Cloud-Based PLM Market By Component (Software, Services), Organization Size (Small & Medium Enterprises, Large Enterprises), Technology (Radio-Frequency Identification, Near Field Communication), Application (Portfolio Management, Product Data Management, Collaborative Design and Engineering, Custom

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Cloud-Based PLM Market By Component (Software, Services), Organization Size (Small & Medium Enterprises, Large Enterprises), Technology (Radio-Frequency Identification, Near Field Communication), Application (Portfolio Management, Product Data Management, Collaborative Design and Engineering, Custom

Cloud-based PLM Market Valuation – 2024-2031

Increasing need for Cloud-based PLM Systems that provide scalability, flexibility, and accessibility. Cloud PLM technologies help enterprises to centralize product data, streamline global team collaboration, and shorten time-to-market for new product launches. Furthermore, the growing trend of remote work and scattered teams, combined with the necessity for real-time access to product information, accelerates the use of cloud PLM systems, which is predicted to push market sales above USD 55.55 Billion in 2024 and reach USD 190.82 Billion by 2031.

Furthermore, advances in technologies such as artificial intelligence (AI), the Internet of Things (IoT), and big data analytics are improving the capabilities of cloud PLM solutions, resulting in increased acceptance and market growth at a CAGR of about 16.68 % from 2024 to 2031

Cloud-based PLM MarketDefinition/ Overview

Imagine a digital hub where you can keep track of your product from the drawing board to the dumpster. That's Cloud-Based Product Lifecycle Management (PLM) for you! It's like having a superpower that connects your design, manufacturing, and sales teams, even if they're scattered across the globe. PLM brings everyone into the loop, so they're all singing from the same sheet music. No more mixed signals or missed deadlines. Plus, it gives you real-time updates on all things product-related, so you can make decisions based on the latest info. It's not just a dream; PLM is already transforming industries like manufacturing, cars, airplanes, and even the stuff you buy at the grocery store. It's helping engineers design better products, build prototypes faster, and get them to you without any hiccups. But the future of PLM is even more exciting. It's teaming up with tech superstars like artificial intelligence and the Internet of Things to make even more magic happen. These smartypants help analyze data, make smarter decisions, and innovate like crazy. And as more and more companies go digital and work from anywhere, PLM is becoming a must-have. It's the key to boosting innovation and efficiency, no matter where your team is located.

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Wil Growing Trend of Remote Work Drive the Cloud-based PLM Market?

The increasing popularity of remote work is predicted to fuel significant growth in the cloud-based product lifecycle management (PLM) industry. With the advent of remote workforces and distributed teams, organizations are increasingly looking for cloud-based PLM solutions that allow for seamless communication, access to real-time product data, and effective project management from any location. Cloud PLM platforms provide the flexibility and accessibility required for remote work settings, enabling dispersed teams to engage on product design, development, and management regardless of physical location.

Furthermore, the incorporation of communication and collaboration capabilities into cloud PLM solutions allows distant teams to efficiently interact, share comments, and track project progress in real-time, increasing productivity and innovation. Furthermore, the COVID-19 pandemic has heightened the demand for remote access to product data and workflows, hastening the adoption of cloud-based PLM systems by enterprises shifting to remote work arrangements. As remote work becomes more common, the need for cloud-based PLM solutions is likely to rise, fueling industry expansion and innovation in product lifecycle management methods.

The Cloud-based PLM Market is expanding as a result of rising demand for cloud-based solutions that are scalable, flexible, and easily accessible. These systems provide for centralized product data, improved collaboration, and faster time-to-market for new goods. The trend toward remote work and distributed teams adds to this demand, propelling industry development and innovation in product lifecycle management approaches.

Advancements in AI and IoT technologies are driving the growth of the Cloud-Based Product Lifecycle Management (PLM) Market. These technologies provide predictive analytics, automation, and real-time monitoring, allowing firms to make better decisions and develop more quickly. The need for these solutions is projected to continue to rise.

