Overview and Scope
Cloud-based product lifecycle management (PLM) refers to the use of cloud computing technologies and services to manage the entire lifecycle of a product, from its conception and design through manufacturing, distribution, and eventual disposal. It offers flexibility, accessibility, and cost-effectiveness, enabling organizations to effectively manage their product lifecycles and bring innovative products to market more efficiently.
Sizing and Forecast
The cloud based product lifecycle management market size has grown rapidly in recent years. It will grow from $48.91 billion in 2023 to $57.24 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to a growing focus on improving product efficiency, a rising number of small and medium scale enterprises, an increasing trend of digitalization, growing awareness about connected devices technology, adoption of automatic real-time tracking of products.
The cloud based product lifecycle management market size is expected to see rapid growth in the next few years. It will grow to $106.07 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to a rising focus on developing smart products, widespread adoption of cloud-based solutions, rising demand for product lifecycle management solutions, integration of Internet of Things (IoT) and PLM solutions, and rising incorporation of IoT. Major trends in the forecast period include collaborations and technological developments, investing heavily in research and development, rising technological advancements, introduction of comprehensive solutions, and integration of technologies with existing systems.
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Segmentation & Regional Insights
The cloud based product lifecycle management market covered in this report is segmented –
1) By Component: Software, Services
2) By Technology: Radio-Frequency Identification (RFID), Near Field Communication (NFC), Other Technologies
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Portfolio Management, Product Data Management (PDM), Collaborative Design And Engineering, Customer Management, Compliance Management, Other Applications
5) By Industry Vertical: Aerospace And Defense, Healthcare And Life Sciences, Retail And Consumer Goods, Energy And Utilities, Industrial Machinery And Heavy Equipment, Telecommunications And IT, Automotive And Transportation, Semiconductor And Electronics, Other Industry Verticals
North America was the largest region in the cloud based product lifecycle management market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the cloud based product lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of Internet of Things (IoT) solutions is expected to propel the growth of the cloud-based product lifecycle management market going forward. Internet of Things (IoT) solutions refer to technologies, platforms, and systems that enable the connection, communication, and interaction of various physical objects, devices, and sensors over the Internet. The increasing adoption of integrated IoT solutions is driven by the need for enhanced operational efficiency, real-time insights, and streamlined processes across industries, as well as the growing availability of cost-effective hardware, advanced analytics capabilities, and scalable cloud platforms. IoT enables enhanced connectivity, data collection, and real-time insights across various stages of the product lifecycle. Additionally, the integration of IoT with cloud-based PLM systems enables manufacturers to enhance operational efficiency, product quality, and customer satisfaction. For instance, in January 2022, according to the GSM Association, a UK-based non-profit industry organization, it was estimated that the number of IoT connections overall is expected to exceed 23.3 billion by 2025, a significant rise from the 15.1 billion connections that were registered in 2021. Therefore, the increasing adoption of integrated Internet of Things (IoT) solutions is driving the growth of the cloud-based product lifecycle management market.
Key Industry Players
Major companies operating in the cloud based product lifecycle management market are Koch Industries Inc., Siemens AG, Accenture plc, Oracle Corporation, SAP SE, Atos SE, Rockwell Automation Inc., Dassault Systèmes S.A., Autodesk Inc., PTC Inc., Veeva Systems Inc., Blue Yonder Group Inc., IFS AB, Lectra SA, Centric Software Inc., PROLIM Corporation, Arena Solutions Inc., Tacton Systems AB, Aras Corporation, Bamboo Rose Inc., FusePLM, NexGenCAM LLC, Propel Software Inc., Essig PLM, Professional Systems Associates Inc., Razorleaf Corporation
The cloud based product lifecycle management market report table of contents includes:
1. Executive Summary
2. Cloud Based Product Lifecycle Management Market Characteristics
3. Cloud Based Product Lifecycle Management Market Trends And Strategies
4. Cloud Based Product Lifecycle Management Market - Macro Economic Scenario
5. Global Cloud Based Product Lifecycle Management Market Size and Growth
.....
