Cloud Product Lifecycle Management (PLM) The market size is expected to grow by USD 1.38 million from 2024 to 2028. Reducing IT expenses to stimulate market growth, Technavio

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2024-06-24

NEW YORK, June 24, 2024 /PRNewswire/ — The global cloud product lifecycle management (PLM) market is expected to grow $1According to Technavio – 0.38 billion in 2024–2028. The market is estimated to grow at a CAGR of 6.78% during the forecast period. Reducing spending on them is driving market development, with a tendency to combine product lifecycle management in the cloud. The challenge, however, is the threat to cybersecurity and software privacy. 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.

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Key market trends driving growth

Cloud-based product lifecycle management (PLM) software is increasingly being adopted by companies due to the ease of integrating the necessary tools. These include BOMs, design modules and production management software. This interconnection increases productivity and eliminates the need to manually update data and email attachments. Centralized access to data also ensures accountability and timeliness of information, driving market growth.

The cloud product lifecycle management (PLM) market is witnessing significant growth thanks to advanced technologies such as artificial intelligence and machine learning. Companies use these tools to streamline their design, development and production processes. Real-time collaboration and access to data are key benefits, enabling faster time to market and better product quality. The market is also seeing 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-based PLM solutions for 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.

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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 are hesitant to adopt cloud solutions due to the potential for data breaches, DDoS attacks, insecure APIs, and account takeover. Sharing licensed software between unauthorized users, known as software piracy, also poses a threat to suppliers’ revenues. Cybersecurity challenges and software privacy concerns are likely to significantly impact the growth of the cloud PLM solutions market during the forecast period.

• In the dynamic and competitive cloud market, product lifecycle management (PLM) is a key business process. However, managing PLM in the cloud presents unique challenges. A significant challenge is ensuring data security and compliance, especially in the case of 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. Moreover, to stay competitive, it is necessary to keep up with the latest trends and technological updates. Finally, training employees to use PLM tools effectively can be time-consuming and expensive. Meeting these challenges requires a strategic approach and a reliable PLM solution.

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Segment overview

This Cloud Product Lifecycle Management (PLM) market report extensively discusses the market segmentation by

1. Product

Business segment

• 2.1 Large enterprises
• 2.2 Small and medium-sized enterprises

Geography

• 3.1 North America
• 3.2 Europe
• 3.3 Asia and the Pacific
• 3.4 South America
• 3.5 Near East AND Africa

1.1 cPDM- Cloud-based product lifecycle management (PLM) is a strategic business approach that offers consistent business processes, diverse solutions, and improved collaboration between manufacturers and suppliers. It allows access to product data from any computer connected to the Internet, ensuring protection of intellectual property. 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, supports industry solutions through a single interface, driving the segment’s growth.

More information on market segmentation with geographical analysis including forecast (2024-2028) and historical data (2018-2022) – Download a sample report

Research analysis

In the dynamic business landscape, the cloud product lifecycle management (PLM) market plays a crucial role in enabling product concepting and utilization for various industrial verticals, including small and medium-sized enterprises. The solution simplifies design and development processes by ensuring seamless collaboration between factories and remote teams. Information and enterprise strategies are effectively implemented with PLM software, supporting product innovation and the creation of intelligent products. Data security is prioritized, ensuring the confidentiality, integrity and availability of key product information. Augmented reality (AR) and virtual reality technologies are integrated, offering immersive experiences in product visualization and simulation. The IT infrastructure is optimized using cloud technologies, ensuring scalability, flexibility and cost savings.

Market research review

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 concept through design, production and service. The benefits of cloud PLM include improved 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 drives innovation and increases productivity.

Contents:

1 Summary
2 Market landscape
3 Market size
4 Historical market size
5 Five Forces Analysis
6 Market segmentation

• Product
• Business segment
• Large enterprises
• Small and medium companies
• Geography
• North America
• Europe
• APAC
• South America
• Middle East and Africa

7 Customer landscape
8 Geographic landscape
9 Factors, challenges and trends
10 Company landscape
11 Company analysis
12 Annex

About Technavio

Technavio is a leading global technology research and consulting company. Their research and analysis focuses on emerging market trends and provides actionable insights that help companies identify market opportunities and develop effective strategies to optimize their market position.

The Technavio report library, with over 500 specialized analysts, consists of over 17,000 reports and covers 800 technologies from 50 countries. Their client base consists of enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive reach, extensive research and actionable market insights to identify and evaluate opportunities in existing and potential markets. competitive position in changing market scenarios.

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