ANZ Product Lifecycle Management Software Market Size to Surpass USD 669.8 million by 2030, exhibiting a CAGR of 10.5%

As per the report by Fortune Business Insights, the ANZ Product Lifecycle Management (PLM) Software Market size is projected to reach USD 669.8 million in 2030, at a CAGR of 10.5% during the forecast period, 2023-2030

ANZ Product Lifecycle Management Software Market

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

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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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