Will Increasing Data Security and Privacy Concerns Hinder the Growth of the Cloud-based PLM Market?

Rising data security and privacy issues have the potential to stymie the expansion of the cloud-based product lifecycle management (PLM) market. As businesses digitize and centralize their product data in cloud-based PLM systems, there is a greater emphasis on safeguarding sensitive information like intellectual property, design specifications, and customer data. Many firms, particularly those in highly regulated industries like as aerospace, defense, and healthcare, have major adoption barriers due to concerns about data security breaches, unauthorized access, and compliance with rules such as GDPR and CCPA.

Furthermore, the idea of less control over data kept in the cloud may dissuade enterprises with strict security requirements from completely adopting cloud-based PLM solutions. To address these issues and reduce barriers to adoption, cloud PLM vendors must prioritize strong security measures, transparent data governance methods, adherence to privacy rules, and clear information about data protection policies.

Furthermore, providing customizable security features, encryption options, and data residency options can help enterprises develop trust and convince them that their sensitive product data is secure in the cloud.

Integrating cloud product management tools (PLM) with existing business systems can be a real headache. It's like trying to fit a new piece into an old puzzle—it can be tricky and time-consuming. This can lead to compatibility issues, making it hard to move data between systems and causing problems with the way they work together. This complexity doesn't just cost time and money, but it also makes it harder for businesses to use their software smoothly and automate their processes. To keep growing, cloud PLM companies need to make sure their systems integrate well with others. They need to support common ways of sharing data and APIs, and they need to make it easy to connect to popular business apps. Working with system integrators and consulting firms can also help companies overcome these integration challenges and get their cloud PLM solutions up and running faster. These experts can guide businesses through the process and make sure their systems work together seamlessly.

Customization and configuration problems impede the growth of the cloud-based product lifecycle management (PLM) market. Excessive customization may result in increased complexity, longer implementation times, and higher costs. Vendors must provide versatile, configurable solutions that balance customization and standardization, as well as extensive training and support services to ensure optimal configuration and utilization.

Category-Wise Acumens

Will Rising Usage of Software Drive the Cloud-based PLM Market?

The increasing use of software is predicted to fuel significant growth in the cloud-based product lifecycle management (PLM) industry. As industries across sectors become more reliant on software-driven solutions for product design, development, and manufacturing processes, there is a growing demand for efficient software-related product lifecycle management. Cloud-based PLM solutions provide enterprises with a scalable, collaborative, and centralized platform for managing software-intensive product development from concept to end of life.

These technologies enable seamless communication among interdisciplinary teams, provide real-time access to software-related product data from any location, and integrate with software development tools and version control systems. Companies that use cloud-based PLM solutions can expedite software-driven product development processes, reduce time-to-market, and increase product quality, meeting rising demand for software-driven solutions and driving growth in the Cloud-based PLM Market. Furthermore, with the rise of software as a service (SaaS) and subscription-based models, cloud-based PLM systems provide better flexibility and cost-effectiveness, accelerating their adoption and market expansion.

For Instance, in October 2023, CONTACT Software developed a cloud PLM solution.CIM Database Cloud is CONTACT’s latest ready-to-use solution for end-to-end digital product creation. The no-code platform combines enterprise-level PLM capability with new cloud technologies, providing cutting-edge IT security and powerful DevOps services.

Services are the fastest-growing segment in the cloud-based product lifecycle management (PLM) market, offering assistance with setup, customization, training, and continuing support. They provide experience in PLM methodology, industry best practices, and technical know-how to help enterprises make the most of their investments. As cloud PLM solutions advance, services assist firms in adapting, optimizing workflows, and remaining competitive.

Will Increasing Demand for Radio-Frequency Technology Boost the Cloud-based PLM Market?

The growing demand for radio-frequency (RF) technology is expected to boost the cloud-based product lifecycle management (PLM) industry. Telecommunications, automotive, aerospace, healthcare, and consumer electronics all rely heavily on RF technology, which is used for wireless communication, RFID tracking, IoT devices, and other applications.

