Product lifecycle management Market worth $73.7 billion by 2024
MarketsandMarkets projects the product lifecycle management market to grow from USD 50.7 billion in 2019 to
USD 73.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period. Major
factors expected to drive the growth of the product lifecycle management market include growing focus on
developing groundbreaking smart products and factories, increasing need to build product innovation platform
would support product lifecycle management-enabled applications, and growing demand for cloud-based product
lifecycle management solutions for scalability and secure IT infrastructure.
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Key and emerging 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 players
have adopted various strategies to grow in the product lifecycle management market.
Siemens (Germany) is a global firm that has stood for engineering excellence, innovation, quality, reliability and
internationality for 170 years. The company focuses on the areas of electrification, automation, and digitalization.
One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is a leading
supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions
as well as automation, drive and software solutions for industry. The company has a large clientele base of more
than 379,000 employees across the globe. In the PLM market, Siemens offers Teamcenter, it's flagship product
which effectively automates the production process by implementation of digital twin technologies across the life
cycle process. Moreover, the company pri