ANZ Product Lifecycle Management (PLM) Software Market Size Set to Cross USD 548 Million by 2029
ANZ Product Lifecycle Management (PLM) Software Market is gaining traction because of an increasing emphasis on the development of smart products and factories, as well as the growing need for cloud-based PLM solutions for safe IT infrastructure.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global ANZ Product Lifecycle Management (PLM) Software Market size at USD 302.52 million in 2023. During the forecast period between 2023 and 2029, BlueWeave expects the Global ANZ Product Lifecycle Management (PLM) Software Market size to grow at a CAGR of 10.41% reaching a value of USD 548.15 million by 2029. The increased emphasis on developing smart products and factories, as well as the growing need for cloud-based product lifecycle management (PLM) solutions for safe IT infrastructure, are major driving factors for the Global ANZ Product Lifecycle Management (PLM) Software Market. However, high initial investments involved in PLM software adoption may limit its market growth, particularly in emerging economies.
Opportunity: Increasing adoption of PLM software in manufacturing sector
The need for PLM software is increasing as the manufacturing sector advances. Digitization and automation are transforming the traditional production process, driving firms to shift toward automation and digitization. As a result, the demand for cloud-based PLM software is growing. PLM software helps in reducing risks during the planning and design phases of a product and assures more success later in the product lifecycle. PLM gives different departments, such as procurement and manufacturing, a complete understanding of the product lifecycle, allowing them to find durable and cost-effective product materials and parts.
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Global ANZ Product Lifecycle Management (PLM) Software Market – By Deployment Type
Based on deployment type, the Global ANZ Product Lifecycle Management (PLM) Software Market is bifurcated into on-premises and cloud segments. The cloud deployment type holds a larger share in the Global ANZ Product Lifecycle Management (PLM) Software Market. The cloud deployment mode is cost-effective for its customers, as it provides a subscription-based pricing model and eliminates the need for upfront hardware and software investments. However, on-premises also covers a substantial market share and is mostly favored by large enterprises as it reduces the risk of online fraud and potential losses.
Impact of Escalating Geopolitical Tensions on Global ANZ Product Lifecycle Management (PLM) Software Market
The escalating geopolitical tensions are hindering the growth of the Global ANZ Product Lifecycle Management (PLM) Software Market. For instance, the war between Israel and Hamas has a direct impact on the adoption and deployment of the ANZ PLM market. As the conflict worsens, it impacts the environment in which digital businesses operate. Investors may become more wary about supporting enterprises in an unstable location, which results in a waste of talented human resources in these countries, affecting the growth of these startups. Furthermore, the adoption of cloud computing necessitates using hardware such as sensors and servers. Israel is a major chip manufacturer outside of East Asia and a center for innovative technology development. The continuing Israeli-Hamas war has harmed semiconductor chip production and supply, negatively impacting the overall market growth.
Global ANZ Product Lifecycle Management (PLM) Software Market – By Region
The in-depth research report on the Global ANZ Product Lifecycle Management (PLM) Software Market covers the market in a number of major countries across five regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. North America dominates the global ANZ product lifecycle management (PLM) software market owing to the rising adoption and investment towards advanced technologies, including artificial intelligence (AI), machine learning (ML), IoT, and augmented reality (AR). Furthermore, corporations and large enterprises are increasingly adopting PLM software for customer-centric product development, which is anticipated to propel the growth of Global ANZ Product Lifecycle Management (PLM) Software Market during the forecast period.
Competitive Landscape
Major players operating in the Global ANZ Product Lifecycle Management (PLM) Software Market include Centric Software, Inc., Aras Corporation, Odoo SA, Autodesk Australia Pty Ltd, Dassault Systèmes Australia Pty Ltd, Siemens, PTC, HCL Technologies Limited, PROLIM, Oracle, Traceone, and Infor. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global ANZ Product Lifecycle Management (PLM) Software Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global ANZ Product Lifecycle Management (PLM) Software Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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