As the use of RF technology increases, particularly with the proliferation of IoT devices and the development of 5G networks, there is a greater demand for efficient management of RF-related product lifecycles. Cloud-based PLM solutions provide enterprises with a scalable and collaborative platform for designing, developing, and managing RF-enabled products across their lifecycle.

For Instance October 2023 Siemens and Microsoft collaborate to accelerate cross-industry AI adoption. Companies unveil Siemens Industrial Copilot, a generative AI-powered assistant intended to improve human-machine collaboration and efficiency.

Furthermore, these technologies enable seamless collaboration among diverse teams, provide real-time access to product data from any location, and integrate with RF modeling and testing tools. Companies that use cloud-based PLM systems can expedite RF product development processes, reduce time-to-market, and increase product quality, satisfying the growing demand for RF technology and driving growth in the Cloud-based PLM Market.

NFC technology is driving the cloud-based product lifecycle management (PLM) sector, allowing for contactless data transfer and authentication in industries such as retail, healthcare, automotive, and consumer electronics. Cloud-based PLM systems improve collaboration, provide real-time access to product data, and enable integration with NFC testing tools, hence driving market growth.

Gain Access into Cloud-based PLM Market Report Methodology

Country/Region-wise

Will the Increasing Adoption of Cloud-Based Technologies in North America Drive the Cloud-based PLM Market?

The growing adoption of cloud-based technologies in North America is expected to fuel significant growth in the cloud-based product lifecycle management (PLM) market. Businesses across North America are recognizing the benefits of cloud-based solutions, such as scalability, flexibility, and cost-effectiveness, and there is a growing demand for cloud PLM systems to streamline product development. Cloud PLM solutions help firms centralize product data, facilitate collaboration across cross-functional teams, and increase agility in responding to market changes.

Furthermore, the region’s superior IT infrastructure, robust regulatory frameworks, and high level of digitization create an atmosphere that encourages the use of cloud PLM technology. As North American firms prioritize innovation, efficiency, and competitiveness, the adoption of cloud-based PLM solutions is likely to accelerate, boosting market growth and transforming product development procedures throughout the area.

The rise of remote work and distributed teams is increasing the demand for cloud-based product lifecycle management (PLM) solutions. These technologies offer real-time communication, data sharing, and project tracking, which boosts efficiency and creativity in North American sectors.

In North America, innovative features like AI-driven design optimization, IoT integration, and real-time collaboration tools are driving the cloud-based product lifecycle management (PLM) industry. With a strong emphasis on innovation and technology improvement, North American enterprises use sophisticated skills to remain competitive in today’s continuously changing market. These characteristics enable firms to streamline product development processes, improve decision-making, and improve collaboration among distributed teams, hence boosting market growth and transforming product lifecycle management methods throughout the region’s different industries.

Will Increasing Industrialization and Digitalization in the Asia Pacific Drive the Cloud-based PLM Market?

The increasing industrialization and digitization in the Asia Pacific are expected to fuel considerable growth in the cloud-based product lifecycle management (PLM) market. As Asia Pacific countries see rapid economic development and technological innovation, industries such as manufacturing, automotive, aerospace, and electronics are expanding significantly. As the industrial sector expands, more efficient and agile product development procedures are required to remain competitive in the global market.

Cloud-based PLM systems are scalable, flexible, and easily accessible, making them ideal for meeting the changing needs of Asia Pacific companies. Furthermore, as the region embraces digitalization initiatives and adopts technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics, there is an increasing demand for PLM solutions that can use these technologies to drive innovation and improve decision-making in product development.

Furthermore, the growing trend of remote work and distributed teams following the COVID-19 pandemic has accelerated the use of cloud-based PLM solutions, allowing for seamless communication across geographically distant teams. With Asia Pacific rising as a vital hub for manufacturing and technological innovation, demand for cloud-based PLM solutions is predicted to skyrocket, propelling market expansion and transformation in product lifecycle management methods throughout the region.