32. Global Cloud Based Product Lifecycle Management Market Competitive Benchmarking
33. Global Cloud Based Product Lifecycle Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cloud Based Product Lifecycle Management Market
35. Cloud Based Product Lifecycle Management Market Future Outlook and Potential Analysis
36. Appendix
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Cloud Product Lifecycle Management Market:WiseGuyReports.com adds “Global Cloud Product Lifecycle Management Market Research Report 2020” reports to its database.Executive SummaryThe assessment of the Cloud Product Lifecycle Management market has been done in this recently published report.
The real-time market scenario has also been represented for understanding the demographic changes that took place in the recent layers.
The various aspects of the market have also been explored relating to the market players whilst showing their maximum growth.
The potential factors that can take the market forward have also been mentioned in the report.The basic dynamics of the Cloud Product Lifecycle Management market has been presented in the report.
A number of potential growth factors, risks, restraints, challenges, market developments, opportunities, strengths, and weaknesses have been highlighted in the report.
Various other latent factors impacting the market have also been mentioned.Request Free Sample Report @ https://www.wiseguyreports.com/sample-request/5244545-global-cloud-product-lifecycle-management-market-size-statusRegional descriptionThe global Cloud Product Lifecycle Management market has been analyzed and proper study of the market has been done on the basis of all the regions in the world.
MarketsandMarkets projects the product lifecycle management market to grow from USD 50.7 billion in 2019 to USD 73.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period.
Major factors expected to drive the growth of the product lifecycle management market include growing focus on developing groundbreaking smart products and factories, increasing need to build product innovation platform would support product lifecycle management-enabled applications, and growing demand for cloud-based product lifecycle management solutions for scalability and secure IT infrastructure.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=152565174Based on component, services segment to record a higher growth rate than the software segment during the forecast periodBy component, the services segment is expected to grow at a higher rate than the software segment during the forecast period.
The services segment has been further segmented into professional services and managed services.
The professional services segment has also been classified into deployment and integration, consulting, and support and maintenance.Among services, support and maintenance segment to grow at a higher rate than the deployment and integration, and consulting and advisory services segment during the forecast periodSupport and maintenance services are crucial, as they directly deal with customer satisfaction and issues.
Support, software maintenance, customer portal, post-deployment assistance, and client testimonials are some of the services provided under the support and maintenance segment.
These services also provide a single point of contact who would help solve customer issues quickly.
Product Lifecycle Management (PLM) Software Market Insights 2019, Global and Chinese Scenario is a professional and in-depth study on the current state of the global Product Lifecycle Management (PLM) Software industry with a focus on the Chinese market.
The report provides key statistics on the market status of the Product Lifecycle Management (PLM) Software manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.Overall, the report provides an in-depth insight of 2014-2024 global and Chinese Product Lifecycle Management (PLM) Software market covering all important parameters.The key points of the report:The report provides a basic overview of the industry including its definition, applications and manufacturing technology.The report explores the international and Chinese major industry players in detail.
In this part, the report presents the company profile, product specifications, capacity, production value, and 2014-2019 market shares for each company.Through the statistical analysis, the report depicts the global and Chinese total market of Product Lifecycle Management (PLM) Software industry including capacity, production, production value, cost/profit, supply/demand and Chinese import/export.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.The report then estimates 2019-2024 market development trends of Product Lifecycle Management (PLM) Software industry.
Key Questions Addressed by the ReportWhat is the growth perspective of the Product Lifecycle Management (PLM) SoftwareMarket and the key dynamics and trends governing the market?What are key sustainability strategies adopted by the leading players in the Product Lifecycle Management (PLM) SoftwareMarket?What are the new and emerging technologies and use cases disrupting the Product Lifecycle Management (PLM) Softwareindustry?What are the key applications where Product Lifecycle Management (PLM) Softwareplays a significant role?
Product Type I Product Type II Product Type IIIFor end use/application segment, this report focuses on the status and outlook for key applications.
Mechanical Equipment Automotive Industry Shipping& Locomotive Others Reasons to Purchase this Report: Estimates 2019-2024 Product Lifecycle Management (PLM) Software market development trends with the recent trends and SWOT analysis Market dynamics scenario, along with growth opportunities of the market in the years to come Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
