The Latin America, Middle East and Africa Product Lifecycle Management Market would witness market growth of 8.8% CAGR during the forecast period (2021-2027).
By adopting IoT-compatible PLM software, companies can extract a huge amount of actionable data that can help the company to generate more insights into the product development process and detect any kind of early signs of failure of any particular component of the product. Several companies across various verticals are increasingly getting aware of the benefits of using IoT data for improving the lifecycle management of products & services and thus, they would be more inclined towards the adoption of PLM systems with advanced capabilities. Furthermore, the increasing demand for PLM solutions supporting IoT data is projected to spur the growth of the PLM market during the forecast period.
It is because companies have realized the potential of IoT in product management. The advancements in new technologies like Virtual Reality (VR) and Augmented Reality (AR), and their combination with PLM solutions are projected to boost the capabilities of PLM solutions and open new growth avenues for the PLM market over the forecast period. Numerous key market players, like PTC Inc. and Siemens, are leveraging these changing trends and more focusing on the integration of IoT with their respective PLM software.
The increasing digitalization across various nations of the region is one of the crucial factors fueling the regional product lifecycle management market. In addition, many governments of the region are taking numerous initiatives to motivate companies to invest more in their digital infrastructure and boost the economy. Additionally, the rising awareness among the companies regarding the benefits of PLM solutions is estimated to bolster the regional growth of the product lifecycle management market.
Improved productivity, a better quality of the product, less cost of production, and fewer product failures are some of the key points required for a company to sustain itself in the competitive market. All these aspects are crucial for business growth and thus, require special management. Due to this, companies are increasingly adopting PLM solutions to manage their entire product life cycle properly with more efficiency.
The Cloud market dominated the South Africa Product Lifecycle Management Market by Deployment Type 2020, thereby, achieving a market value of $316.8 million by 2027. The On-Premise market is expected to witness a CAGR of 6.8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Product Lifecycle Management Market is Predict to reach $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
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 