As per a report by a market research institution, P&S Intelligence the product lifecycle management market was valued at USD 31,655 million in 2022, and it is expected to reach a value of USD 59,466 million, growing at a rate of 8.20%, by 2030.

The growth in the industry is driven by the growing need for product design & innovation platforms, advancements in technology in additive manufacturing and augmented reality, and the increasing need for product smart management at manufacturing sites.

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Moreover, the COVID-19 pandemic had a positive impact on the growth of the product lifecycle management industry. This is ascribed to the significant increase in the implementation of cloud-based technology to ensure the continuity of business in the remote working model.

Additionally, the growing demand for smart and scalability information technology applications in various sectors, for example, electronics and automotive, will boost lifecycle management-based service and solution demand.

The implementation of machine learning with product lifecycle management software provides the consumer with better-insightful knowledge from the data collected over years in a specific product.

In 2022, a significant share of the product lifecycle management industry was held by the software category. This is because management software offers organizations to manage the large information generated over the product lifecycle in a cost-effective and well-organized method.

In 2022, the cloud category accounted for the larger product lifecycle management market share, of 72%. This is because cloud-based product lifecycle management allows consumers to access the lifecycle management data of products securely from any place, on any electronic device, and at any time.

As a result of the benefits offered by cloud deployment such as flexibility, control, scalability, and security, it has become the ideal deployment mode for lifecycle management software. Cloud deployment mode also benefits in eliminating the main challenges of updating, customization, and execution.

In 2022, North America accounted for the largest product lifecycle management industry share, at 37%. This is because of the heavy investments and high adoption rates for new technologies in the U.S. and Canada.

Furthermore, the strong economic position of the region supports businesses in investing in IoT, augmented reality, additive manufacturing, and enhance telecommunication technologies, for effective operations of business.

Additionally, APAC is likely to witness significant growth over this decade, of approximately 9%, because of the extensive digitization of the processes in various industries, mainly in China and India.

Hence, with the increasing requirement for smart management of products in additive manufacturing & augmented reality and the rising need for product design and innovation platforms, the product lifecycle management industry will continue its growth in the years to come.