NEW
YORK, June 24, 2024 /PRNewswire/ -- The
global cloud product lifecycle management (PLM) market
size is estimated to grow by USD
1.38 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 6.78%
during the forecast period. Reduction in it
expenditure is driving market growth, with a trend
towards interlinking of cloud-based product lifecycle
management. However, threat to cybersecurity and software
privacy poses a challenge. Key market players include
Accenture Plc, ApparelMagic, Aras Corp., Autodesk Inc., Dassault
Systemes SE, Edaforce Inc., Essig PLM, FusePLM LLC, IFS World
Operations AB, Koch Industries Inc., Oracle Corp., Professional
Systems Associates Inc., PROLIM Global Corp., Propel Software
Solutions Inc., PTC Inc., SAP SE, and Siemens AG.
Get a detailed analysis on regions, market
segments, customer landscape, and companies - Click for the
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (cPDM, DM, and
CAD), Business Segment (Large enterprises and Small and medium
enterprises), and Geography (North America, Europe, APAC, South
America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Accenture Plc,
ApparelMagic, Aras Corp., Autodesk Inc., Dassault Systemes SE,
Edaforce Inc., Essig PLM, FusePLM LLC, IFS World Operations AB,
Koch Industries Inc., Oracle Corp., Professional Systems Associates
Inc., PROLIM Global Corp., Propel Software Solutions Inc., PTC
Inc., SAP SE, and Siemens AG
|
Key Market Trends Fueling Growth
Cloud Product Lifecycle Management (PLM) software is
increasingly adopted by businesses for its ease of integrating
essential tools. These include BOM, designing modules, and
manufacturing management software. This interlinking enhances
productivity and eliminates the need for manual data updates and
e-mail attachments. Centralized access to data also ensures
accountability and up-to-date information, driving market
growth.
The Cloud Product Lifecycle Management (PLM) market is
experiencing significant growth, driven by advanced technologies
such as AI and machine learning. Companies are utilizing these
tools to streamline their design, development, and manufacturing
processes. Real-time collaboration and data access are key
benefits, enabling faster time-to-market and improved product
quality. The market is also witnessing the integration of PLM with
other business systems, such as CRM and ERP, to create a unified
business platform. Additionally, the trend towards digital
transformation is driving the adoption of cloud PLM solutions,
providing cost savings and scalability. Overall, the future of PLM
lies in its ability to provide a seamless, end-to-end solution for
managing the entire product development process in the
cloud.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
• In the cloud
PLM market, data security and privacy are major concerns due to the
potential risks associated with third-party data handling.
Enterprises have been hesitant to adopt cloud solutions due to the
possibility of data breaches, DDoS attacks, unsecured APIs, and
account hijacking. The sharing of licensed software among
unauthorized users, known as software piracy, also poses a threat
to vendors' revenue. Cybersecurity challenges and software privacy
concerns may significantly impact the growth of the cloud PLM
market during the forecast period.
• In the dynamic
and competitive cloud market, Product Lifecycle Management (PLM) is
a crucial business process. However, managing cloud PLM comes with
unique challenges. One significant challenge is ensuring data
security and compliance, especially when dealing with sensitive
information. Another challenge is integrating various systems and
applications to create a seamless workflow. Additionally, scaling
PLM solutions to meet growing business needs can be complex and
costly. Furthermore, keeping up with the latest technology trends
and updates is essential to remain competitive. Lastly, training
employees to effectively use PLM tools can be time-consuming and
costly. Addressing these challenges requires a strategic approach
and a reliable PLM solution.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This cloud product lifecycle management (plm) market report
extensively covers market segmentation by
- Product
- Business Segment
- 2.1 Large enterprises
- 2.2 Small and medium enterprises
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 cPDM- Cloud Product Lifecycle Management
(PLM) is a strategic business approach that offers consistent
business processes, diverse solutions, and better collaboration
between manufacturers and suppliers. It enables access to product
data from any internet-connected computer, ensuring intellectual
property protection. Cloud PLM has lower implementation and
maintenance costs, making it suitable for SMEs. Dassault Systemes'
3DEXPERIENCE platform, available both on-premise and in the cloud,
powers industry solutions with a single interface, driving growth
in the segment.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
In the dynamic business landscape, the Cloud Product Lifecycle
Management (PLM) market plays a pivotal role in enabling product
conception to disposal for various industrial verticals, including
small and medium-sized businesses. This solution facilitates design
and development processes, ensuring seamless collaboration among
factories and remote teams. Information and enterprise strategies
are effectively implemented through PLM software, fostering product
innovation and the creation of smart products. Data security is
prioritized, ensuring confidentiality, integrity, and availability
of critical product information. Augmented Reality (AR) and Virtual
Reality technologies are integrated, offering immersive experiences
for product visualization and simulation. IT infrastructure is
optimized through cloud technology, providing scalability,
flexibility, and cost savings.
Market Research Overview
The Cloud Product Lifecycle Management (PLM) market refers to a
suite of software solutions that manage the entire product
development process in a cloud environment. These solutions enable
organizations to manage product data and processes in real-time,
from conception through design, manufacturing, and service. The
benefits of cloud PLM include increased collaboration, reduced
time-to-market, and improved product quality. Key features include
bill of materials management, change management, and product data
management. The market is expected to grow significantly due to the
increasing adoption of cloud technologies and the need for more
efficient product development processes. Additionally, the
integration of artificial intelligence and machine learning in PLM
solutions is driving innovation and enhancing productivity.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Business Segment
-
- Large Enterprises
- Small And Medium Enterprises
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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