The Europe Product Lifecycle Management Market would witness market growth of 6.6% CAGR during the forecast period (2021-2027).
Product life-cycle management (PLM) refers to a data system, which can combine processes, data, business systems, and ultimately people in an extended enterprise. PLM software enables an enterprise to maintain information during the entire lifecycle of a product with more efficiency and effectiveness. This software includes the management of all the processes from product idea to design, and manufacture, and eventually disposal of the merchandise.
Additionally, PLM involves an enterprise strategy and an information strategy. The information strategy involves a rational arrangement by consolidating systems and the enterprise strategy helps the global companies to work as a united team to produce, design, support, and retire products. Moreover, PLM software enables a company to create a united, information-driven decision at each stage of the product lifecycle.
The growing digital transformation is motivating the companies for a customer-driven strategic business development, which includes the deployment of digital technologies, with organizational alterations. In addition, the adoption of various digital tools in the Russian market is required for the regional players to reinforce the competitiveness of major industrial sectors and to boost the transformation of state-owned enterprises. Belgium is witnessing a surge in demand for various technologies owing to the ongoing digitization in the country. Additionally, this country is adopting digital high-value industrial technologies like IoT, AI, and Big data Analytics, which would further help the country to boost its GDP.
The government of Poland is focusing on developing domestic industry technologies to take them to the 'industry 4.0' level and manufacture innovative products. But the organizations may have to face big challenges related to the digital transformation of the industry. In 2016, Poland formed a ministry of digital affairs to foster the development of broadband infrastructure, make web content, and stimulate digitization among citizens. Furthermore, there are several programs initiated in the rest of Europe for innovation policies & programs regarding digitization to optimize research and testing opportunities.
The Germany market dominated the Europe Aerospace & Defense Product Lifecycle Management Market by Country 2020, thereby, achieving a market value of $490.1 million by 2027. The UK market is exhibiting a CAGR of 6% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 7.5% during (2021 - 2027).
Based on Software Type, the market is segmented into Design & Engineering Management, Manufacturing Operations Management, Portfolio Management, Simulation, Testing, & Change Management, Quality & Compliance Management and Others. Based on Deployment Type, the market is segmented into Cloud and On-Premise. Based on End User, the market is segmented into Automotive & Transportation, IT & Telecom, Aerospace & Defense, Retail, Healthcare, Semiconductor & Electronics, Industrial Equipment & Heavy Machinery and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Product Lifecycle Management Market Size will Hit $41.9 Billion by 2027, at a CAGR of 6.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Oracle Corporation, Siemens AG, Dassault Systemes SE, IBM Corporation, Hewlett Packard Enterprise Company, Accenture PLC, Autodesk, Inc., Tata Consultancy Services Ltd. and Infor, Inc.
By Software Type
By Deployment Type
By End User
By Country
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