India Product Lifecycle Management Market is anticipated to grow
robustly in the forecast period 2024-2028. The need for product lifecycle
management solutions is rising in small and medium businesses across numerous
industry verticals to reduce manufacturing costs, which is driving the market's
expansion. Throughout their lifespan, businesses must find methods to invest to
maximize potential profits. However, throughout the course of the projection
period, market growth is anticipated to be constrained by worries about data
security as well as other aspects including integration and implementation
costs. The market is expected to be driven by technological developments
including Augmented Reality (AR), Additive Manufacturing, and Engineering over
the projected period. These technologies are anticipated to motivate businesses
to add additional functionality to their PLM solutions, which is anticipated to
increase demand.
Integration of Internet of Things (IoT)
and PLM (Product Lifecycle Management) solutions is one of the important
advances. Thanks to this integration, real-time performance and quality
management post-manufacturing is now possible, which has increased the
capabilities of product lifecycle management solutions. IoT sensors that are
integrated into smart products and systems produce a large amount of useful
data, including insights into the potential early failure modes of certain
product components.
India Product Lifecycle Management market
growth is predicted to be aided by technological developments such as the
Industrial Internet of Things (IIoT), Virtual Reality, Augmented Reality, and Additive
Manufacturing. The main market players, including PTC Inc. and Siemens, are
concentrating on integrating these technologies to improve their market share.
For instance, in February 2021, Siemens introduced AssistAR 3.0, a new
generation of precise and reliable augmented reality (AR) technologies that
helps assembly, inspection, and maintenance procedures. It links to the PLM
system of the business and uses standard PCs and screens to guide employees
through difficult tasks without the need for goggles or headsets.
In order to manage the lifecycle of a
product or service, enterprises use a system called product lifecycle
management (PLM). The lifecycle of a product comprises designing, producing,
selling, providing services, and retiring it. PLM technology thus becomes an
essential component of the product design process up until launch. Rising IT
investments and the number of IT organizations are two trends in the India
product lifecycle management (PLM) industry that are expected to have a
positive impact on market growth over the coming years.
A Growing Requirement for Greater
Production and Efficiency In Order to Fulfil Shifting Demands
There is a growing interest in Product
Lifecycle Management (PLM) Software and its advantages as a consequence of
decreasing prices, continuously changing regulations, and the necessity for
businesses to produce high-quality, quick-to-market products in order to make
profits across many industries. The PLM system is one of the best tools for
firms looking to enhance their product offerings, streamline their supply
chains, and grow their business. Businesses have lots of concerns about
complexity. The complexity of product design, supply chain management, distribution,
and customer feedback is only increasing. Effective PLM aids firms in proactive
knowledge capture, promotes and supports teamwork, and offers simple access to
knowledge, experience, and information to shorten launch times and increase momentum
within the market. Moreover, PLM consistently contributes to lowering energy,
material, and manpower waste. Hence, PLM combines very professional engineering
disciplines. This diversity of groups enables the optimization of these losses,
and PLM fosters a new wave of lean thinking. Growing demand for cloud-based product
lifecycle management solutions for IT infrastructure scalability and security,
as well as a growing focus on creating ground-breaking smart goods and
factories, are all contributing factors to the market's growth.
Digital twins, or replicas of physical
objects, are created by the digitalization of formerly tangible products like
tangible goods and services. Industry 4.0 is a significant initiative with the
goal of boosting competitiveness through the reduction of manufacturing costs
and the improvement of product quality and scalability through the use of
product digitalization. To increase efficiency throughout their business
networks, SAP investigates digital supply chain scenarios where various
suppliers submit offers directly to a blockchain platform.
Product lifecycle management entails
real-time, systematic information management across the whole lifecycle of the
product. Design, development, and delivery of products and services are frequently
included in the information. Variables including functionality, time, price,
and performance continuously change as a result of the activities involved in
the product lifecycle. As a result of these constantly shifting factors,
product innovation is adaptable to meet new market demands, which are now
crucial.
These product lifecycle management
solutions can promote business innovation while assisting in achieving low
operational costs and time efficiency. During the course of the projected
period, these advantages are anticipated to positively affect market growth.
To Develop Smart Products, SMBS Are
Engaging In Research And Development Activities:
The IT sector has lately become one of
the largest contributors to industry revenue and a source of employment
opportunities in the nation. Though software development services first
propelled the Indian IT sector. Also, a
number of international IT behemoths with offices in India have established
R&D and innovation hubs. The government has introduced new R&D
programmes like IMPRINT because it sees R&D as being crucial for the
execution of new initiatives like Digital India, Made in India, and Startup
India.
India has 6.33 crore micro, small, and
medium-sized businesses, according to IBEF. From 21.21 lakh units in 2019, the
number of registered SMBs increased 18.5% year over year to 25.13 lakh units in
2020. Microbusinesses accounted for 22.06 lakh of all registered small and
medium-sized businesses in 2020, up from 18.70 lakh in 2019, while the number
of small business units increased from 2.41 lakh to 2.95 lakh. Throughout the
same time period, the number of midsized firms somewhat grew from 9,403 units
to 10,981 units.
