Product Lifecycle Management (PLM) Market Revenue
Source Research:
Product Lifecycle Management (PLM) Software
The total Product Lifecycle Management (PLM) market yielded US$6.6 billion in 2023 and will expand to US$25.7 billion by 2034, with the driving force being SME adoption, which will see a CAGR of 19% compared to the market average of 13%.
Large enterprise collaboration with PLM software companies will increase, spurring higher revenues as the Average Selling Price (ASP) increases and new technological features are added, such as immersive viewing and generative AI. Additionally, large enterprises will spend more on PLM systems as key features such as restricted access viewing when working with contract manufacturers relieve a pain point for large manufacturers that can not share sensitive product information. Although large enterprises will still be the dominant spender on PLM software at 69%, SMEs are catching up with a CAGR of 8.1 percentage points higher than that of large enterprises.
