US PLM Software Market Size and Growth Rate

• The global product lifecycle management (PLM) software market was valued at $46 billion in 2018, according to Industry Research.
• The global PLM software market is expected to attain a market size of $67.3 billion by 2024, growing at a compound annual growth rate (CAGR) of 6.52%.
• However, this report seems to overestimate the market size compared to other industry estimates. Most other reports estimate the market size at around $20 billion. For example, Fortune Business Insights estimates the market size at $16.76 billion for 2018, while Quadrant states that the 2018 market size is $18.57 billion.
• According to Quadrant, the North American market is the largest PLM software market, and it represents 37.5% of the global market. Quadrant also states that Canadian companies are slow to adopt PLM software, so it can be assumed that US represents at least 90% of the North American PLM software market.
• Therefore, the market size for PLM software in North America is $6.96 billion ($18.57 billion * 37.5% = $6.96 billion). The market size for PLM software in the US is assumed to be $6.26 billion ($6.96 billion * 90% = $6.26 billion).
• Most sources agree on the expected growth rate of the PLM software market, citing annual growth rates between 6.52% and 7.2%.

Key Players in the US PLM Software Market

• Key players in the global PLM software market, according to Industry Research, include Siemens Product Lifecycle Management Software Inc. (Germany), Dassault Systemes (Germany), Autodesk Inc. (US), PTC Inc. (US), SAP SE (Germany), ANSYS Germany (Germany), Oracle Corporation (US) and Aras Corporation (US).
• According to Apps run the World, the top 10 players in the PLM software market are Dassault Systemes, Autodesk, Siemens PLM Software, Synopsis, Ansys Inc., Cadence Design Systems, Hexagon, PTC, Mentor, and AVEVA Group.
• The top 10 software vendors in the PLM market accounted for nearly 80.5% of the market. Dassault Systemes had a market share of 16.5% in 2019, while Autodesk had a market share of 13.8%.

Industries Using PLM Software

• The PLM Software market revenue share by industry vertical is as follows:

• "In terms of market growth, life sciences, food & beverage, architecture, engineering, & construction (AEC), and consumer goods & retail sectors are expected to grow at the highest CAGR of 8.1%, 8.0%, 8.0%, and 7.8% respectively."
• However, the growth in automotive industry demand due to the increasing production of autonomous vehicles will represent one of the main growth drivers for the PLM software industry in the coming years.

•  "The increasing use of digital manufacturing and rising integration of IoT in producing autonomous cars is one of the key trends that is expected to drive PLM software market in the automotive sector, during the forecast period. Tesla has integrated ENOVIA (cPDM software) and CATIA (CAD software) with DELMIA to simulate the manufacturing facility and process in the manufacturing of its model."