India Product Lifecycle Management Market: Forecasting Growth Trends and Outlook

Written by Jack  »  Updated on: April 19th, 2024

India Product Lifecycle Management Market: Forecasting Growth Trends and Outlook

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TechSci Research's report on the "India Product Lifecycle Management Market - By Region, Competition, Forecast & Opportunities, 2028F" suggests that the market is witnessing substantial growth attributed to the increasing demand for product lifecycle management (PLM) solutions among small and medium-sized businesses across various industrial sectors. This trend is driven by the need to reduce manufacturing costs. Additionally, government initiatives such as Made in India and Atmanirbhar Bharat, focusing on projects like Industry 4.0 and the industrial internet, are expected to drive investments in technology, innovation, and IT.

For example, Amazon's introduction of a palmprint biometric device for contactless payments and physical access control, known as Amazon One, reflects the growing demand for innovative solutions. Such developments are contributing to the growth of the India Product Lifecycle Management market.

Furthermore, the adoption of Industrial IoT (IIoT) in the manufacturing process is fueling the need for PLM software applications. IIoT adoption is projected to rise significantly, with estimates suggesting an increase in networked devices from 1.6 billion in 2017 to 2.2 billion by 2022. Key PLM software elements like Multi-CAD, Product Data Management (PDM), and Digital Manufacturing are becoming indispensable in processes like planning and design, offering benefits that outweigh the associated expenses and time requirements.

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The adoption of PLM software in India is also facilitating the development of digital twin technologies. Digital twins require support from networked systems to maximize their impact. PLM software enables the creation of a digital thread, ensuring that all users access the most up-to-date information and allowing for precise and rapid modifications to digital twins in real time.

The India Product Lifecycle Management market has been segmented into the following categories:

India Product Lifecycle Management market, By Type of Service:

  • CAX
  • Discrete PLM
  • Process PLM

India Product Lifecycle Management market, By Component:

  • Multi-CAD Solution
  • Product Data Management
  • Digital Manufacturing

India Product Lifecycle Management market, By Deployment Mode:

  • On-Premise
  • Cloud

India Product Lifecycle Management market, By Service Type:

  • Maintenance/Support
  • Implementation
  • Consulting
  • Others

India Product Lifecycle Management market, By End User Industry:

  • Retail
  • Aerospace and Defense
  • Automotive
  • Electronics
  • Medical Devices
  • Pharmaceutical & Biotech

India Product Lifecycle Management market, By Region:

  • West
  • North
  • South
  • East

In 2022, the cloud segment accounted for the largest revenue share, driven by benefits such as scalability, flexibility, security, and data control. However, on-premises solutions are also expected to witness significant growth during the forecast period, especially with the integration of technologies like IoT and big data.

Key market players in the India Product Lifecycle Management Market include:

  • 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.

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Mr. Karan Chechi, Research Director at TechSci Research, highlights the dominance of the automotive and transportation sector in 2022, driven by trends such as digital manufacturing and the incorporation of IoT in smart vehicle development. PLM software adoption in this sector is expected to lead to benefits such as reduced product damage, increased productivity, and improved alignment with customer expectations.

The report, titled "India Product Lifecycle Management Market Segmented By Type of Service, Component, Deployment Mode, Service Type, End User Industry, Region, Competition Forecast & Opportunities, 2018-2028F", aims to provide comprehensive market intelligence to aid decision-makers in making informed investment decisions. Additionally, it identifies emerging trends, drivers, challenges, and opportunities in the India Product Lifecycle Management Market.

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