sourcing and procurement. Due to the large customer base across theglobe, the company provides solutions and software that adhere to thecompliance and law policy of every region and maintain the support operations.PTC aims to expand its market share by covering small- and medium-sizedenterprises. The company is continuously competing with technology providersthat target discrete manufacturers and addresses one or more specificfunctional areas similar to the PTC. In June 2019, PTC partnered with Vodafoneenabling customers to develop new IoT and Augmented Reality (AR) applications.This partnership would combine the strengths of both companies to allowcustomers to create more an end-to-end solution to solve business challenges.
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