Pune, India, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Global ANZ Product Lifecycle Management (PLM) software market size was valued at USD 302.6 million in 2022 and is projected to reach USD 669.8 million by 2030, exhibiting a CAGR of 10.5%. Fortune Business Insights presents this information in their report titled "Global ANZ Product Lifecycle Management (PLM) Software Market Forecast, 2023-2030."
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Key Industry Development
April 2023: Siemens and IBM collaborated for the development of a new software solution, which helps in optimization of product lifecycles of organizations. The solution combines the asset management and systems engineering to enhance the streamlining of processes, resulting in a digital thread maintaining product lifecycles.
Key Takeaways
- ANZ Product Lifecycle Management (PLM) Software Market size in Australia was USD 255.1 million in 2022
- Pandemic Led to the Adoption of Digital Technologies to Streamline Operations
- Manufacturing to Lead due to Increasing Implementation of PLM Software
- Cloud to Lead Owing to its Cost-Effectiveness and Flexibility
Discover the Leading Players Featured in the Report:
“Companies leading the global ANZ Product Lifecycle Management (PLM) Software Market are Centric Software, Inc. (U.S.), Aras Corporation (U.S.), Odoo SA (Belgium), Loggia Corp Pty Ltd. (Australia), Autodesk Australia Pty Ltd. (Singapore), Dassault Systèmes Australia Pty Ltd. (Australia), Siemens (Germany), Bentley Systems, Inc. (U.S.), PTC (U.S.), HCL Technologies Limited (India)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 10.5% |
| 2030 Value Projection | USD 669.8 million |
| Base Year | 2022 |
| ANZ Product Lifecycle Management (PLM) Software Market Size in 2022 | USD 302.6 million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 73 |
| Segments covered | By Deployment, Industry, and Country |
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Drivers and Restraints
Rise in Additive Manufacturing to Drive Market Trajectory
Additive manufacturing, commonly known as 3D printing, is a process of creating three-dimensional objects by layering or adding material. PLM software is utilized in additive manufacturing to streamline design, simulation, and production processes, ensuring efficient development and optimization of 3D printed components. Rise in additive manufacturing for the adoption of PLM software is anticipated to drive the ANZ Product Lifecycle Management (PLM) Software Market growth. According to Australian Bureau of Statistics, both the countries experienced an increase in manufacturing EBITDA by 17.8%, following an increase of 6.9% in 2020-2021.
However, limited integration and challenges in the software are set to hinder market development.
Segmentation
By Deployment
- On-premises
- Cloud
By Industry
- Automotive
- Aerospace and Defense
- Manufacturing
- Healthcare
- Retail
- Others (Construction, Media and Entertainment)
By Industry
- BFSI
- Cloud & Data center
- Government
- Energy & Utilities
- Healthcare
- Automotive
- Others (Gaming, Retail & Consumer Goods, and others)
By Region
- Australia (By Deployment and, By Industry)
- New Zealand (By Deployment and, By Industry)
Regional Insights
Australia to Lead Market Share due to High Rate of Digital Transformation
Australia is projected to lead the ANZ Product Lifecycle Management (PLM) software market share due to high rate of digital transformation by the government and high market development. The market was valued at USD 255.1 million in 2022. Increasing number of partnerships and collaborations amongst the key market players is set to drive the regional growth.
New Zealand’s regional growth is driven by evolution in the automotive and manufacturing sectors. The government of the country is facilitating the expansion of businesses, which is promoting cross-border data exchange.
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Competitive Landscape
Innovative Solutions and Operational Enhancements to Boost Market Expansion
Key product lifecycle management players of the market have been emphasizing their customers and clients with the adoption of new and advanced technologies. Rising deployments of PLM solutions, which are comprehensive in nature are gaining traction due to increase in demand for requests and requirements of product lifecycle management.
FAQs
How big is the ANZ Product Lifecycle Management (PLM) Software Market?
The ANZ Product Lifecycle Management (PLM) Software Market size was USD 302.6 million in 2022. It is expected to reach USD 669.8 million by 2030.
How fast is the ANZ Product Lifecycle Management (PLM) Software Market growing?
The ANZ Product Lifecycle Management (PLM) Software Market will exhibit a CAGR of 10.5% during the forecast period, 2023-2030.
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