Automotive Industry to Dominate North America Product Lifecycle Management Market During Forecast Period
Increasing demand from the
SMEs is expected to drive the North America product lifecycle management market
during forecast period
According to
TechSci Research report, “North
America Product Lifecycle Management Market By Type of Service, By
Component, By Deployment Mode, By Service Type, By End User Industry, By
Country, Competition, Forecast & Opportunities, 2025”, the North America product lifecycle management market is
expected to grow at a steady CAGR during the forecast period owing to the development
management and new product introduction. Additionally, product lifecycle
management systems increase the productivity and lower firing within an
organization, thereby propelling the growth of the market. However, high costs
associated with product lifecycle management can hamper the growth of market
during forecast period. Furthermore, complexity involved in handling and installation
of these systems can restrict the growth of market.
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The North
America product lifecycle management market is segmented based on type of
service, component, deployment mode, service type, end user industry, company and
country. Based on deployment mode, the market can be divided into on-premise
and cloud. The on-premise segment is expected to dominate the market during
forecast period. This can be accredited to the advantages associated with it such
as control over the system and data, dedicated staff for maintenance and
support, among others. Based on end user industry, the market can be fragmented
into retail, aerospace and defense, automotive, electronics, medical devices
and pharmaceutical & biotech. The automotive industry is projected to lead
the market until 2025 on account of the increasing autonomous vehicle
penetration and growing sales of passenger cars and commercial vehicles in the
region. Additionally, product lifecycle management ensures advanced safety
features, electronics, and embedded software content in vehicles.
IBM Corporation, Autodesk
Inc., Hewlett-Packard Company, Oracle Corporation, Aras Corporation, SAP SE, Siemens
AG, Accenture, Deloitte Consulting, TCS and others are some of the
leading players operating in North America product lifecycle management market.
The companies operating in the market are using organic strategies such as
product launches, mergers and collaborations to boost their share.
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“The product
lifecycle management market in North America is projected to witness robust growth
through 2025 on account of the strong financial position of the region, which enables
it to invest heavily in advanced solutions and technologies. Additionally, the presence
of several major product lifecycle management software vendors, such as IBM
Corp., Oracle in the region is further anticipated to spur the product
lifecycle management market over the coming years.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“North America Product Lifecycle Management Market
By Type of Service, By Component, By Deployment Mode, By Service Type, By End
User Industry, By Country, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of North
America product lifecycle management market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in North
America product lifecycle management market.
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