In the Asia Pacific area, the growing use of cloud-based product lifecycle management (PLM) systems is improving product development processes and propelling innovation. Organizations in Asia Pacific may streamline product lifecycle management, improve collaboration among scattered teams, and speed up time-to-market for innovative products by embracing sophisticated technologies such as IoT, AI, and big data analytics. This optimization allows businesses to respond swiftly to changing market needs, enhance product quality, and promote continuous innovation, thereby positioning them competitively in the global market landscape.

Competitive Landscape

Imagine you're at a lively party filled with companies all offering innovative ways to manage the life cycle of your products using the cloud. There are newcomers ready to shake things up with cutting-edge technologies like AI and IoT. They're like daring explorers, finding new paths to make your products better. And then you have the old-timers, the big shots with a lot of history and customers. They're like seasoned adventurers who keep refining their tried-and-tested methods. Also mingling are expert helpers like consultants and integrators. They're the guides who assist companies in implementing these cloud solutions and tailoring them to their needs. The competition gets fierce as each company tries to stand out. They might emphasize different features, set prices strategically, and team up with others to offer a wider range of services. They're always expanding into new territories, bringing their solutions to more businesses worldwide. And all this rivalry keeps the industry moving forward. It inspires constant innovation and drives companies to keep improving the ways we manage our products throughout their entire lifecycles.

Some of the prominent players operating in the Cloud-based PLM Market include

  • Siemens PLM Software
  • Dassault Systèmes
  • Oracle
  • SAP
  • Autodesk
  • PTC
  • GE Digital
  • Infor
  • OpenText
  • Arena Solutions

Cloud-based PLM Market Latest Developments

  • In May 2023, Aras, a leading low-code PLM platform with apps for designing, building, and operating complex products, announced that Aras Enterprise SaaS is now available on the Microsoft Azure Marketplace, an online marketplace that sells Azure-compatible software and services. Aras users may now benefit from the productive and trusted Azure cloud platform, which has reduced deployment and management. In addition, Aras is officially a Microsoft Cloud Partner.
  • In March 2024, NVIDIA’s Omniverseâ„¢ Cloud platform will now be available as APIs, expanding its accessibility to software creators worldwide.The five new Omniverse Cloud application programming interfaces allow developers to easily integrate core Omniverse technologies into existing design and automation software applications for digital twins, as well as simulation workflows for testing and validating autonomous machines such as robots or self-driving vehicles.
  • In May 2023, Janie and Jack adopted PLM for digital transformation. Janie and Jack, a premium clothing and accessories brand, has teamed with Discover e-Solutions (DeSL) to adopt Product Lifestyle Management (PLM) and Purchase Order Management software solutions to assist drive development. DeSL’s PLM software is tailored to satisfy the specialized needs of the retail, fashion, garment, and footwear industries. According to the marketing solutions firm, the end-to-end fashion PLM solution provides a true web-based, real-time, collaborative network that is specifically designed to reduce development timeframes and improve quality.
  • In March 2023, Siemens Digital Industries Software and Daimler Truck AG today announced a new collaboration to develop a cutting-edge digital engineering platform based on the Siemens Xcelerator portfolio of software and services. The new platform will allow Daimler Truck to explore a future of commercial vehicle innovation, as well as efficient product development and lifecycle management of trucks and buses. It will be rolled out internationally across Daimler Trucks’ engineering hubs, brands, and business divisions.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of  ~16.68% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Component
  • Organization Size
  • Technology
  • Application
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Siemens PLM Software, Dassault Systèmes, Oracle, SAP, Autodesk, PTC, GE Digital, Infor, OpenText, Arena Solutions.

Customization

Report customization along with purchase available upon request

Cloud-based PLM Market, By Category

By Component

  • Software
  • Services

Organization Size

  • Small & Medium Enterprises
  • Large Enterprises

 Technology

  • Radio-Frequency Identification
  • Near Field Communication

Application

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

Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Research Methodology of Market Research

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