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The product life cycle management in manufacturing industries is gaining traction on account of rising digitalization trend. PLM enables company to efficiently manage information throughout the product life from ideation to disposal. Emergence of industrial revolution 4.0 and rapid adoption of internet of things (IoT) in the manufacturing industry showcases positive outlook for the market in the forecast period.
The product life cycle management in manufacturing market is anticipated to grow in the forecast period owing to driving factors such as growing adoption of IoT and advent of industrial revolution, industry 4.0. Moreover, increasing adoption of cloud based services is further likely to fuel the market growth. However, low acceptance by small and medium enterprises may hinder the growth of the product life cycle management in manufacturing market during the forecast period. On the other hand, newer solutions are likely to open significant opportunities for the market player over the coming years.