Market Size of India PLM Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 390.85 Million |
| Market Size (2029) | USD 672.97 Million |
| CAGR (2024 - 2029) | 11.48 % |
| Market Concentration | Low |
Major Players_Market_.webp)
*Disclaimer: Major Players sorted in no particular order |
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India PLM Market Analysis
The India PLM Market size is estimated at USD 390.85 million in 2024, and is expected to reach USD 672.97 million by 2029, growing at a CAGR of 11.48% during the forecast period (2024-2029).
- PLM unites all the partners involved in the value chain to manage and develop products throughout the product's lifecycle. PLMs may assist with data quality management, enterprise product record, enterprise visualization, customer need management, product cost and quality management, and materials and equipment management. PLM also aids in different quality management standards, allowing manufacturers to meet specific quality certifications, like ISO 9001, internal standards, and the on-demand analysis of the BOM during all phases of the product development lifecycle.
- The growth in the adoption of smart connected products due to the adoption of the IoT technology is pursuing the manufacturers to integrate the mechanical and electronic components with software solutions.
- The Industrial Internet of Things (IIoT) and Industry 4.0 are at the center of the new technological approaches for developing, producing, and managing the entire logistics chain. They dominate the industrial sector trends, with machinery and devices being connected via the internet.
- Lack of awareness regarding the PLM solution can hinder the market's growth. Also, the lack of research on PLM implementation guidelines that focus on the operational level. More specifically, there is a lack of studies examining what policies are relevant for and used in real industrial PLM implementations, why (or why not) they are used, and their value if applied.
- The COVID-19 pandemic has impacted the PLM market positively. The pandemic has affected the global economy profoundly, as lockdowns have been imposed to contain the spread of the virus. People have been compelled to stay at home and work remotely to minimize human contact, thus boosting the growth of the IoT, which, in turn, is driving the development of the cloud-based PLM market.