Over the past 50 years, the Micro, Small,
and Medium Businesses (MSME) sector of the Indian economy has grown to be a
very active and dynamic one. By encouraging entrepreneurship and creating major
employment opportunities at comparably low capital costs, it is the second
largest contributor to the economic and social development of the nation after
agriculture. MSMEs serve as ancillary units to large companies and are a vital
contributor to the country's inclusive industrial growth.
India is one of the largest and
fastest-growing digital consumer markets, but business adoption is uneven. Technology
is poised to quickly and drastically impact almost every area of India's
economy as digital capabilities advance and connection becomes pervasive. For
tens of millions of Indians, this is likely to change the nature of labour and
generate enormous economic value. Research and Development activities are
regularly investigated via reputable scientific institutions and put into
practice in the field of technology to boost production and product quality.
The demand for Product Lifecycle Management in the market is rising as a result
of the expanding research and development efforts that have raised awareness of
Product Lifecycle Management among SMBs.
Recent Development:
Upchain, a supplier of instant-on, cloud-based product lifecycle management (PLM) and product data management (PDM) systems, was recently acquired by AUTODESK. Using technology to meet Indian customers' market demands will be advantageous.
Arena Solutions, the industry's software as a service product lifecycle management system, was bought by PTC in January 2021. PTC is now one of the top providers of SaaS solutions for the product development market after combining arena solutions and Onshape, which the company acquired in 2019. This also significantly expands PTC's presence in developing nations like India and China, among others, where SaaS solutions are already commonplace or will soon be the norm.
Download Free Sample Report
Market Segmentation
India Product Lifecycle
Management market can be segmented based on type of service, component, deployment
mode, service type, end user industry, and region. Based on type of service, the market is segmented into CAX, Discrete
PLM, and Process PLM. Based on component, the market is segmented into Multi-CAD
Solution, Product Data Management, and Digital Manufacturing. Based on Deployment Mode, the market is segmented into On-Premise
and Cloud. Based on service type, the market is divided into Maintenance/Support,
Implementation, Consulting, and Others. Based on end user industry, the market
is segmented into Retail, Aerospace and Defense, Automotive, Electronics,
Medical Devices, and Pharmaceutical & Biotech.
Market player
Major players operating in the India Product Lifecycle
Management market are Siemens Digital Industries Software
India Pvt Ltd, Dassault Systemes India Private Limited, Autodesk India Limited, ANSYS Software
Pvt. Ltd., PTC Software (India) Pvt. Ltd., Altair Engineering India Pvt Ltd., MSC
Software Corporation India Pvt. Ltd, Oracle India Pvt Ltd, Capgemini India
Private Limited, Tata Technologies Ltd.
Attribute
|
Details
|
Base Year
|
2022
|
Historic Data
|
2018– 2021
|
Estimated Year
|
2023
|
Forecast Period
|
2024 – 2028
|
Quantitative Units
|
Revenue in USD Million, value, and CAGR for
2018 -2022 and 2023 - 2028
|
Report coverage
|
Revenue forecast, Company Share, growth factors, and
trends
|
Segments covered
|
Type of Service
Component
Deployment Mode
Service Type
End User Industry
By Region
|
Region
|
North, West, South, East
|
Key companies profiled
|
Siemens
Digital Industries Software India Pvt Ltd, Dassault Systemes India Private
Limited, Autodesk India Limited, ANSYS Software Pvt. Ltd., PTC Software
(India) Pvt. Ltd., Altair Engineering India Pvt Ltd., MSC Software
Corporation India Pvt. Ltd, Oracle India Pvt Ltd, Capgemini India Private
Limited, Tata Technologies Ltd.
|
Customisation scope
|
10% free report customisation with purchase. Addition
or alteration to country, regional & segment scope.
|
Pricing and purchase options
|
Avail customised purchase options to
meet your exact research needs. Explore purchase options
|
Delivery Format
|
PDF and Excel through Email (We can also provide the
editable version of the report in PPT/Word format on special request)
|
Report Scope:
In this report, India Product
Lifecycle Management market has been segmented into the following categories, in addition
to the industry trends which have also been detailed below:
·
India Product Lifecycle
Management market, By Type of
Service:
o
CAX
o
Discrete PLM
o Process
PLM
·
India Product Lifecycle
Management market, By Component:
o Multi-CAD
Solution
o Product
Data Management
o Digital
Manufacturing
·
India Product Lifecycle
Management market, By Deployment Mode:
o On-Premise
o
Cloud
·
India Product Lifecycle
Management market, By Service Type:
o Maintenance/Support
o Implementation
o Consulting
o
Others
·
India Product Lifecycle
Management market, By End User Industry:
o
Retail
o
Aerospace and Defense
o
Automotive
o
Electronics
o
Medical Devices
o
Pharmaceutical & Biotech
·
India Product Lifecycle
Management market, By Region:
o West
o North
o South
o East
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies present in India Product Lifecycle
Management market.
Available Customizations:
India Product Lifecycle Management market
report with the
given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
The India
Product Lifecycle Management market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]