Global Cloud-Based Product Lifecycle Management (PLM) Market – Industry Trends and Forecast to 2029

Cloud-Based Product Lifecycle Management (PLM) Market Analysis and Size

Product lifecycle management assists in data quality management, enterprise visualization, customer need management, materials and equipment management and much more. Products are an important asset for any organization. Therefore, a careful and effective overhaul over the assets is required to maximize productivity. Product lifecycle management complies with the specific quality certifications and standards.

Global cloud-based product lifecycle management (PLM) market was valued at USD 37.54 billion in 2021 and is expected to reach USD 129.58 billion by 2029, registering a CAGR of 16.75% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Cloud-Based Product Lifecycle Management (PLM) Market Scope and Segmentation

Market Definition

Product lifecycle management is a process of managing the product right from the initial phase of inception, followed by design, maintenance, sales and ultimate retirement. Product lifecycle management ensures efficient and effective working of the product throughout its lifecycle, thereby assisting the organizations in developing new products and introducing them into the market.

Cloud-Based Product Lifecycle Management (PLM) Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• The trend of IIOT

Growing awareness about connected devices technology and its deployment by industries all around the globe is reaping in numerous benefits. Further, rising deployment of industrial internet of things in combination with industry 4.O as the center of the new technological approaches will further fume the market's growth rate extensively.  

• Increased focus on achieving organizational efficiency

The rising number of small and medium scale enterprises, especially in the developing economies, is directly promoting the market's growth rate. Moreover, increased focus of all scales of organizations towards improving the organizational efficiency and optimizing the manufacturing costs will bolster the market's growth rate in the upward direction.

Furthermore, the factors such as rising urbanization, industrialization and mounting usage of product lifeless management solutions by businesses in the retail industry have further contributed to the overall market expansion during the forecast period. Additionally, rising focus on developing smart products and factories in combination with rising deployment of cloud solutions in the market are anticipated to drive the market's growth rate.

Opportunities

• Rising technological advancements

Growing focus on deploying technologically advanced innovations such as artificial intelligence, machine learning, virtual reality, augmented reality and additive manufacturing is fostering the market's adoption rate. Surging the adoption rate of centralized solutions towards cyber threats and breaches focus of the major players towards integrating these technologies with the existing systems will carve the way for the market's growth.

• Increasing trend of digitalization

Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market. The growing trend of work from home and remote jobs, especially in the developed and developing economies, will consequently fuel the adoption rate and the market growth rate.

Restraints/Challenges

• Rising privacy and security concerns

Rising concerns pertaining to the security and safety of data and data integration will create hurdles for the smooth growth rate of the market. High innovation, adoption and deployment costs will challenge the market's growth rate. Budgetary restraints, especially in small and medium scale enterprises, will develop doubts among the management regarding the adoption, thereby impeding the market growth rate. Moreover, developing comprehensive security solutions requires a good investment, which may obstruct the market growth rate.

• Lack of technical expertise

Dearth of expert knowledge and technical expertise and lack of a strong network of providers, especially in the developed and developing economies, will create hurdles for the market regarding the smooth growth in the market value. Further, lack of skilled professionals combined with a slow adoption rate in the developing economies will again hamper the market growth rate.

This cloud-based product lifecycle management (PLM) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cloud-based product lifecycle management (PLM) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Cloud-Based Product Lifecycle Management (PLM) Market

The COVID-19 pandemic has benefited the expansion of the market and the post-pandemic period will continue to push forward the market growth rate. One of the biggest factors for this push is the rising adoption of work-from-home arrangement and growing number of remote jobs globally. Further, surging digitization rate, a result of pandemic, and lockdown restrictions globally have been strong foundational factors for the improved adoption rate by businesses across a number of domains. The rising deployment of internet of things technology by businesses has propelled the market growth rate.

Recent Developments

• Siemens stated in May 2022 that its cutting-edge Siemens PLM software global R&D Center in Pune would be expanding. The facility serves as the Asia-Pacific region's infrastructure hub for the creation of cutting-edge software products.
• April 2022 - BWC Labs, a Pune-based provider of consultancy and solution services for digital transformation, and Dassault Systemes have agreed to work together as a value-added reseller (VAR) to expand the use and potential of virtual twin technology. For the Indian manufacturing industry, BrainWave and Dassault Systemes will together offer Virtual Twin experiences.
• In April 2022, PTC and ITC Infotech announced a partnership to speed up customer digital transformation activities through the use of PTC's leading product lifecycle management (PLM) software as a service, Windchill (SaaS).

Cloud-Based Product Lifecycle Management (PLM) Market Scope

The cloud-based product lifecycle management (PLM)market is segmented on the basis of component, technology, organization size, application and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Software
• CAD/CAM/CAE (CAX)
• Numerical control (NC)
• Simulation and analysis (S&A)
• Electronic design and automation (EDA)
• Architecture Engineering and construction (AEC)
• Collaborative product definition management (CPDM)
• Digital manufacturing (DM)
• Others
• Services
• Software as a service (SaaS)
• Platform as a service (PaaS)
• Infrastructure as a service (IaaS)
• Others

Technology

• Radio-Frequency Identification
• Near Field Communication
• Others

0rganization Size

• Small and Medium Enterprises
• Large Enterprises

Application

• Portfolio Management
• Product Data Management
• Collaborative Design and Engineering
• Customer Management
• Compliance Management
• Others

Industry Vertical

• Aerospace and Defence
• 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
• Others

Cloud-Based Product Lifecycle Management (PLM) Market Regional Analysis/Insights

The cloud-based product lifecycle management (PLM)market is analyzed and market size insights and trends are provided by country, component, technology, organization size, application and industry as referenced above.

The countries covered in the cloud-based product lifecycle management (PLM) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the cloud-based product lifecycle management (PLM) market due to the presence of major players in this region and growing deployment of telecommunication technologies such as 5G and LTE. Prevalence of advanced infrastructure in combination with rising deployment of augmented reality are some other important factors determining the dominance of this region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rising adoption of internet of things and connected devices technologies by the small and medium scale enterprises. Moreover, escalating IT infrastructure in the region and aggressive deployment of product lifecycle management tools by businesses as a part of their growth strategies will yet again bolster the growth of the market in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Cloud-Based Product Lifecycle Management (PLM) Market Share Analysis

The cloud-based product lifecycle management (PLM) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cloud-based product lifecycle management (PLM) market.

Some of the major players operating in the cloud-based product lifecycle management (PLM) market are

• Dassault Systèmes (France)
• Siemens (Germany)
• PTC Inc. (U.S.)
• Microsoft (U.S.)
• Oracle (U.S.)
• SAP SE (Germany)
• Autodesk, Inc. (U.S.)
• Razorleaf Corp. (U.S.)
• Aras (U.S.)
• Infor (U.S.)
• IFS (Sweden)
• Atos SE (France)
• ANSYS, Inc. (U.S.)
• Propel Software Solutions, Inc. (U.S.)
• Kalypso (U.S.)
• Rockwell Automation, Inc. (U.S.)
• FusePLM LLC (U.S.)
• Bamboo Rose LLC. (U.S.)
• Accenture (U.S.)

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