The North America Product Lifecycle Management Market would witness market growth of 6.2% CAGR during the forecast period (2021-2027).
The process of managing a product’s entire lifecycle from the beginning including designing and manufacturing to the service, sales, and ultimately retirement, is known as product lifecycle management (PLM). PLM software enables companies to develop the innovative products and launch them in the market. In addition, this software simplifies the tracking task and helps in the easy sharing of data alongside the product value chain, from first design via manufacturing, supply chain management & operations, and asset management.
Product lifecycle management helps the companies to have systematic management of data during the complete lifecycle of the product in real-time. Generally, this data is related to production and product design, performance management, product development & delivery process, and other stages of the product lifecycle. The product lifecycle procedures are developing constantly in alignment with the changes in numerous variables like price, time, functions, and performance. Keeping these changing variables constant, any product innovation process should be flexible and adaptive to fulfil the emerging market needs, which has gained more importance.
The high adoption rate of the latest and advanced solutions in the developed nations like the US and Canada is creating lucrative opportunities for the growth of the regional PLM market. Moreover, the presence of numerous key market players in this region is also supporting the regional market growth. In addition, there are several IT standards supporting PLM in the US, which are motivating more small and medium enterprises to adopt PLM solutions for better operations.
The Canadian government has taken numerous initiatives like numerous trade agreements with other nations, decreasing the taxes for new investments, various skill training programs, and investments in the latest technologies. All these initiatives have supported the manufacturing industry of the nation to register substantial growth in Canada, which ultimately fuels the growth of the regional PLM market.
The US market dominated the North America Product Lifecycle Management On-Premise Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,675.4 million by 2027. The Canada market is experiencing a CAGR of 5.9% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 4.9% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Product Lifecycle Management Market is Estimated to Reach USD 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 