diff --git a/sycl/include/CL/sycl/detail/pi.hpp b/sycl/include/CL/sycl/detail/pi.hpp
index 113255d60beba..ee0a37a515e97 100644
--- a/sycl/include/CL/sycl/detail/pi.hpp
+++ b/sycl/include/CL/sycl/detail/pi.hpp
@@ -135,7 +135,7 @@ template <class To, class From> To cast(From value);
 extern std::shared_ptr<plugin> GlobalPlugin;
 
 // Performs PI one-time initialization.
-vector_class<plugin> initialize();
+const vector_class<plugin> &initialize();
 
 // Utility Functions to get Function Name for a PI Api.
 template <PiApiKind PiApiOffset> struct PiFuncInfo {};
diff --git a/sycl/source/detail/pi.cpp b/sycl/source/detail/pi.cpp
index e60c04a2e84d0..17fc470f6407b 100644
--- a/sycl/source/detail/pi.cpp
+++ b/sycl/source/detail/pi.cpp
@@ -255,8 +255,19 @@ bool trace(TraceLevel Level) {
 }
 
 // Initializes all available Plugins.
-vector_class<plugin> initialize() {
-  vector_class<plugin> Plugins;
+// The returned reference lifetime is through the end of the process.
+//
+// TODO: make sure that the global Plugins is destroyed last, at least
+// after other tear-down relying on plugins (like destructors of global
+// buffers) is completed.
+//
+const vector_class<plugin> &initialize() {
+  static bool PluginsInitDone = false;
+  static vector_class<plugin> Plugins;
+  if (PluginsInitDone) {
+    return Plugins;
+  }
+
   vector_class<std::pair<std::string, backend>> PluginNames;
   findPlugins(PluginNames);
 
@@ -310,6 +321,7 @@ vector_class<plugin> initialize() {
                 << "Plugin found and successfully loaded: "
                 << PluginNames[I].first << std::endl;
   }
+  PluginsInitDone = true;
 
 #ifdef XPTI_ENABLE_INSTRUMENTATION
   if (!(xptiTraceEnabled() && !XPTIInitDone))
diff --git a/sycl/source/detail/platform_impl.cpp b/sycl/source/detail/platform_impl.cpp
index 6d10960664656..daabe5722f754 100644
--- a/sycl/source/detail/platform_impl.cpp
+++ b/sycl/source/detail/platform_impl.cpp
@@ -49,7 +49,7 @@ static bool IsBannedPlatform(platform Platform) {
 
 vector_class<platform> platform_impl::get_platforms() {
   vector_class<platform> Platforms;
-  vector_class<plugin> Plugins = RT::initialize();
+  const vector_class<plugin> &Plugins = RT::initialize();
 
   info::device_type ForcedType = detail::get_forced_type();
   for (unsigned int i = 0; i < Plugins.size(); i++) {