Product Lifecycle Management (plm) Market Set To Cross Us$ 98 Billion At An 8% Cagr By 2033: Fact.mr Study

The global Product Lifecycle Management (PLM) Market is valued at US$ 45 billion, with a projected growth to US$ 98 billion by 2033, showcasing a significant CAGR of 8% from 2023 to 2033. PLM entails the comprehensive management of products from design and planning through production, distribution, promotion, sales, and service. The automotive and transportation sectors stand out as the largest end-users of PLM solutions, with the increasing utilization of digital manufacturing and the integration of the Internet of Things (IoT) in the production of smart vehicles driving the demand for product lifecycle management. The global economy faced unprecedented challenges due to the COVID-19 pandemic, causing widespread disruptions, especially in the manufacturing sector, leading to a surge in the demand for product lifecycle management.