PLM Software Market Size (2024 - 2029)

PLM Software Market Analysis

The PLM Software Market size is estimated at USD 29 billion in 2024, and is expected to reach USD 41.29 billion by 2029, growing at a CAGR of 7.32% during the forecast period (2024-2029).

The PLM software market size is estimated to account for USD 29 billion in 2024. It is expected to reach USD 41.29 billion by 2029, registering a CAGR of 7.32% during the forecast period (2024-2029), owing to the growing demand for robust data analytics software platforms in the industry. Moreover, the increasing adoption of IoT across the manufacturing industry has augmented these trends. PTC's Windchill is an instance of the PLM software embedded with analytics for discrete manufacturers looking for IoT capabilities. This software can boost the PLM solution to sprint with flexibility.

• Companies across industries are increasingly focused on streamlining their product development processes to improve efficiency and accelerate innovation. PLM software enables organizations to manage the entire product lifestyle, from ideation to disposal and efficiency, thereby increasing the demand in the market.
• With businesses operating on a global scale and teams dispersed across various locations, there is a growing need for collaboration tools that facilitate communication and data sharing. PLM software provides a centralized platform for teams to collaborate seamlessly regardless of geographic location.
• The increased adoption of Industrial IoT (IIoT) in the production process is aiding the market demand for software applications, and IIoT adoption is expected to skyrocket during the forecast period. For instance, according to GSMA Intelligence, the number of IIoT-connected objects is expected to reach 13.7 billion by 2025.
• However, as the companies continue to provide different products and product ranges to tackle market competitiveness, it creates interoperability issues, a matter of constant optimization for the software companies. As continuous improvements continue in the software products, the software implementation in a company's existing product line-up becomes streamlined and manageable, facilitating better results.
• Many manufacturing industries were affected by the COVID-19 pandemic, creating significant supply chain gaps and leading to delays. This forced many industries to hasten the adoption of Industry 4.0 and digital transformation initiatives, boosting the demand for PLM software to bolster the required growth rates. The increased software penetration after the pandemic has boosted market growth.

PLM Software Industry Segmentation

PLM software refers to a solution that helps manage all the information and processes involved in the lifecycle of a product or service across global supply chains. This includes data related to items, parts, products, documents, requirements, engineering change orders, and quality workflows. The product lifecycle management (PLM) software market for the study defines revenues generated from adopting the different types of PLM software in various end-user industries, such as electronics, industrial equipment, automotive, aerospace, and defense. The analysis is mainly based on the market insights captured through various secondary research and the primaries. The market also covers the major factors impacting the growth of the PLM software market in terms of drivers and restraints.

The product lifecycle management (PLM) software market is segmented by deployment type (on-premise, cloud, and professional services), end-user industry (electronics, industrial equipment, high-tech, aerospace and defense, automotive, architecture, engineering, and construction [AEC]), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.