Lifecycle Software Market Size, Share, Growth, and Industry Analysis, By Type (On-Premise, Cloud-Based and Others), By Application (Large Enterprise, SMEs and Others), Regional Forecast By 2031

Updated On: 29 April 2024

Lifecycle Software Market Report Overview

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The global lifecycle software market size was USD 1942.4 million in 2021, as per our research, the market is projected to touch USD 3573.66 million by 2031, exhibiting a CAGR of 6.2% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the lifecycle software market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Lifecycle software, is a class of tools and platforms that aid in the management and control of the many stages and activities involved in product and software development. These tools are intended to help with the complete lifespan of a software project or product, from initial planning and requirements collecting to deployment, maintenance, and eventual retirement or replacement. Lifecycle software often includes a number of integrated features and functionalities that aid in the automation and streamlining of various operations and processes throughout the software development process.

COVID-19 Impact: The Pandemic Caused Underlying Malady Upsurge the Market Growth

The COVID-19 epidemic is often regarded as the century's most important worldwide health disaster. The COVID-19 epidemic has led organizations to embrace cloud technologies in order to ease remote working and assure company continuity. The impact of software development on other corporate sectors around the world is not an exception. As a result of the COVID-19 epidemic, which forced numerous IT companies to close their offices around the world, millions of people now work from home. Because of the current circumstances, businesses now have the opportunity to experiment with remote work. Businesses that have chosen the remote-working strategy will most likely continue to do so even after the pandemic has passed.

LATEST TRENDS

"Innovation in Cloud Storage and Mobile Applications is Boosting the Market Sales"

During the projection period, technological advancements such as additive manufacturing and engineering, as well as Augmented Reality (AR), are expected to boost the lifecycle software market. These technologies are expected to drive organizations to enhance existing PLM solutions with new capabilities, hence increasing demand. At the moment, a sizable number of commercial businesses are important in finishing digital transformation efforts or building their digitalization roadmap. Integration of the Internet of Things (IoT) with PLM solutions is one of the important advances. This integration has expanded the possibilities of product lifecycle management solutions, allowing for real-time performance and quality management after manufacturing. IoT sensors installed in smart devices and systems generate a massive amount of usable data, such as insights into the early indicators of a product's failure.

Lifecycle Software Market Segmentation

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• By Type

Based on type the lifecycle software market is classified as on-premise, cloud-based and others.

The part on-premise is the leading of the type segment.

• By Application

Based on application the lifecycle software market is classified as large enterprise, SMEs and others.

The part large enterprise is the leading of the application segment.

DRIVING FACTORS

"Systematic Management and Efficiency to the Enterprises Will Decipher the Market Share"

The lifecycle software envisions real-time information management throughout the product's whole lifecycle. Typically, the information encompasses the production and product design, development, and delivery process. Product lifecycle procedures are always evolving as variables like functions, time, price, and performance change. As such, product innovation is more adaptable to meet shifting market demands, which has become increasingly vital as a result of these constantly changing elements. These product lifecycle software management systems can assist in lowering operational expenses and increasing time efficiency while stimulating business operations innovation. These advantages are projected to have a beneficial impact on market growth during the forecast period.

"Increasing Production and Penetration of Autonomous Vehicles to Inflate the Market Share"

Because of future autonomous vehicle penetration, developers working on autonomous vehicles will confront a variety of new and increasingly complicated issues, necessitating a rethinking of their current processes and toolkits. Fully functional autonomous driving systems necessitate some of the most sophisticated software implementations that carmakers have ever faced for combining a variety of data feeds, such as sensor data, traffic data from the cloud, data from other vehicles or infrastructure, and tying it all into the vehicle's electronic and mechanical elements to build a network of onboard systems that function together reliably without user input or correction.

A prominent trend projected to boost the PLM software market in the automotive sector during the forecast period is the increasing use of digital manufacturing and increasing demand for autonomous vehicles. For example, in October 2022, Siemens and Applied EV announced a collaboration to leverage Siemens' PLM software to improve autonomous car design, assembly, and quality assurance. Siemens' software was assisting the EV company in meeting the increased demand for completely driverless vehicles by improving change management and quality.

RESTRAINING FACTORS

"Concerns Over Data Security to Pose Challenge and Hinder the Market Growth"

The growing need for product lifecycle management solutions in small and medium-sized businesses across several industrial verticals to reduce manufacturing costs is driving market expansion. However, worries about data security, as well as other constraints such as integration and implementation costs, are projected to limit the lifecycle software market growth over the projection period.

Lifecycle Software Market Regional Insights

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"North American Region to Lead with Strong Financial Position and Rising IoT"

North America will contribute for more than quarter of total lifecycle software market share in 2021. The region's strong financial position allows it to invest substantially in advanced solutions such as IoT, connected industries, telecommunication technologies (5G, LTE), additive manufacturing, and augmented reality, giving it a competitive advantage in the market. Furthermore, large firms are progressively upgrading their product lifecycle management solutions to keep up with changing technological trends in their organizations in order to support customer-centric product development. North America's automobile industry is expanding rapidly. Because the region's economic growth has a direct impact on passenger car and commercial vehicle sales, PLM software is mostly employed in the product development stage, which begins well before manufacturing begins in the automobile industry. It ensures the advanced safety features, electronics, and embedded software content of automobiles.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players, and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Siemens (Germany)
• FastReact (U.K)
• PDXpert (U.S.A)
• Zoho (India)
• SAP (Germany)
• Autodesk Vault (U.S.A)
• Creo (U.S.A)
• Infor (U.S.A)
• Oracle (U.S.A)
• Roadmunk (Canada)
• Canarys (India)
• OneDesk (Canada).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.